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Are homes cheap right now or expensive? Try searching for a graph of household income to home prices and see whether the city in which you're searching has a high ratio relative to other cities. Note that some cities like New York and San Francisco may be historically immune to such ratios. Talk with a real estate agent, or several agents, about the relative price of homes. Even if you don't get a definitive answer (it's tough to gauge whether the housing market is cheap or expensive, as the information is not always clear), you may get leads on specific markets to watch for or even homes that are steals. This information is valuable. Is a second home still a safe investment without rent padding the list of expenses? If it's not, you should seriously question buying a second home. Too many families buy a second home that's too expensive, betting that they'll be able to rent when they're not occupying the second home. When renting becomes unfeasible, impossible, or generates much less than anticipated, the homeowners are left with a failing investment. Add up all the likely expenses of owning a home. Can you fit these expenses into your budget with room to spare? Yes, you'll be building equity in your second home, but if investing in a second home leaves you severely cash-strapped each month, you may be better off waiting until you've paid off your first mortgage, for example. Here are some likely expenses to consider: Property taxes. Different from state to state; the average annual property tax in Los Angeles is $1,200 for a $100k home, or 1.2%. If property taxes are inordinately high in the town you are considering, investigate the mill rate (real estate taxes) in neighboring towns. You could save a lot of money in real estate taxes simply by purchasing a home in a town close to your preferred location that doesn't have a high tax burden. Basic utilities. These should be much lower if the house goes unoccupied for large portions of the year, but should not go overlooked. Upgrading/upkeep expenses. A house is a living thing it grows, gets old, needs assistance. Factor in the costs of regular renovations and upkeep services, such as landscaping. The yard and garden of a second home should be kept up if you have tenants, or if you are absent part of the year. In the summer months, overgrown weeds and uncut grass advertise that the property is unoccupied. In cold climates, an unplowed driveway and unshoveled walkways are invitations to vandalism or theft. Increased insurance. The cost of insurance might be higher because the property will be vacant part of the year, or because you have tenants. Property management services. A property management company should be a big cost factor in your calculations, especially if you buy a second home that is far away from your primary residence. If you rent out the property, you will have to make arrangements for someone to provide emergency repairs for your tenants. If you have a remote vacation home, you have to make sure someone can check for freezing pipes or leaks in the roof or any other possible damages to your home in your absence. Check with the IRS to find out what the tax implications of a second home will be. For many people, the tax costs of owning a second home outweigh the tax credits, especially if you are living in the house for more days than you are renting it out. For example, if you rent out your house for fewer than 14 days, you don't need to declare any earnings. If you occupy your house for fewer than 14 days in a year, your property is considered a business and up to $25,000 a year in losses can be deducted. A CPA or tax advisor will be able to give you accurate, up-to-date information about tax write-offs, loans, interest rates, etc. For example, you can probably expect a more expensive mortgage, with a higher interest rate, regardless of your credit history a second home usually just costs more to secure.
Look at the market for buying. Assume that you won't be able to rent your second home. Make a list of possible expenses. Don't necessarily bank on the same tax credits you may have gotten for your first home. Consult a CPA or tax advisor before you go ahead and start looking for a second home.