So, the housing market has now recovered and it seems that this recovery will continue. Before you march out to find that great vacation property, take a moment to heed some good advice. Keep these wise tips in your mind to help you ensure that you can select from the best vacation homes for sale in Canmore.
It may seem a long time ago that many Canadians decided to abandon or shelve their plans to consider a vacation home when the housing market collapsed. Now, however, home prices have been enjoying a steady rise month after month at about 0.5% monthly. In Canada you can once again begin playing with the idea of getting back into the vacation property market or even entering it for the first time.
What will be the most appealing factors that you are looking for in a vacation home? If it is a tropical palm tree lined sandy beach then Canmore is not for you. But if you are looking for a location you can easily get to just by driving there that gives you access to snow covered mountains, lakes and parks or peaceful woods and countryside then this is a location that you really need to focus on. The number of people buying vacation homes compared with a main residence has been rising steadily in Canada since 2013 according to official sources; it is now up to 13% of all property purchased in the country.
Look before you leap
A wise proverb and it applies to buying a vacation home too. Just because the market has stabilized and is recovering doesn’t mean that you should go rushing in to buy a vacation home. There are many factors that can change a perfect purchase, that allows you to relax and thoroughly enjoy yourself, to a money pit or an out of control problem property that could cost you dear and leave you with a severe headache and a hole in your pocket.
Location, Location, Location!
This is what the best real estate agents tell us all the time, they are right, this one requirement repeated 3 times that is so important. Ok how can you apply this given rule? Think about why you have decided to buy this property, what are your motivations to select this getaway with your family or your friends?
Most people respond that it needs to be a getaway, easy to reach but far from the traffic and stress of the city where they live. Here is an interesting statistic; the average distance of the vacation property from the buyer’s primary residence for 87% of Canadians is no more than 180 miles from the buyer’s primary home. Close enough to reach for a weekend away, far enough away to change the horizons and the normal surroundings.
What’s going on in your chosen location?
This is a good point to bear in mind and you should use it to do the internal sell of your chosen vacation home to your husband or wife, partner, kids or even your parents. In fact anyone who you think would want to stay at your vacation home will need to be convinced that this place will be the best for them for their vacation.
Ask all your stakeholders, the people you consider are important, who you would like to enjoy your vacation home what they would like to experience, listen carefully to their responses. Would it be important for the place to be an easy location for the people to meet for a family gathering? If so you need to make sure that it is easily accessible for all members of your family.
It needs appeal to every age group, what does this mean in more detail? The only way to find out is to ask your family what they are looking for in the vacation home. Too many times, individuals (this could be you) have decided that you know best what each individual your family is looking for. Then having decided this, you just buy the vacation property without further consultation. If you have decided to buy a vacation home in Cuba close to the cigar factory and with some access to the beach, but no internet access. The shopping center is 50 miles away and it will take 4 hours or more to fly there. All these could cause other members of your family to revolt against the best purchase decision that you have just made.
Planning to buy to rent?
When you are planning to buy to rent is an attractive option, but it comes with certain requirements and restrictions. Yes, it makes good sense for your vacation home to earn money in the high season when you are not there, thanks to being ready to host vacation rental clients. This approach allows you to make your vacation home a profit center, not a cost center but you need to make sure that you understand the requirements both functional and legal to offer your property on the vacation rental market.