Think through your plans for a second property before you leap, advise experts.

• Assess your goals. It may come down to investment reasons, vacation enjoyment or a combination of both. Want a place within driving distance for a retreat? Looking for a family vacation spot? A jump on a retirement home?
  
  
• Consider the market conditions, your personal finances and the affordability of the property. Given the downturn in housing prices with many U.S. regions taking hits, there are deals to be had, says Melanie Greenstein, principal of Rise Network in Minneapolis, a real estate brokerage specializing in second homes. "Use the right agent in the right city and if you do your homework, you can find some phenomenal buys. Don't plan to flip or sell the property within the next 12 to 24 months."
  
  
• Focus on areas with steady appreciation rates. Don't bank on renting out the home or having all your expenses covered, advises Lynda Traverso, GRI, Realtor with VIP Realty Group in Sanibel Island, Fla. "Do look at a second home as an investment and consider areas where homes are going to appreciate."

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