“Oh, I wish I could live here.”
Does this phrase look familiar to you? For many, this is uttered quite frequently when on a vacation in a beautiful place. But what if living part-time or even vacationing more often could become part of your own reality. If you dream of owning a vacation home but find the idea of buying one too intimidating, you may be surprised to find out that the process can be easier than you may think. Here are a few steps to begin the process of buying a vacation home.
Pick A Location
Many people assume they must own a principal residence home before owning a vacation home, but this isn’t a rule you must follow. What’s really important is matching your housing choices to your lifestyle. You may want to own a small condo in the city and townhome in the mountains or vice versa. Most begin to look at locations that encompass activities and surroundings that they would like to be around more.
Determine What You Will Use it For
From a financing and tax standpoint, you need to consider how you intend to own and use your property. Will it be your principal residence or a personal-use property? Another thing to consider is if you will be renting out the property. There are a lot of options. In Whistler, there are phase 1 or 2 properties, allowing them to rent when not occupying, or even quarter shares or owner match. It is good to discuss with a licenced real estate agent what option would best suit you.
Understand The Cost
Being prepared for the financial obligations that come with owning a holiday is a very important step. Owning a holiday home means that you will have to pay for gas, electric, cable TV, internet, new furniture, travel costs to your vacation home and property maintenance items like cleaning, landscaping, and pool/spa upkeep.
Get Your Finances In Order
Speak to a financial advisory about what you can afford and what you will need for a down payment.
Speak To A Realtor
Often, purchasing a vacation home means that you are looking in a specialized market. It is a good idea to speak to a local real estate agent to understand the local transaction fees, taxes and commissions, as well as advise on local zoning and property rental rules. Additionally, they will be able to help you start looking for a property that fits your needs.