Kelly advised prospective buyers to figure out how much they would need for a down payment, how much they could rent the property for during the premium weeks of the year and whether the cash flow would be positive over time. "If you're going to be there and go back over and over for decades, it's a no-brainer. If not, it's going to be an investment property."
Even so, people often overestimate the amount of time they'll have to use it for themselves, he said. "Most of the time, the average individual isn't going to get to the getaway as much as they think."
Development along the boardwalk in Rehoboth Beach, Del., predates current regulations. Properties are selling for $300,000 to $500,000 and have been appreciating rapidly.
(Craig Herndon For The Washington Post)
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For many families, determining how much to finance can be a sticking point, said Pat Campbell-White, a broker for Re/Max Realty Group in Rehoboth Beach, Del.
"Once they make the decision they want to move forward, their first concern is always price," she said.
Known as a summer playground of Washington, Rehoboth Beach has properties now selling for an average $300,000 to $500,000, and they've been appreciating at a rapid clip, Campbell-White said.
About 56 percent of second-home buyers expect to pay less for it than their primary residences, Hehman said.
Tax breaks can make owning a vacation home more affordable, depending how often it's used vs. rented out, said Laura Washington, associate editor of Consumer Reports Money Adviser, a newsletter.
That's why owners need to keep good records of the days they occupy a second home and the days they rent it out, she said.
Personal use alone or renting it fewer than 15 days a year is the simplest scenario because in those cases you don't have to declare rental income on your taxes, Washington said.
One issue that's emerging for potential vacation home buyers is some areas' local regulations regarding rentals, Hehman said.
"Some marketplaces are actually considering restricting short-term rentals because the neighbors are complaining about garbage and noise," he said, noting that South Carolina's Kiawah Island is grappling with that now.
Home buyers need to choose real estate agents who are up to date on such issues since they can have a big impact on sales, said Guy Trusty, president of Lodging & Hospitality Realty in Miami, which consults with hotel developers.
"If people who buy it want to stay put and rent it out the rest of time, the expertise of the broker has to include knowledge of local government and local ordinances that might prevent those folks from achieving their goal," Trusty said.
Here is some advice to consider before jumping into second-home ownership, according to experts:
• Rent in the locale where you are considering buying for several years before committing to a purchase.
• Estimate how much time you and your extended family will use your vacation property. Be realistic about accounting for life changes, job demands and children's needs.
• Research your potential for rental income. What are the going rates? "For the most part, it's very difficult to make a vacation property a cash-flow type of investment," Hehman said. "Does the initial outlay and monthly outlay work for you?"
• Decide how you will manage the property and whether a house is the right type of vacation-home purchase. "When you come down, are you going to be content cleaning out the gutters, doing the yard work -- how much do you want to do that?" Campbell-White said. "Alternatively, maybe you need a condo."
• Imagine your reaction when a tenant calls with a problem. "If the pipes break and you're in San Francisco and you have a house in Tahoe, there's the hassle factor of trying to get up there or finding a great plumber," Hehman said. "Are you allocating in your mental budget all these additional expenses for upkeep?"
• Talk with the real estate agent about hidden costs and ask about any ordinances that may prevent you from renting your property to others.
