Do your homework before purchasing
Take ‘laundry list’ of variables into account
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.
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.