How NOT to Buy a Second Home

Many people dream about buying a second home or vacation property in a beautiful setting. But even if you have the money to make that dream a reality, you'll need to avoid some common mistakes that can turn your dreams into a nightmare.

In this CNBC.com Exclusive Web-Only video with High Net Worth host Tyler Mathisen, real estate guru Barbara Corcoran reveals the five biggest errors affluent people make when buying a second home.

  • Don't buy a McMansion in a vacation area: "McMansions are the white elephants of the century."

Barbara Corcoran
Barbara Corcoran

  • Don't buy oceanfront property in a foreign country: "You have to play by the local laws and it's a lot of take on."
  • Don't buy a home more than two hours from an airport: "No one wants to buy a beautiful home and have no one come to visit."
  • Don't buy something unusual: "Unusual is deadly for real estate. The resale value just isn't here."
  • Don't buy a property that has more than two of anything, including maids, housekeepers or horses: "You'll be a manager versus a vacationer."

See more from Barbara Corcoran, including showcase real estate properties like a storybook French castle and a $55 million log cabin, this Sunday, March 25 on CNBC's High Net Worth at 8PM and 11PM ET.

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