If you hope to simply treasure time at a second home – escape for solitude, recreation or making memories – the new place can potentially turn into your retirement home. Is that attractive to you? Do you hope one day to make your vacation home a legacy to be handed down for generations or is your interest more short-term?
Co-ownership: The more might seem the merrier when owning a vacation home, so you can split costs – but make sure you iron out what happens if one owner can’t pay the agreed-upon share of expenses.
Regardless of what you decide, consult an attorney to fully understand the implications of your decisions. When you’re thinking about a second home, your heart and head must work together so you meet all of your needs.