Why second home’s a better investment than stocks

It's more than just the 'pleasure' component

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Ted Jones never has tried to keep up with the Joneses. The senior vice president and chief economist for Stewart Title drags his own huge net to filter financial data and often offers opinions that are over the top compared to his housing brethren. When it comes to second homes, he really heads back to basics and suggests potential buyers do the same. "My definition of a second home is one that is purchased with no intention ever to sell it," Jones said. "If you sell it or even intend to sell it, it's an investment. Period. If you do, you've lost my definition of a second home. "We plan to pass ours on to our daughters as a part of their inheritance. If fact, we don't want it to go up in value because then we would have to pay more property taxes." Clearly, Jones' idea of value of a second home has little to do with wealth accumulation. His only value gauge comes from the ability to enjoy the property -- sunset over the lake, cocktails by the seventh fairway, a breathtaking mountain v...