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YOUR MONEY Smart consumer tips and strategies from Eyewitness News Online A Second Home
But, keep in mind, owning a second home comes with a lot of expenses. You'll have two electric bills, extra phone lines, and one more lawn to mow, you get the point. Also, is it really better to have your hard-earned money wrapped up in a piece of real estate instead of in traditional investments? Well that depends. Financial advisors say you should do the math. In the last 25 years, home prices have increased on average less than six percent a year. At the same time, corporate shares grew more than ten percent annually. However, for shorter periods, experts say home values may outperform stocks. But, as you know, there's no guarantee, says Richard Leaf: "It's just something that people shouldn't do lightly, until they understand all the liabilities that go along with it." Lastly, if you ever find yourself in a bind and need money quickly, homes can be difficult to liquidate. So, you may want to make sure you have other investments to tap into. Are you looking to buy a second home? How expensive of a house can you afford? Click here to find out. Economy.com, Standard & Poor's 500-Stock Index GET MORE FOR YOUR MONEY Read more smart consumer tips and strategies from Fox11 Eyewitness News Online PRIME PICKS TWO AND A HALF MEN Tonight at 7:00 PM Media Room Slash Dungeon Charlie behaves strangely after an evening with his mother; Alan's date (guest star Janeane Garofalo) reacts oddly after making love |
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