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Things to consider when purchasing a vacation home

Posted by Scott Dinnell on August 9, 2022
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Many people are interested in purchasing a vacation home but don’t know where to start in the process. It can be a little daunting to make decisions, with so many variables that can come up, depending on where you want to buy.

Some just want to keep the home for personal use, and others look at it as an investment property- with benefits!

An easy way to get started is to look online, but honestly, unless you visit the property for an actual getaway, it’s hard to tell how the space and area will feel for you on a vacation.

Booking a getaway at your ideal location is really the first step. If the property you had in mind is not available for short-term rental, book something as close to it as possible so you can get a feel for the area. Next, you want to decide if this will be for personal use, or if you would like to rent it out when you are not in town. That can help you decide if this property works for whichever option you choose. If you are looking at purchasing for a short-term rental situation (think AirBNB) make sure both the city bylaws and the strata bylaws (if applicable) allow for that.

If you are looking to purchase outside of Canada, that’s a whole other can of beans and requires a lot more consideration on all fronts.

Something else to consider is location. Are you looking for a quick jaunt to the cabin, or a destination farther away? That will determine the amount of time you will be able to visit the property each year. How many hours of the drive are you comfortable with? Or is a plane ride going to be necessary? If you are looking to purchase outside of Canada, that’s a whole other can of beans and requires a lot more consideration on all fronts.
What is your long-term plan for this property? This is so important to determine before jumping at the cute listing by the lake. Do some mega research on the area, rental costs, vacancy rates, amenities, and overall area stats for as much as you can think of.

Doing massive amounts of due diligence will save you in the end, because if things don’t work out the way you had hoped, selling a vacation property is typically a niche home sale, and will take longer to sell than your actual home.

For more info on purchasing a vacation property, reach out to us!

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