This is the headline from CNN Real Estate– Been dreaming of a vacation home? Somewhere warm to get away? Or maybe a cabin in the woods? Prices are right if you can afford it.
The median price of a vacation home was $150,000 in 2010, down 11.2% from a year earlier, the National Association of Realtors reported Wednesday. In contrast, the national median for primary residences fell only 4.5% in 2010, according to NAR.
Great so I buy a second home and at a great price. Fantastic right? I don't think so. Now you have a second mortgage, a second property tax bill, second maintenance bills, second utilities bill and the gnawing guilt of going somewhere else besides the place where your second home resides. I'd rather have raw land with no maintenance fees and total freedom thank you.
