Owning a second home can impact your finances in negative ways. For one, when purchasing, be prepared for a larger down payment than you would on a primary home. There will be two mortgages, higher insurance, and higher utility costs. There are also tax implications.
However, despite these additional expenses, according to the National Association of Home Builders (NAHB), 6.5 million homes in America are second homes. How badly do these expenses hurt your finances?
