Second home
A home you use part of the year in addition to your main residence. Lenders price it differently than a primary home or a rental and may limit renting it out.
Also called: vacation home, vacation property
Related terms
The home you live in most of the year. Loans, tax breaks, and insurance are often better for a primary residence than for a second home or rental.
Real estate bought to rent to tenants for income rather than to live in. Lenders, insurers and tax rules treat it differently from a primary residence.
Renting a property for short stays, often under 30 days, through booking platforms. Income can be higher but costs vary more, and many cities restrict or license it.
The part of the purchase price you pay in cash rather than borrow. A larger down payment lowers the loan amount and can remove the need for mortgage insurance on a conventional loan.