If there is one thing Calgarians love, it is a beautiful vacation home somewhere warm to visit on chilly winter days and as a summer getaway. Not only are vacation homes a great refuge to escape the busy city life, but they are also a fantastic investment. While real estate is one of the most popular places people invest their money, it can also be a risky investment if it is not done properly. So, today we are going to be going over how to find a great vacation property that doubles as a great investment.
Popular places for owning vacation homes are Palm Springs CA, Arizona, and Radium B.C. You definitely aren’t limited to only searching for homes here, but they do have some bonuses: the plethora of other vacation homes there mean that it is a reputable area, due to the popularity of the area the location likely has a lot to offer, and you will meet people in those areas that you can possibly connect with closer to home during the off season.
When you’re looking at a potential property there are two things you need to consider: cost and location. For the sake of an example, lets discuss a potential vacation home in Phoenix, Arizona.
The first obvious factor you need to consider is the cost of the property. What are benchmark prices for other similar units? Are you getting a fair evaluation? What is the properties long term value? After all, this is an investment. One thing that people forget regarding cost is that a vacation property is not a one time cheque: you will be paying utilities, upkeep costs, security coverage, property tax, etc. even when you aren’t spending time there. Another massive factor you need to consider is the cost to get to the property. This is a reason Phoenix is so popular: compared to other locations, it is not insanely expensive to travel there via car or plane.
As for location, we cannot emphasize enough how crucial this is. You need to look into crime rates, close by amenities, when the location has its peak season and if that is okay for you (for example, if you want to have a place in Pheonix to visit during February, you are going to be there with loads of other vacation property owners), weather factors that could damage the home, etc.! These are all reasons it is a good idea to go vacation at the location you’re thinking of buying a vacation home in before you purchase anything.
A lot of thought needs to go into a Vacation property, but they are so worth it once you find the perfect getaway for you! For now, enjoy the sunshine here in Calgary and start going over potential options.
Your Real Estate Professional,