How much cash will I need up front? Down payments for second homes are typically higher than for primary homes because lenders consider second home loans riskier. Expect to put down as much as 20 percent.

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Can I deduct my interest payments? Yes, allowable deductions on a second home are essentially the same as those on a primary home: On an itemized income tax return, you can deduct a combined total of up to a million dollars of mortgage interest. There are some caveats, however: Don't count on immediately deducting the "points" you paid to your lender for your second house; that deduction must be spread over the length of the loan. There are also limits on itemized deductions if your adjusted gross income is more than $132,950. The rules become more complicated if you rent out your vacation property; you'll lose the interest deduction altogether if your personal use of the home is fewer than 14 days a year or less than 10 percent of the time the home is rented.

How much property tax should I expect to pay? Property taxes vary by municipality. But 1.5 percent of the property's market value per year is considered a reasonable guideline.

Do I have to pay a capital gains tax if I sell my primary residence to buy on a golf course? Generally, couples filing jointly get an exemption of up to $500,000, but there are exceptions, so check with an accountant (or IRS publication 523).

Is a second home an investment? Yes, and you may save compared to the golf vacations you'd otherwise take. And your property value may appreciate over time. But the market for second homes is notoriously volatile, so -- enjoyment aside -- don't count on getting more out of your investment than you put into it. Tara Kalwarski writes for MONEY Magazine