Are you a homeowner who plans to purchase your second home in 2024? If so, you will be applying for a mortgage under different circumstances than those under which you bought your first home. Securing a loan for a second home is more complicated, more difficult, and even includes two separate sets of rules - one for vacation homes and another for investment properties. 

Let’s examine these two types of homes, the rules that govern them, and the pros and cons of each approach when it comes to your finances. 

What Qualifies as a Vacation Home?

Your primary residence is where you’ll spend most of your time, of course, but you are permitted to have one or more vacation homes as well, or even a residence that you use as your office. Either way,

If you are considering purchasing a property to rent through Airbnb or are debating converting a current long-term rental into a short-term rental, you're likely weighing the pros and cons of running an Airbnb in Middle Tennessee. 

You’ve probably heard that renting properties through Airbnb, VRBO, or booking.com can be far more lucrative than long-term renting, which can be true but isn’t always so. Furthermore, even a successful Airbnb host may decide that the gig isn’t a good fit for their personality, lifestyle, and location.

So, let’s dive right in: what are the pros and cons of becoming an Airbnb host?

The Pros

1.) Higher Income Potential

The first, most obvious benefit to choosing short-term rentals is that they bring in