If you decide you want to purchase a second home, and then you decide you want it to be a Miami home, take your time and really find the right place at the right price. Since this isn't an investment property (as long as you don't rent it out) you can put less than 25% down if you want to, and you can even pull the down payment out of your primary home's equity.

The tax implications of a second home are complex, and really you need to make your decision based on the numbers, not on your heart's desire. Make sure you have a clear idea of not only your monthly mortgage payment on the second home, but the taxes, the insurance (especially for a beach house) and the costs of upkeep, utilities, garbage removal and the like.

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