Magazine article USA TODAY

Second Home Purchases Booming

Magazine article USA TODAY

Second Home Purchases Booming

Article excerpt

It's official. Second homes are selling like the proverbial hotcakes. According to a report by the National Association of Realtors, 23% of all homes purchased in 2004 were bought as investments. Another 13% were vacation homes. There was a record of 2,820,000 second home sales, up from 2,420,000 in 2003. Investment property and vacation homes account for more than one-third of residential transactions.

"Real estate has always been a solid, safe, tangible investment," declares Christine Hrib Karpinski, author of How to Rent Vacation Properties by Owner: The Complete Guide to Buy, Manage, Furnish, Rent, Maintain and Advertise Your Vacation Rental Investment. "First, it usually appreciates in value. Also, there is a sense of control that doesn't exist with, say, the stock market. When you own real estate, you can feel confident that someone else's unethical decision won't cause you to lose everything. And, of course, the rental factor means that you can actually earn income from your investment. …

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