Second home is secondary residence in addition to primary one already owned. It could also be a vacation home or additional residence necessitated by a distant work location. The property should be available for year- round occupancy, and purchaser must occupy it for some part of the year. A slightly higher down payment of 10% is required to buy second homes. This home cannot be used as a rental. This is to be distinguished from when one upgrades to a bigger home. In the latter case it would be considered primary residence or first home.