You don't want to be caught by surprise the realities of owning a Second Home on Marco Island. There are the costs involved, then there are the realities of owning a second home. Especially if you have to travel any distance to get to your Second Home on Marco Island.
Owning a second home is a great dream of many. But is it for you? Here are a few things to think about before you decide to purchase a second home on Marco Island:
- Beware of time shares -- if you are convinced a time share is the right choice for you, investigate the resale market.
- Think it all the way through -- the thing that draws you to a property might be the largest disadvantage. If you only want a second home for vacation purposes for a few years, it might be better to rent.
- Remember that a second home is an investment property and subject to capital gains.
- Be careful with joint ownership with friends and family.
- Second homes typically come with all the expenses of your primary home, plus a few additional. Make sure that your insurance coverage covers your second home.
If you review all of the pitfalls and still think that owning a second home on Marco Island, please call me!