You can consider a second home to be like a vacation home. You're buying it for your own pleasure, and you live in it for a certain period of time every year. If you don't live in it on a semi-regular basis, it will instead be considered an investment property.
To qualify as a second home, the property must also be far enough away. Generally, a property will only be considered a second home if it is at least 50 miles away from your primary residence.
An investment property is generally one in which you don’t live. Instead, you rent it out throughout the year. You might plan on holding the property until it appreciates enough in value to allow you to sell it for a healthy profit. Unlike a second home, an investment property can be located near your primary residence. You can find more information on investment properties by clicking below.