If your ideal vacation home means a place where you spend time relaxing and having fun most of the time, look into condominiums. Face it, if you already own a home—and you know how much work that is—do you really want to work on 2 houses, or do you want to enjoy your vacation?

Most condo developments and resorts in the valley have plenty of amenities to enjoy, like hot tubs, in-ground pools, tennis courts and nearby attractions. You don't have to mow the lawn. You don't have to plow the drive. And, in most cases, you're not responsible for the exterior of your building.

Many places have on-site rental programs that provide income toward the mortgage. The advantage to this is that there's no need to advertise, or clean up after guests. You can be hundreds of miles away with no worries. But you do want to own your condo—year-round—and let it gain equity for you.