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Once you have a good idea of your goals around a second home, it comes down to homework and scouting for the right property in the right location.

• Try it out first.
  When assessing location, particularly for a vacation home in an area you're not familiar with, renting for at least one stay is always a good first step. Carefully consider travel time and expenses against how often you plan to use the home, real estate broker Ruth Krinke says. "How accessible is the property? With the price of gas today and rising airfares, this is a big issue."
  
  
• Talk to the locals.
  Even if you've been vacationing in the same area for years, getting to know the place from a local perspective is important before buying a home there. Talk to residents and ask them what they like about the area, how it's changing, what types of people are moving there and what it's like off-season.
  
  
• Act like a local.
  You should also visit the area yourself during each season to get a feel for what it's like year round. While you're there, scope out restaurants, grocery stores and entertainment. Does the area have enough of the things you like to keep you interested? Also check out the public school system; even if you never plan on your kids attending there, homes near great schools have more value.
  
  
• Look at the comps.
  To help gauge whether the property is a good investment, review other home sales in the community to examine what the track record is on resale values of similar properties, Traverso says.
  
  
• Know the rules of renting.
  If you plan to rent the property, expect to do additional research. For example, some communities ban weekly vacation rentals, allowing only for monthly rentals. "It depends on the homeowners association and the city law," Traverso says. On the flip side, if you're craving a quiet retreat, you may not want to vacation in a community with a lot of rental turnover.
  
  
• Work with an experienced agent.
  A seasoned real estate agent can help you weigh your criteria and make all the difference in a second home purchase. Try these tips for finding an agent or broker:
  • Scout local listings, including free sales publications that list the type of property you want to buy.
  • Find an agent that knows the area and property values. "Select one with at least five years minimum experience in that marketplace, preferably more," Greenstein says.
  • For extensive searches, scouting in resort communities or exploring alternatives like fractional ownership, consider an agent with the Resort & Second Home Property Specialist (RSPS) Certification by the National Association of Realtors.
  • Beyond the sale, a good agent will stay in contact and help you. This is particularly important for homeowners who may not live near the property.

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