Imagine weekends at your lake home or winter getaways at your home in the sun. Now that's living the American dream.

"People ask me all the time whether a second home is a smart investment," says Doug Barnaclo, an area sales manager with Fifth Third Bank. "But I consider buying a second home a lifestyle decision -- it's really an investment in your quality of life."

Barnaclo discourages people from buying a second home solely for investment purposes or to diversify a portfolio. "Like most real estate, especially real estate in desirable areas of the country or world, a second home should appreciate with time," he continues. "If it does, all the better, but I don't believe that should be your primary objective."

Financial considerations
There's essentially little difference between buying a first home and buying a second home. "A lender qualifies people for a mortgage based on certain criteria. But it's even more important for buyers to evaluate their own finances and budget when making this decision," says Barnaclo.

"Keep in mind that along with your mortgage, you have all the other expenses that come with homeownership, like property taxes, homeowners insurance, utilities, furnishings and upkeep," he advises. "If you're not there all the time, you also may need to hire services for mowing the grass or removing snow. And depending on where it's located, you may want to consider travel expenses."

Lifestyle considerations
Many people buy a second home in an area of the country where they like to vacation. For some of them, this home becomes their primary residence once they retire. "By enjoying it as a second home for several years, they become familiar with the area and its community, which makes the transition into retirement that much easier," says Barnaclo.

For more information on purchasing a second home, contact Fifth Third at (866) 475-4201 or visit the Fifth Third website.