With summertime in full swing now, most of us have visions of perfect days at the beach or a weeklong retreat at a mountaintop hideaway.  When we return home, we think 'ahh...wouldn't it be nice to go to {insert destination of choice here} whenever I felt like it?' 

It might be easier than you think to own a vacation home. 

Here are a few considerations when making the purchase:   Vacation homes / investment property mortgages are usually more difficult to obtain than mortgage loans for your primary residence.  Since you already have a home mortgage, lenders have to make sure that you are in good 'financial health' and can afford additional payment obligations. Most lenders feel that if times were to get tough for you, you'll more likely miss a payment on a vacation home than on your primary residence.  Excellent credit and strong assets will help you secure a loan.  You will probably need to put more money down on a second home than on a primary residence.   

Since this is your getaway, chances are you won't be able to check in regularly on your new retreat.  This is why many second-home owners opt to hire a property management service.  A good property management service will offer you assistance in many areas including reservations (for weeks the property is being rented), advertising, handling emergency situations (such as a pipe bursting at 2 a.m.), and housekeeping.  After all, you don't want to spend your vacation scrubbing floors and replacing shower heads.