How to Buy a Second Home | What You Should Know About Vacation Homes and Investment Properties
1. Define Your Purpose: Vacation, Income, or Both? Your goals will shape everything: Vacation home? You may qualify for second-home financing with lower rates than an investment property. Short-term rental? That’s classified as an investment property—and comes with stricter lending rules. Occasional use with some rental income? You’ll need to clarify this with your lender and possibly your accountant. […]