Cheapest Vegas Flights - Vacation Homes in Today's Real Estate Market

Here are some questions to ask yourself before you start trolling for a getaway abode: This may be a tempting time to want to acquire a second residence to use as a vacation home. The current real estate scene is still packed with houses for sale at much lower price tags than in past years.

Banks know that a vacation home will be the first to go in the event of a financial emergency so they will be carefully scrutinizing each borrower. Are harder to get than ever, and especially those for second homes, loans for mortgages. Do you have a chunk of money to invest in your dream retreat?

Be prepared to bring forth a stash of cash in the form of a hefty down payment.

Make sure you can pay for the place on your own first and view the cash brought in by tenants to be gravy. So finding vacation renters might be a hit-or-miss proposition, today's economy has cut down on discretionary funds in many households. It might not be such a great idea, if so. Do you need to find tenants in order to help you pay the mortgage on your cabin or beach home?

But remember that you'll be paying for the second home all year long, that hotel may seem very expensive when you're staying there for two weeks. Staying in resorts while on vacation. Make sure that you add up all expenses of ownership vs. Have you done the math?

In case you end up selling it down the road, make sure your second home will be attractive to a large number of people. Places that are too remote will only appeal to a select few buyers. Is the resale market good in the community you're considering?

Prices are low and there are many to choose from. It may be the perfect time to pick one up, if a vacation house is part of a long range plan for your retirement. Do you plan to live year round in your getaway at some point?

Furnishings and repairs will be required, insurance, doubling up on taxes. Are you financially stable enough to handle two sets of household expenses?

You'll be able to make good use of both places and make your investment home pay off in terms of enjoyment, if so. Will you be able to drive back and forth between the two houses with ease?

This will allow you to become acquainted with the location as well as to begin the search for your new second haven. Book a few weeks to spend in the area, if you've asked yourself all of these questions and feel ready to spring for some vacation real estate.