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Home, Second Home

Purchasing another home has its perks. To make the most of them, get the facts before you buy.

This story appears in the July 2007 issue of Entrepreneur. Subscribe »

Brian Maloney's Fort Lauderdale, Florida, second home offers peace of mind and money. He bought the two-bedroom condo in 2005 after living in New York City for close to 20 years and running his marketing agency, Maloney & Fox, for 10. "I really felt [another] 20 years would go fast," says Maloney, 43. "I needed to have an investment property to retire in, or at least to have it appreciate."

His search led him 1,300 miles south to a $650,000 high-rise condo with views of the Atlantic. "I didn't hesitate," he says. And while he waits for the property to appreciate, the condo provides a getaway for Maloney and his friends and relatives.

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