Purchasing a second home
Many retirees have diligently saved with the intention of splitting their time in retirement between two or more residences, one of which is often located in a resort or destination area. Although the allure is understandable, running two homes has its share of challenges.
First is the increased expense of an additional mortgage or rent payment for a second home, not to mention taxes and any other related expenses. Next comes the effort and expense of maintenance. Then there is the inevitable question of how to extract yourself from this commitment when the time comes to move. So before you make the leap, know what you can afford and if it is truly right for you.
