Second Home, Sweet Home - Dream or Nightmare? Second Home Considerations.

In the latest episode of Amplified Wealth's According to Plan, hosts Kate Fishbein and Tom Farrell welcome Monica Jalife to discuss the ins and outs of owning a second home. Whether it's a lakeside retreat or a cozy cabin in the woods, there are many factors to consider before making your decision.

Episode Highlights: 

🏡 Understanding the Purpose: Discover the different purposes a second home can serve - from a personal retreat to an investment opportunity - and how to align it with your financial goals. 

🔍 Financial Planning Essentials: Learn about the critical financial aspects, including cash flow considerations, rental potential, and the impact on your long-term financial plan.

📈 Navigating Risks and Rewards: Explore the potential risks involved, such as market volatility and unexpected expenses, and how to mitigate them while enjoying the rewards of a second home. 

🔨 Maintaining Your Property: Get practical tips on managing maintenance, insurance, and legal considerations, especially if you're planning to rent out the property. 

🌍 Try Before You Buy: Hear about the benefits of renting in potential areas before purchasing to ensure it fits your lifestyle and retirement plans.
And much more! 

Timestamps:
Before You Buy - Goals and Priorities: (04:18)

Affordability, Renting, Costs and Risks: (14:04)

Tax Considerations: (27:55)

Alternatives to Owning: (38:45)

Fun Facts & Conclusion: (40:14)

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