Do your home­work be­fore pur­chas­ing

Take ‘laun­dry list’ of vari­ables into ac­count

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

GMVisit our web­site un­der the head­ing, ‘Rec Prop­er­ties,’ for more sto­ries and photo gal­leries. ood re­cre­ation home des­ti­na­tions that of­fer four-sea­son en­joy­ment have plenty of ap­peal for Al­ber­tans.

More than a hand­ful take the trip across the Rock­ies into B.C. to find just the right spot.

But be­fore the emo­tions kick in — and be­fore sign­ing on the dot­ted line — there are some points that need to be thought out, says Sotheby’s In­ter­na­tional Realty Canada.

Own­ing re­cre­ation prop­erty is a long-term goal for many Cana­di­ans, of­fer­ing a place to en­joy down­time with fam­ily and friends, ap­pre­ci­ate all that Mother Na­ture has to of­fer — and, of course, soak in that much needed R and R.

Sotheby’s pres­i­dent and CEO Ross McCredie says choos­ing the right re­cre­ation prop­erty is a huge de­ci­sion and buy­ers need to take a “laun­dry list” of vari­ables into ac­count be­fore in­vest­ing in a prop- erty.

Mccredie says “hot spots” in recre­ational hous­ing pop up ev­ery now and then, of­fer­ing buy­ers great value in de­sir­able mar­kets — but tim­ing is every­thing. “Real es­tate val­ues in the Shuswap, for ex­am­ple, are bet­ter than they’ve been in years, of­fer­ing huge buy­ing op­por­tu­ni­ties and longterm fi­nan­cial and life­style ben­e­fits,” he says. “An­other hot spot is the south Okana­gan, where prices are down as much as 20 per cent from peak lev­els re­ported in 2006-2007.”

Mccredie has the fol­low­ing tips for buy­ers to con­sider when in­vest­ing in re­cre­ation prop­erty:

Con­sider life­style — In­vest­ing in a recre­ational prop­erty is an in­vest­ment in a life­style, not just a piece of land, so you need to ask your­self: ily on a year-round ba­sis? ac­cept­able in the long term? will the prop­erty meet your life­style needs in your later years?

Cal­cu­late car­ry­ing costs for the longer term —In to­day’s mar­ket, most peo­ple are buy­ing recre­ational prop­erty as a long-term in­vest­ment, so buy­ers need to con­sider the im­pact of car­ry­ing costs for the long term. Make sure you’re tak­ing in­ter­est rates, main­te­nance fees, prop­erty man­age­ment and other hold­ing costs into con­sid­er­a­tion be­fore mak­ing your de­ci­sion.

it comes to recre­ational real es­tate, there are a lot of own­er­ship op­tions (full own­er­ship, strata or condo own­er­ship, and var­i­ous frac­tional lo­cal ex­pert who spe­cial­izes in recre­ational prop­erty to gain a clear un­der­stand­ing of those op­tions so that you un­der­stand ex­actly what you’re buy­ing.

Re­search the de­tails for ru­ral re­cre­ation prop­er­ties — If you’re plan­ning on pur­chas­ing prop­erty in a ru­ral area, it’s es­sen­tial that you work with a real es­tate ex­pert who can help you un­der­stand the de­tails of zon­ing, ac­cess, prop­erty bound­aries, ease­ments, water sys­tems and qual­ity, sep­tic tanks/ f ields that are unique to pur­chas­ing ru­ral prop­er­ties.

Cal­gary Her­ald Ar­chive

Own­ing a re­cre­ation prop­erty is a long-term wish for many Cana­di­ans, of­fer­ing a place to en­joy down­time with fam­ily and friends — and get R and R.

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