Are you at that point in your life when you’re thinking about a second home, perhaps a home away from home? Many Canadians love to buy a summer property where they can go to get away from it all and make new, happy memories.
Here are a few tips to consider if you’re hitching to buy that summer cottage:
1. Look for quality
Because you won’t be living in this home year round, you won’t be able to notice potential problems right away. Be sure to find a home that’s well-built, can withstand the elements, and is low maintenance.
2. Make it different
If you’re getting away from your usual home, you’re going to want something that makes this home different. It could be a wrap around porch, a deluxe grilling station, or a massive backyard.
3. Don’t skimp on location
What’s the point in buying a great place if it’s located too far from anything you love doing? If you love water sports, find a nice place on a lake with easy access to the lakeshore. If you love metropolitan nightlife, look for a downtown condo conveniently located to the popular nightclubs, art galleries, and trendy restaurants.
4. Don’t forget to think about resale ability
You’re still thinking about whether you should even buy it, so considering selling options might be far from your mind. Someday, however, you’ll need to sell it, and you’ll be happy if it ended up being a property that appreciated well and sold quickly. Look for property that is hard to get (like a cottage on a popular lake) or something that is stable.
5. Consider renting
Since you won’t be living in the property year round, consider renting out during the off months as a way to offset your mortgage costs and even help with property maintenance.
If you’re interested in buying a vacation home, contact us today. We can help you find a place anywhere in Canada, and down payments may be as low as 5% of the sale price.