Should you buy a second home?
Before you join the coveted second-home club, read on to learn whether you’re up for the long-term responsibilities.
Renting out your second home
“Sadly, the most demand from renters is likely during the time you want to be there,” says Timothy Parker, managing partner at Regency Wealth Management in Ramsey, New Jersey. “When we look at numbers with clients we often end up suggesting they rent a home for a week or a month instead of entering the world of landlording. It’s often cheaper and comes with fewer hassles.”
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Regency Wealth Management is a SEC Registered Investment Advisor managing over $500 million for families and small institutional investors. Regency was founded in 2004, is headquartered in New Jersey, and serves clients across the country.