It will come as no surprise that many people relocate to the Okanagan Valley and surrounding areas to enjoy the vast array of recreational activities this beautiful part of British Columbia has to offer – you can go from lakeside in Peachland to mountaintop at Big White to winery patio in Kelowna all in one day! For these reasons (and many more), it is also an ideal location to purchase a Vacation Home if you don’t have the luxury of living here full time. I’d like to share some things to keep in mind if you are considering investing in a Vacation Property so you can maximize the return on your investment!
- Think About the Purpose of your Vacation Property
The primary reason people buy a Vacation Home is for recreation and relaxation purposes, so make sure your potential Vacation Property meets these needs first. Size, location and amenities are important considerations when deciding what kind of Vacation Home to purchase. It is tempting to invest in a property that will give you the highest dollar-value return when it comes to renting the property out (should you choose to do so), and while this should certainly factor into your decision, you will get much more enjoyment and satisfaction from your Vacation Property if you ensure it meets your personal needs first and foremost. A talented Realtor can help keep you focused on what matters in your search for a Vacation Home!
- Be Aware of Rental Restrictions
If you do intend to rent out your future Vacation Property to help offset the cost of purchasing it, be sure to clarify whether there are rental restrictions before making an offer. Particularly in multi-family dwellings like condos and townhomes, there can be rules regarding how many and how often units can be rented out. If renting your Vacation Home is part of your financial plan, make sure you discuss this with your Realtor so they can help you find options that meet your needs.
- Protect Your Investment, Even When You’re Not There
A Vacation Property, by nature, can sometimes be unoccupied for extended periods of time. With an investment as substantial as a second home, out of sight shouldn’t mean out of mind! Plan to have someone check on your Vacation Home regularly to ensure there are no plumbing or electrical failures that could turn into a nasty surprise if left unaddressed. Also, keep in mind that vacant properties can attract thieves so installing lights on timers is a good idea, as is having someone collect mail and using or clearing your driveway and paths in winter months. These efforts will give you extra peace of mind that everything will be ready and waiting for you when it’s time to go enjoy your Vacation Property!
Purchasing a Vacation Home is an exciting endeavor! It is important that you set realistic and reasonable expectations before you get caught up in the thrill of shopping for your second home. As your Realtor, I can help you stay focused on the factors that matter to you and find you a Vacation Property that fulfills all of your wants and needs. I would be thrilled to discuss your dream Vacation Home with you and help you on your journey to purchase a second home! Please don’t hesitate to get in touch with me today.
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