Ready to Buy a Vacation Home? What to Know Before You Buy

From the great Coast Mountains along the western shore to the eastern cities of Toronto, Quebec, and Ottawa, and everywhere in between, Canada has something special to offer citizens and visitors alike. While all this variety can make it easy to plan exciting vacations year after year, it can also make it much more difficult when trying to decide on a location for purchasing a vacation home. Those considering the purchase of a vacation home and wanting to make sure they are choosing the best possible location and home for their needs, the following points will help ensure the purchase is a smart one.

Does the Property’s Location Fit the Expected Usage?

Purchasing a vacation home may not be wise if the location is too far away to enjoy using it often. This is why it is important to carefully consider how often the home will actually be used each year and if there would be more opportunities to use stay in the house if the property was located near the family home.

While exploring new, fun areas of Canada can sound like an exciting vacation plan, expenses and time concerns may not allow a vacation home in a distant location to utilized enough to make the investment worthwhile. Buyers who are considering a vacation home located far from their own home should consider spending a few days there as a visitor before deciding to buy property that is located more than one or two hours away from their permanent home.

Could There Be Income Potential in the Property?

Vacation homes that are only going to be used for a few weeks per year can be expensive to maintain while vacant. A good way to solve this problem is to consider putting it on the rental market to attract other vacationing families during the months it would otherwise be vacant.

Doing this will allow the rental income to help cover mortgage payments, insurance, maintenance, and upkeep throughout the year, making ownership more economical. In addition, owning a rental home can be a good investment, helping the owner build long-term wealth for the future.

Would the Property be Suitable as a Retirement Home in the Future?

Another consideration that vacation home buyers will want to consider before making their selection is whether they will want to use the property as a retirement home later in life. If so, then it will be important to find a home that is in a favourable location both now and after retirement.

To do this, buyers should consider the quality of access to healthcare and basic services, as well as the overall climate and terrain before deciding on a good area in which to buy.

In addition, buyers who plan to use a property for a vacation home now and a retirement home later in life should look for a floor plan and design that will be beneficial throughout their ownership, or one that can be easily and affordably renovated, if necessary.

Looking at the location of the property and its best usage both now and in the future, can help vacation home buyers make the right choice for their needs. Since there are many differences between purchasing a residential property a permanent home and purchasing a vacation home in an unfamiliar location, buyers can improve their chances of success by opting to work with a real estate professional from the area who specializes in vacation home sales and rentals.