BMO Nesbitt Burns
4881 Yonge Street
9th Floor, PO Box 37
BMO Nesbitt Burns
6468 Yonge Street
North York, ON
Purchasing Your Dream Vacation Home
Many Canadians dream off owning the ideal vacation home. Whether your preferred getaway is a remote cabin, a lakefront cottage or a beachside condo, many boomers are hoping to make their dream vacation home a reality.
Consider the following when shopping for your ideal home away from home:
Try before you buy
In order to determine if a property is ideal for you, test it out. Chances are the community you are interested in may already have other properties that can be rented on a monthly or weekly basis. By test-driving a similar property during peak and off-season periods, you'll get a better sense of whether the landscape and community are compatible to your lifestyle.
If you plan to visit the property all year-round, it's important to be realistic about the location. Driving up a small country road may be fine during the summer, but tedious during a cold snowy winter. And while many of us hate to think about it, our health should play an important role in picking a location.
Will it make you money or cost you money?
Many Canadians believe owning a second property is a great investment. For example, owning a vacation home gives you the option of renting when it's not in use, providing you with additional income.
Whether or not you plan on renting out the property, it's important to factor in the costs of a second property, such as property taxes, furniture/ decor, utlity bills and overall maintenance and upkeep of the home. Consider these costs when creating a vacation home budget.
Take your time when looking for a vacation home and consider all your options. Do your research and consider the uses of your vacation hme and how often you plan on staying there. Lastly, remember that at the end of the day, a vacation home is meant to be enjoyed; not to be a source of financial strain and unwanted stress.
Contact me directly : Alex Kastanis (416) 224-2250