Do your home­work be­fore buy­ing

Take a list of your most im­por­tant ques­tions with you

Calgary Herald - Calgary Herald New Condos - - Recreation & Investment Properties -

Some ad­vice for own­ers of recre­ation prop­er­ties, as well as for peo­ple con­sid­er­ing mak­ing a pur­chase:

What do you plan to use it for? Will it be strictly for recre­ation? Are you in­vest­ing for even­tual re­turn on in­vest­ment, or as a de­ferred re­tire­ment res­i­dence?

How of­ten do you plan to use the prop­erty? Is it lo­cated close enough that you can visit reg­u­larly (on week­ends) or is it far­ther away?

What do you want to do with the prop­erty when you aren’t oc­cu­py­ing it? Are you in­ter­ested in rental pools, frac­tional own­er­ship, or both?

Re­search the lo­ca­tions you wish to con­sider, and con­sult with real­tors and oth­ers who are fa­mil­iar with the area. Be aware of any zon­ing or leg­is­la­tion that might have an im­pact on your goals and bud­get.

Make a list of your most im­por­tant ques­tions and take it with you when vis­it­ing prop­er­ties.

From The In­surance Bureau of Canada at www.ibc.ca:

How the vacation prop­erty is used and how of­ten it is oc­cu­pied will dic­tate which in­surance pack­ages are ap­pro­pri­ate for you.

How much time do you spend there? Do you use it year-round? Do you rent it out at some point dur­ing the year? The an­swers to these ques­tions are im­por­tant when you are con­sid­er­ing what type of cov­er­age to buy.

How you use your prop­erty will de­ter­mine the type of in­surance.

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