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Purchasing an additional home in retirement can be a major lifestyle boost. Whether it’s an urban pied-à-terre, a country getaway, a beach house or just a place closer to family, another home can help ensure that your retirement years are full of the experiences that matter most to you.

With careful consideration, you can find a property that not only supports your ideal lifestyle but also suits your retirement income profile.

Keep in mind, the financial impact of owning an additional home goes beyond the purchase price to include property taxes, homeowners’ insurance, maintenance costs and HOA fees, if applicable. There are also the costs of regular travel between multiple homes and, potentially, maintaining vehicles at each property. Because you will likely be working with a more rigid income stream in retirement, it’s also worth considering how emergency repairs or sudden spikes in insurance premiums, property taxes or energy costs could impact your finances.

The tax implications are also worth considering. In the U.S., property taxes and mortgage interest are generally tax deductible, with some limitations. If you eventually sell your second home at a profit, you may incur capital gains tax. To understand the tax implications of an additional home, whether it’s inside or outside the U.S., you may want to discuss your plans with a knowledgeable professional.

Your nest egg may be able to deliver the cash needed to buy the property outright, but it can still be beneficial to explore mortgage options. While the value of the mortgage interest deduction drops as you claim less ordinary income in retirement, financing can help you maintain liquidity and be more strategic in your retirement account withdrawals.

The importance of location to the value of real estate has become cliché. The attractiveness of the location affects a property’s ability to store value, generate income and convert to cash, should you need it.

But location is also crucial to the home’s lifestyle value, particularly in your post-work years. Consider locations that offer the climate, proximity to friends and family, cultural experiences and general pace of living you want in retirement.

Also consider that splitting your time between multiple homes is itself a lifestyle—one that won’t be ideal for everyone. People who “don’t travel well” may not enjoy the frequent back and forth, and world travelers who want to spend their retirement exploring unfamiliar locales may prefer not to commit to a repeat vacation destination.

Maintaining an additional home remotely can be challenging, and it can become more difficult as you age. You may want to consider hiring a property management company to coordinate maintenance and handle issues as they come up. And if you’re planning to use the home to generate rental income when you’re away, a property management company can make it far less complicated for you and provide your renters with more responsive service.

Ultimately, whether purchasing an additional home will enhance your retirement years or cause unwanted complications depends on many factors. An experienced financial advisor can help you evaluate the pros and cons for your unique situation and help you make the most informed decision.