louisa Cochrane logo

Our Team

All You Need To Know When Buying A Vacation Property


Lights off, gas in the tank, bags in the car… The vacation has begun!


Vacations are a treat for every busy family. Tensions ease and burdens feel smaller. You get a chance to unwind and reflect. The inherent value of recreation is what leads so many families to invest in vacation properties. Instead of frantically searching for places to stay that fit allotted times off, many choose to purchase a property, giving them freedom and flexibility. 


There are a few key things to understand when you buy vacation properties, particularly rental properties. Taking a few preparatory steps will enable you to make the best investment possible for your wallet and your family. At the end of each section, we will apply the principles to a theoretical purchase at 123 Winter Lane at Silver Star Mountain, our local recreation hotspot! 123 Winter Lane is a 2-bedroom unit on the second floor of a five-storey building right beside the village. It was built less than 5 years ago and allows rentals during the busy seasons in the Spring and Summer, as well as longer-term rentals for shoulder seasons.  


Let’s go!  


What Exactly Do You Need It For?

The first step when planning a vacation property purchase is to strip the process down to the basics and ask yourself as a family:


What does recreation mean to us? What does a property need to have to accommodate our needs?


This question, though basic, will get to the heart of your desire for a vacation property. Do you have four kids and need enough room to be comfortable? Well, a two-bedroom unit with one bathroom might not cut it then. Is it more enjoyable to have your coffee on the deck with a view? Well, a ground-level unit may not be the best choice.


Much too often, people begin the conversation about vacation property by talking about finances first. It’s natural to want to figure out finances before searching for property of any kind, but finances are not at the heart of most vacation property purchases. Buyers of these properties seek an escape, a suitable accompaniment to their lifestyle. The first best step to take is figuring out why you want one in the first place. These insights are then used to guide the next steps.


     123 Winter Lane

Before even viewing this property, we figured out why we need it. Our family decided that they wanted a property on a ski hill because they love this family activity. We live in Vernon, and we needed somewhere close to home to avoid extensive winter travel.


Location

Once you’ve figured out basic desires, you can move along to location concerns. You may have figured out the general geographical location of your vacation home, but what about the actual location? Does it support your lifestyle?


The first consideration with location is to ask your realtor about resale prospects and the general popularity of hyper-local areas. You may wish to know of upcoming developments so you can 

avoid construction noise, or avoid buying a unit that will have its view blocked. You may not want to drive a vehicle during your vacation, so would want to know the proximity of local amenities. How accessible is your home, overall?


 

You also want to figure out how important location is versus price. Would you be willing to pay premiums for better views or a more central location? 


      123 Winter Lane

Not only did we desire a property up at Silver Star, but the location was also of utmost importance. With young children still learning how to carry equipment, we didn’t want to be too far away from the village. We did save some money by purchasing on the second level, as views from the top floor wasn’t a preference. 


Maintenance

You’ve figured out where you want to buy, now let’s take a look at maintenance concerns. 


How much effort and money do you want to expend to maintain this property? Some people prefer to enjoy their time away fully and want to avoid cleaning beyond the daily maintenance. This is the common experience at hotels, where it doesn’t matter if you make your bed before checking out and paying your bill. 


There is also the concern of maintenance costs, and who pays for them. The owner of a unit in a strata building does not need to be concerned about the roof or parking lot maintenance, generally speaking. These costs are paid by the strata corporation. While you pay a monthly strata fee that helps cover such costs, you aren’t stuck worrying about so many incidental costs.


      123 Winter Lane

It was important to us that we didn’t have to clean up the place before we left Silver Star and headed home. Our complex has on-site cleaners we pay to do this. To us, the cost is worth the saved effort. We also pay a monthly strata fee to avoid having to worry about those maintenance matters beyond our unit walls. 


Building Restrictions

This is one of the most important considerations when planning to purchase a vacation property. Do you only plan to use the unit a handful of times during a given season? Be sure there aren’t rental obligations in the bylaws that limit such use. Do you want to manage your bookings, or have a representative of your building do so? Well, it’s very important to see what the rules are concerning such bookings.


Vacation properties are quite often in strata complexes with extensive bylaws and rules. These bylaws and rules serve to protect your investment. Without them, there could be no standardized building policy for you, or for visitors to your unit. However, you want to ensure that you aren’t too limited by these restrictions. Too many restrictions can affect your vacation freedom, and limit your ability to have fun.


Be sure to get a copy of the bylaws and rules before finalizing your purchase. Evaluate your needs and wants and cross-reference them with these restrictions to truly determine if it’s a good fit for your family. 


      123 Winter Lane

Our building had an option for concierge services, which we declined. We can handle our bookings and prefer to save on those costs. However, We didn’t want to be limited visitors-wise since we have out of town friends and family that we’d like to host. Our building does not limit overnight guests and has ample parking for them. We’ve found our perfect vacation home!


Conclusion

We started small, listing our basic needs and wants. We then expanded our horizons and explored the most important aspects of buying a vacation home, at Silver Star or abroad! These tips will keep your goals at the forefront. They provide you with ample opportunity to conduct due diligence and evaluate your needs over time. 


Of course, you should always have a Realtor® in your corner! I’m always here to help you find the perfect vacation property, keeping your needs in focus and working within your budget. It’s always an adventure buying vacation property, as I’m available to come along for the ride, keeping you protected along the way.



Comments:
No comments

Post Your Comment:


Declaration period to Begin for BC Speculation & Vacancy Tax ...


Here is important, time sensitive information on the completion of a declaration and registration of an exemption regarding the speculation and vacancy taxation.... click on the link below for detailed information....


Speculation & Vacancy Tax declaration - click here




_________________________________________________________________





BC Home Sales Continue at Slower Pace

Vancouver, BC – December 14, 2018. The British Columbia Real Estate Association (BCREA) reports that a total of 5,179 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in November, down 33.1 per cent from the same month last year. The average MLS® residential price in BC was $718,903, a decline of 1.9 per cent from November 2017. Total sales dollar volume was $3.7 billion, a 34.3 per cent decline from November 2017.


“BC households continue to struggle with the sharp decline in purchasing power caused by the B20 mortgage stress test,” said Cameron Muir, BCREA Chief Economist. “Most BC regions are now exhibiting relative balance between supply and demand.”

Total active residential listings were up nearly 31 per cent to 33,500 units in November, compared to the same month last year. However, it should be noted that this compares to 2017, when active listings for the month of November were at their lowest level in more than 15 years.

Year-to-date, BC residential sales dollar volume was down 23.1 per cent to $53.4 billion, compared with the same period in 2017. Residential unit sales declined 23.6 per cent to 74,847 units, while the average MLS® residential price was up 0.7 per cent to $713,302.

-30-

For more information, please contact: 

Cameron Muir  
Chief Economist  
Direct: 604.742.2780  
Mobile: 778.229.1884  
Email: cmuir@bcrea.bc.ca  

The British Columbia Real Estate Association (BCREA) is the professional association for about 23,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province's 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.

For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada's real estate boards to ensure maximum exposure of properties listed for sale.


__________________________________________________________

Zoning By-Law changes for cannabis

approved by Council



(December 11, 2018  ... News)

Vernon City Council has approved the changes to the Zoning Bylaw to permit cannabis sales, processing and cultivation in many of its commercial and industrial zones....


Click Here - for full story........


_____________________________________________________________________



RLP Downtown Realty

Disclosure of Representation in Trading Services Form

A complimentary introduction to the Real Estate Council of British Columbia's new requisite form meant to inform consumers about the types of representation they may receive from a REALTOR in a real estate transaction.


Helping You is What We Do!


Click Here -  Disclosure of Representation in Trading Services


__________________________________________


BC Home Sales to Rise in 2019 
BCREA 2018 Fourth Quarter Housing Forecast

Vancouver, BC – November 8, 2018. The British Columbia Real Estate Association (BCREA) released its 2018 Fourth Quarter Housing Forecast today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 23 per cent to 80,000 units this year, after recording 103,768 residential sales in 2017. MLS® residential sales are forecast to increase 12 per cent to 89,500 units in 2019. The 10-year average for MLS® residential sales in the province is 84,800 units.


To read the entire article -  click here..


______________________________________________

New Legislation makes it clear:  Farmland is for Farming.......




Legislation introduced on Monday, Nov. 5, 2018, makes it clear that land in the Agricultural Land Reserve (ALR) is for farming and ranching in British Columbia, not for dumping construction waste or building mega-mansions.

To read the entire article, see below....


Click Here to read entire Article


_____________________________________________________________


Province targets speculators and vacant homes, supports housing affordability


The British Columbia government has introduced legislation to tackle speculation in B.C.'s housing market and help turn empty properties into homes for people...


https://news.gov.bc.ca/releases/2018FIN0075-002014

BCREA’s Position on Drug Operations

When a property has been involved in drug production, it can pose serious health and safety risks to the public resulting from mould, chemicals thrown out in the backyard, electrical fires and invasion by criminals looking for drugs, even if the property is no longer being used for drug production. It’s important for members of the public to be informed if a property they are interested in moving into was ever identified as having a history of drug production. Unfortunately, there is no consistency across the province on how municipalities make this information available, nor is there a provincial standard of remediation for buildings used to produce drugs.


To read full article - Click Here

All You Need To Know When Buying A Vacation Property


Lights off, gas in the tank, bags in the car… The vacation has begun!


Vacations are a treat for every busy family. Tensions ease and burdens feel smaller. You get a chance to unwind and reflect. The inherent value of recreation is what leads so many families to invest in vacation properties. Instead of frantically searching for places to stay that fit allotted times off, many choose to purchase a property, giving them freedom and flexibility. 


There are a few key things to understand when you buy vacation properties, particularly rental properties. Taking a few preparatory steps will enable you to make the best investment possible for your wallet and your family. At the end of each section, we will apply the principles to a theoretical purchase at 123 Winter Lane at Silver Star Mountain, our local recreation hotspot! 123 Winter Lane is a 2-bedroom unit on the second floor of a five-storey building right beside the village. It was built less than 5 years ago and allows rentals during the busy seasons in the Spring and Summer, as well as longer-term rentals for shoulder seasons.  


Let’s go!  


What Exactly Do You Need It For?

The first step when planning a vacation property purchase is to strip the process down to the basics and ask yourself as a family:


What does recreation mean to us? What does a property need to have to accommodate our needs?


This question, though basic, will get to the heart of your desire for a vacation property. Do you have four kids and need enough room to be comfortable? Well, a two-bedroom unit with one bathroom might not cut it then. Is it more enjoyable to have your coffee on the deck with a view? Well, a ground-level unit may not be the best choice.


Much too often, people begin the conversation about vacation property by talking about finances first. It’s natural to want to figure out finances before searching for property of any kind, but finances are not at the heart of most vacation property purchases. Buyers of these properties seek an escape, a suitable accompaniment to their lifestyle. The first best step to take is figuring out why you want one in the first place. These insights are then used to guide the next steps.


     123 Winter Lane

Before even viewing this property, we figured out why we need it. Our family decided that they wanted a property on a ski hill because they love this family activity. We live in Vernon, and we needed somewhere close to home to avoid extensive winter travel.


Location

Once you’ve figured out basic desires, you can move along to location concerns. You may have figured out the general geographical location of your vacation home, but what about the actual location? Does it support your lifestyle?


The first consideration with location is to ask your realtor about resale prospects and the general popularity of hyper-local areas. You may wish to know of upcoming developments so you can 

avoid construction noise, or avoid buying a unit that will have its view blocked. You may not want to drive a vehicle during your vacation, so would want to know the proximity of local amenities. How accessible is your home, overall?


 

You also want to figure out how important location is versus price. Would you be willing to pay premiums for better views or a more central location? 


      123 Winter Lane

Not only did we desire a property up at Silver Star, but the location was also of utmost importance. With young children still learning how to carry equipment, we didn’t want to be too far away from the village. We did save some money by purchasing on the second level, as views from the top floor wasn’t a preference. 


Maintenance

You’ve figured out where you want to buy, now let’s take a look at maintenance concerns. 


How much effort and money do you want to expend to maintain this property? Some people prefer to enjoy their time away fully and want to avoid cleaning beyond the daily maintenance. This is the common experience at hotels, where it doesn’t matter if you make your bed before checking out and paying your bill. 


There is also the concern of maintenance costs, and who pays for them. The owner of a unit in a strata building does not need to be concerned about the roof or parking lot maintenance, generally speaking. These costs are paid by the strata corporation. While you pay a monthly strata fee that helps cover such costs, you aren’t stuck worrying about so many incidental costs.


      123 Winter Lane

It was important to us that we didn’t have to clean up the place before we left Silver Star and headed home. Our complex has on-site cleaners we pay to do this. To us, the cost is worth the saved effort. We also pay a monthly strata fee to avoid having to worry about those maintenance matters beyond our unit walls. 


Building Restrictions

This is one of the most important considerations when planning to purchase a vacation property. Do you only plan to use the unit a handful of times during a given season? Be sure there aren’t rental obligations in the bylaws that limit such use. Do you want to manage your bookings, or have a representative of your building do so? Well, it’s very important to see what the rules are concerning such bookings.


Vacation properties are quite often in strata complexes with extensive bylaws and rules. These bylaws and rules serve to protect your investment. Without them, there could be no standardized building policy for you, or for visitors to your unit. However, you want to ensure that you aren’t too limited by these restrictions. Too many restrictions can affect your vacation freedom, and limit your ability to have fun.


Be sure to get a copy of the bylaws and rules before finalizing your purchase. Evaluate your needs and wants and cross-reference them with these restrictions to truly determine if it’s a good fit for your family. 


      123 Winter Lane

Our building had an option for concierge services, which we declined. We can handle our bookings and prefer to save on those costs. However, We didn’t want to be limited visitors-wise since we have out of town friends and family that we’d like to host. Our building does not limit overnight guests and has ample parking for them. We’ve found our perfect vacation home!


Conclusion

We started small, listing our basic needs and wants. We then expanded our horizons and explored the most important aspects of buying a vacation home, at Silver Star or abroad! These tips will keep your goals at the forefront. They provide you with ample opportunity to conduct due diligence and evaluate your needs over time. 


Of course, you should always have a Realtor® in your corner! I’m always here to help you find the perfect vacation property, keeping your needs in focus and working within your budget. It’s always an adventure buying vacation property, as I’m available to come along for the ride, keeping you protected along the way.



Comments:
No comments

Post Your Comment:

Housing Supply Not Keeping Pace With Demand in Most BC Regions...

 

 

Vancouver, BC – June 13, 2017. The British Columbia Real Estate Association (BCREA) reports that a total of 12,402 residential unit sales were recorded by th

e Multiple Listing Service® (MLS®) in May, down 7.9 per cent from the same period last year. Total sales dollar volume was $9.33 billion, down 4.0 per cent from May 2017. The average MLS® residential price in the province was $752,536, a 4.2 per cent increase from the same period last year....

 

Click here to read entire article...

The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are member’s of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.