As you schlep your ski gear to your favorite resort for the umpteenth time or search for lodging near your favorite beach on a holiday weekend, you may think how much easier life would be if you had your own vacation home. Can you afford it? Real estate is not a liquid investment, and you can’t count on being able to sell a home for a profit, or even break even, especially in your first few years of ownership. During the recession, homes lost more than half their value in Florida, Arizona and Nevada, among other places. Know all the rules. Not all homes can be used as rental property. Homeowner or condo associations may set rules for rentals, as may cities. Some resorts may require you to use their programs, which set standards for interior furnishings and amenities, but the property handles the logistics for a percentage of the rent. If you plan to rent out your property, it’s especially important to research all these rules before you buy. Calculate all the costs. The actual purchase price is only part of what you will need to spend. You will also have to pay utilities, HOA or condo fees, property taxes, insurance and the cost of furnishing a new home down to the spoons and forks. If you’re in a resort area, you may also need or want skis, snowboards, kayaks, water toys or other gear.