It is true that a second home is not going to be occupied for as long as your main residence, but there are many ways you can make use of this empty space, one of the best is to turn into a vacation rental. Just like those that like to travel abroad and find rental properties in Europe, those that live in other countries come here just as much, and find that hotels can be just as expensive in the United States. You don't even have to have your second home in popular areas like California, or Florida to attract visitors.
There are some pros and cons to having a second home as a rental investment. You have to make sure that the property is maintained regularly. You also have to screen those that rent the home so that someone doesn't trash the place while they are staying there. You may have to pay extra in taxes, and you are going to have to have full coverage insurance.
One the other hand, renting your second home out on a regular basis has its advantages. One of them is that when you aren't there, others can enjoy the home and any attractions nearby, skiing in the winter, ocean views, and many others. It can be a steady source of income for some, and can not only pay for itself, but can also help with your other monthly expenses. You don't even have to find renters for your second home. There are many different agencies available that can get tourists in for you, and even manage the rental process completely so you don't have to.
There are some things to consider when looking into a second home. Are you going to be able to cover mortgages on both properties, including the taxes and the insurance? Are you going to be financially able to take care of problems that might arise, such as having to fix appliances, or deal with tenants that left your home trashed. How much time are you willing to put into dealing with rental property, screening potential vacation tenants, making sure that they are keeping your home in good shape while they are a staying there, and not breaking any rules you have in place.
In the end, while a second home can be worth the investment, you have to make sure that you are financially able to balance all of these expenses. You also have to look at the location of the property as well. If you are buying your second home because you like the location, you have to consider that others may not like the same area.
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