6 Tips for Buying a Vacation Home
Ever want to get away from it all?
Owning a vacation home isn’t just a great investment opportunity. It also provides the location, means, and opportunity for an escape from day to day life and to relax and spend time in a different world.
There are many things to take into consideration when purchasing a vacation home and we have 6 helpful tips that you’ll want to consider before buying:
1) Keep it Affordable
While the landscape of financial lending has changed quite a bit, it’s still a fairly simple process to figure out the kind of property you can afford to purchase. There are any number of mortgage calculators on the internet but we recommend speaking with a mortgage specialist for the most accurate information.
2) Think About Extra Costs
If you’re purchasing a lot to build your ideal home you’re going to need to factor in all the associated building costs. If you’re purchasing an existing home then you’ll want to evaluate the cost of running and keeping the additional home. Bear in mind that home insurance rates differ greatly depending on location. If you live more than an hour away from your vacation home you may want to consider employing a property manager to keep an eye on your home.
3) Location, Location, Location
The location of your vacation home depends heavily upon your personal preference and the kind of lifestyle you maintain. Some people will want to be close to the hustle and bustle while others may prefer something more tranquil and natural. You’ll also want to consider whether you’re planning to rent out your vacation home when you’re not using it. If so, you need to decide not only what appeals to you but what will also appeal to potential renters. Having a home right on the lakefront will be easier to rent than a house 3 blocks away from the lake.
4) Seasonally Acceptable
It always helps to spend some time in the area where you’re thinking of purchasing your vacation home. Are all four seasons suitable to your lifestyle and needs? Is the area you’re looking at gorgeous in the summer but practically unreachable in the winter? Researching the climate history and seasonal norms is always a good idea and, if you plan on renting, can also determine your peak rental seasons.
5) Keep it Domestic
While everyone would love to have that beachfront property in Tahiti, you have to consider the implications of purchasing a home outside your country of residence. Aside from potentially being several hundred/thousand miles away from your vacation property there are also a multitude of different rules and regulations when building or purchasing in unfamiliar territory. If Tahiti is your destination of choice then make sure to research the title and ownership rules for the area thoroughly.
6) A Vacation Home is for You
There are any number of ways to invest your money that would likely provide less risk and better return than owning a vacation home. That’s not to say there isn’t money to be made, there is. But first and foremost you should be owning a vacation home for you and you alone. You can’t place a value on experience and that’s what a vacation home is all about. It’s a place to go and enjoy, to spend quality time with friends and family, and maybe pass on to future generations. In the end, the value of that kind of experience is priceless.
It’s that sort of experiential value that McKinley Beach is all about. It’s not only a picturesque contemporary community nestled in one of the most beautiful areas in British Columbia, but it also offers the advantage of being close to nature while having close access to amenities and the downtown Kelowna area.
Lakeview lots are available starting at $199,000 and the unique location and amenities make it a prime spot for those looking to build a vacation home. Visit the McKinley Beach Discovery Centre at 1508 Water Street, Kelowna, and learn more about this amazing new community.