Terese Ayers - Ventura County REALTOR®

Vacation homes are becoming a reality for more homeowners. Whether its a oceanfront cottage, a log cabin in the woods, or a home on the golf course - a vacation home often seems to be a dream that only the wealthy can afford. But these days, you dont have to be a millionaire to own one.

A nationwide survey shows the median household income of second-home owners is $46,500. And, according to recent statistics, there were 7.2 million U.S. households in 1990 that owned some kind of recreational property or second home for vacation purposes. That number is expected to at least double and possibly triple over the next 10 years. With todays continued low interest rates, the tax advantages a second home can bring, and a wide selection of areas experiencing solid home price appreciation, this is an excellent time to consider purchasing a second home as an investment and a great getaway place.

Many are taking advantage of this year's low mortgage rates to purchase a home. Pent up with excitement, many families, who have scrimped and saved for a down-payment, jump for joy when the mortgage lender finally approves their application. But, they should realize that there's a whole new set of expenses that must be covered before actually closing on the sale.

New homeowners are often taken aback by up-front closing costs such as mortgage and title insurance, attorney fees, recording fees and loan points, which can run into the thousands of dollars. But there is no need to be afraid of these charges. With a little background on their purpose and shrewd financial foresight, closings can be a breeze.