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