Double Your Living Pleasure

Do you pack up the family every year for a trip to the same destination? If you regularly visit the same place, you may want to consider investing in real estate there. The truth is that second homes are no longer only for the wealthy.

On one hand, the hard-to-read stock market, and an economy that is slowly climbing out of the doldrums, point to frugal budgeting. But attractive interest rates and the healthy returns on investment for real estate have made second-home mortgages worth considering.

More than likely, you won't add a vacation home to your investment portfolio merely for diversification. But if you're already spending time every year in the same location and are chafing at the increasing rental rates, you might want to consider investing in property that would appreciate in the future. With careful planning that includes renting to others during part of the year, owning a second home might pay for itself in time, and provide years worth of wonderful memories for you and your family.