Swampscott, Massachusetts (PressExposure) January 10, 2007 -- Today's second-home buyers come from all walks of life, and they are buying for a multitude of reasons: some solely to earn money from rental income or home-value appreciation, others to escape the daily grind, and still others who are looking to establish a place where they'll eventually enjoy their golden years.
"It's a common misconception that only the wealthy can afford second homes," says Craig Venezia, renowned real estate writer and author. "You just need to be smart about how you go about doing it."
Venezia's new book, "Buying a Second Home: Income, Getaway or Retirement" (Nolo), which just released in January, delivers the smarts and more. First and foremost, he talks about the need to create a realistic, affordable budget to make sure that you buy within your means. He also provides some great insider-secrets to alternative ways to buy, such as how borrowing from friends and family can benefit both the borrower and the lender, or how a joint purchase can get you a home you might not otherwise have been able to afford. The pros and cons of being a landlord are covered as well.
But is this really a good time to buy a second home?
"Absolutely," says Venezia. "With more houses on the market and stable prices, buyers not only have the pick of the litter, but can also negotiate a more reasonable purchase price. Plus, interest rates are at 25-year lows so you can lock in a great rate. This is particularly advantageous if you plan to use your second home as a place to eventually retire."
"Buying a Second Home: Income, Getaway or Retirement" is available at bookstores nationwide and at amazon.com.