With housing prices out of control in the boroughs, will home ownership be out of reach for the middle class now? Not necessarily, depending on which neighborhoods are deemed acceptable. But let’s say you’re happy with your rental and still have a hankering to own some property. Some folks forgo the primary residence and purchase an affordable second home instead.

So, what are the pros and cons of owning a vacation property rather than renting it? Having been there done that myself, I came up with a list. Feel free to add your own opinion.

Pros

1. It’s yours. Bring pets, leave it messy, do what you want with it!

2. It’s there whenever you want it. Feel like getting away last minute? No worries about booking a place.

3. Entertain. Invite friends. Have a party.

4. It’s free. When all is said and done, if you sell, you can hopefully get your money back, plus more.

5. Rent it out when you’re not using it. See #4 about it being free.

6. Disaster strikes? Y2k, terrorist attack, NYC blackout, gotta live off the land? You have a place to run.

Cons

1. Winterize. Gotta turn off water or keep some heat going so pipes don’t freeze when not in use.

2. Maintenance. Grass, exterior paint, shoveling snow. If you’re not around to see it, doesn’t mean it’s not happening. These things need to be taken care of.

3. Will you use it? Don’t go out and buy a country house if your schedule doesn’t allow maximum usage. Better off renting if you won’t be able to enjoy it.

4. Same place. All the time. That’s it. No more exploring.

5. Mortgage all year round. Whether it’s a first or second mortgage, you’ll be paying for that baby even if you never use it.

6. Double set of everything. Furniture, dishes, linens, coffee maker, you name it.