Having a second home at the beach, the lake or the offers many potential rewards. Likewise, investment properties bring rental opportunities, ongoing income, potential tax benefits and a boost to your investment portfolio.

A few things to consider before buying a second home:

• Ongoing income from rental.
• Loan requirements depending on how you’ll use the property (primary residence or investment property).
• Tax benefits depending on if you rent the property or stay there frequently. (Always consult a tax advisor.)

A few things to consider before buying an investment property:

• Added financial responsibilities in addition to the mortgage, such as homeowners association dues, cleaning services, flood insurance and utilities.
• Loan requirements, as investment property loans typically have higher interest rates, require larger down payments and have different underwriting requirements than properties occupied by their owners.