Whether you are thinking of buying a second home at Georgia's beaches, the mountains or on one of the many lakes, there are a number of things to consider besides just how restful your dream vacation home will be.

Nearly 7 million American families now own vacation homes. If you're considering becoming one of them, check out our guide to help you through the dozens of decisions you'll be making as you begin your search.

CHRISTOPHER OQUENDO/Special (ENLARGE)

'I love having a place to take care of,' says Jack Massey, shown with wife Adrienne in front of their vacation home on Hartwell Lake. * View more photos of this home

Location, location, location

That old real estate saying is especially true when it comes to vacation homes. It's all about the location, and properties with some unique feature will appreciate better because they just can't be duplicated.

As you're deciding which area you love, do your research. If you're buying in an older, more developed area, supply is low and property holds its value. In places where lots of new developments are going in, look around to be sure that the number of homes being developed won't exceed demand.

Buying on a lake:

Georgia may not have much beachfront, but there are lots of lakes, many within an hour or two of Atlanta. When you're considering lakefront property, make sure you understand how your lake works. Many Georgia lakes are man-made, managed by the U.S. Army Corps of Engineers or Georgia Power, and others are natural. Darren Philis of ReMAX Foothills says, "Hartwell is managed by the U.S. Army Corps of Engineers. I make sure my clients know about things like lake level fluctuations and the rules and regulations that go along with being a corps lake."

Buying at the beach:

There's beachfront property within reach of Atlantans in Georgia, South Carolina and Florida. Maintenance for all vacation homes is an issue, but beach houses face the corrosive effects of salt water and high winds. Is your dream house built of appropriate materials? If you need repairs, how close is the nearest help? What about the overall growth of the community? What is the area governance and how will things like beach erosion and zoning issues be handled? In a year, will you find your beachside paradise next door to a big box parking lot?

Buying in the mountains:

A vacation home in the mountains is cool, cooler certainly than Atlanta in the summer and definitely cold in the winter. Is there a creek on the property you're considering? What are the stream buffer requirements? What about the condition of the roads to your property in general? Who maintains them and what happens with heavy rains or snow? How far are you from services you might need like medical care or grocery stores? Will you be isolated if something happens to your car while you're at your vacation home? What's the status of the property around you? Are you adjacent to a national forest or is that farm next door destined to become a development one day?

One form of vacation home ownership that's been around for a while is time share of a resort property. Generally, you're purchasing the right to use a property for a certain amount of time each year. You don't actually own the property itself.

Unless you buy in a resort with a fixed time system, you'll have to make a reservation for your vacation. Some properties operate on the "points" system where what you can use is based on the number of points purchased. Many will allow you to "bank" your points for several years to save up for a really big vacation.

Check to see if the property you're considering offers an exchange program. If it does, you may be able to exchange your interval ownership for a stay in an exotic location or at your own resort at a different time of year than the one that you own.

A newer option is fractional ownership. This gives you a deeded, fee-simple title to a particular time period in your own private home and the land it's on. You can pledge it for financing, sell it, or bequeath it to others.

Vacation property expert Christine Karpinski says the best thing you can do is to find a really good real estate agent who specializes in the area where you're planning to buy.

"Don't take the agent you know and love in Atlanta when you go shopping in Blue Ridge. It's in these areas that a local real estate agent will be the expert."

How do you find an agent? Karpinski says you'll have to do your research here as well. "Take a scouting trip without the intention of buying. Drive around and see whose signs are out at houses you might be interested in. Go to Web sites like escapehomes.com and homeaway.com and find houses in the area you're searching. Call the owners and ask who they'd recommend."

Philis says, "I like to show a variety of house styles and price ranges. People come up and think they know what they want, but you really can't be sure until you actually look at houses. Then when we're clear on what you want, it may take many trips to find just the right property."

What are the costs that go with owning a vacation home?

Like any household, there are costs of ownership that include utilities, telephones and taxes. But there may also be other costs like beach replenishment fees if you're beachside, or homeowner association fees if you're in a resort community. Insurance can be more expensive because vacation home properties are probably not down the street from a fire department. Coastal properties could be subject to hurricanes or floods; mountain properties to landslides or brush fires. Insurance is regulated at the state level, so a check with the state's insurance commissioner may be worthwhile. In Georgia, log onto www.inscomm.state.ga.us.

How do you finance it?

Karpinski says, "Take your time and realize this is a long-term investment. Your mortgage is likely to be conventional financing, with 10 percent-20 percent cash down. Money is easy to borrow. The question is how do you pay for it?"

Karpinski, who is the author of several books including "How to Rent Vacation Properties by Owner," says one of the easiest ways to offset mortgage payments is to rent the home out while you're not using it. "You can use your property 14 days a year and rent it out the rest of the time. Then you can write off the trips where you go for maintenance and the costs for maintaining the property from mowing the lawn to buying new dishes."

For those who think 14 days a year in their vacation home is not enough, she says, "Fourteen days is seven weekends if you go up Friday and come home on Sunday. If you go Saturday and come home Sunday, then it's 14 weekends. That's a lot of time throughout the year. Be realistic about how much you're really going to use the house."

Lots of folks take a while to decide to rent.

"I've found that there's usually a honeymoon period of two to five years between the time people buy a vacation home and the time they decide to rent it to others," says Karpinski.

She has a simple formula for deciding if you'll get a positive cash flow by renting out your home. If your monthly mortgage payment (and cost to a property management company if you use one) is equal to or less than one week's peak rental rate, and if you can rent for 17 weeks, then you've got it.

What are the legal issues to look out for when you buy a vacation home?

We talked to Stephen A. Winter of Weinstock & Scavo, a law firm nationally known for its work with resorts and land development. If you're thinking about buying into a resort community, consider:

• 1. Make sure you understand your financial obligations to the Governing Homeowners Association(s);

• 2. Clarify what amenities you'll use and whether they require membership and/or a fee;

• 3. Understand if others (i.e. the general public) can use the amenities you may think are private;

• 4. Verify whether certain services and/or amenities are provided year-round or only seasonally;

• 5. Review the Restrictive Covenants to ensure that you can use the home in the manner you desire (i.e. renting, etc.) and that you can make any architectural changes you may want.

No matter where you're buying:

• 1. Understand the tax implications of your purchase and continued ownership;

• 2. Be sure you're prepared for ongoing maintenance items and expenses for the residence; and

• 3. Do the research to make sure you are familiar with the surroundings and the permitted uses.

One family's story:

Jack and Adrienne Massey lead a fast-paced life in Atlanta. She's a manufacturer's rep who travels frequently, and he works in the third party logistics industry. They bought their vacation home in September 2004 from its original owner. It was 4fourfoufour years old at the time and sits on 1.33 acres.

Q: What sold you on Hartwell Lake?

A: Adrienne says, "Jack wanted to be within two hours of our home in Alpharetta. If we had to travel more than that, we would never use it." Jack adds, "We think this is a terrific investment property. Property values here have increased more than 11 percent in each of the last five years. It's a nice byproduct that our home will continue to appreciate in value."

Q: What's the house like?

A: "We've got four bedrooms and three baths on two levels," says Jack. The slope to the lake is gentle and a paved path leads to a double slip dock with two jetports and floatation devices in both slips. "You could have all kinds of water toys here," laughs Jack says. The property features a detached four-car garage with a room upstairs, as well.

Q: How do you spend your time at the lake?

A: Adrienne says, "All our family and friends know that all they have to do is say they're coming, and they'll be welcome." Jack goes up almost every weekend, company or not. He says, "I love having a place to take care of. Our home in Alpharetta is in a high-covenant subdivision, so I can't even mow the yard."

Q: The name, Tranquility Base, where did that come from?

A: "I'm the one who coined it," says Jack. "I can leave Atlanta and the traffic and with every mile I go, I decompress a little more. When I turn down our driveway here, I leave everything behind. It's my haven."

Q: Any advice for people looking for a vacation home?

A: Adrienne says, "You want to be able to use your home. It was essential to us that we could drop everything on a Thursday and head to the lake, and then be back on Monday morning. You can't do that with a beach house."

WHAT TO DO AT HARTWELL LAKE:

"Activities are kind of limited around Hartwell Lake, especially on the Georgia side," says Darren Philis of ReMAX Foothills, who deals exclusively in properties around Hartwell Lake. "Hartwell is a very quaint country town, and there are a few restaurants scattered around the lake, but really people come here for the quiet, the fishing, skiing, boating ... those types of things. We might make an evening of it and go out to dinner, but really if you want the limelight and all the things to do, then you need to stay in Atlanta."

GETTING THERE:

From downtown Atlanta: Take I-85 north to Exit 177 (Ga. 77, Elberton/Hartwell). Follow Ga. 77 about 12 miles to the town of Hartwell on the lake's southwestern shore. The distance from downtown Atlanta is about 110 miles.

BY THE NUMBERS

Vacation homes and their buyers: 1.07 million

The number of vacation homes that sold in 2006: $200,000

Typical vacation home price: $102,000

Typical income of vacation home buyer: 47%

Purchase a property within: 100 miles of their home

Source: National Association of Realtors, May 2007