Here in the Southern Georgian Bay, we are blessed to live and play in “cottage country” and you could also be dreaming of owning a piece of this paradise. Are you dreaming about a chalet on Blue Mountain, a cottage in Wasaga Beach, a summer property in Tiny, a cabin on the Notawasaga River or any other type of retreat in our lovely area where you can recharge and embrace the natural beauty and serenity that our area is known for? There’s definitely something very special about owning your very own pieceof paradise. You need to formulate a plan through. There are some important points to consider when purchasing a vacation home.
- What is your motivation?? – Determine whether you’re looking for a retreat to enjoy with friends and family or an investment property that you can rent out on a regular basis. Or, maybe your plan will embrace both of these ideas.
- Location – You must ask yourself how ‘far’ you wish to travel and whether or not you need year-round access. Will you be using this property occasional or every weekend and vacation time? In most areas you will find waterfront property comes at a premium price so determine if being actual “on” or perhaps “near” the water is best for you.
- Pricing – There should be much thought and planning into making the decision to purchase a vacation property. Calculate if you can afford the mortgage, taxes, maintenance, insurance, etc. Now we have a carbon tax so don’t forget the impact rising gas prices have on travel costs.
- Co-Ownership – As much as possible, your purchase should be with “like-minded” people. The purchase of your vacation get-way with friends or family will mean that you can share the upkeep and costs involved in owning a property. To make this work, right from the start you all must be totally transparent in your thoughts and plans. Make sure you agree on everything so you can spend your time relaxing instead of arguing.
- Reno’s – Although they are becoming harder to find, if you do buy a “fixer upper” and have the skills necessary to gain from your own sweat-equity, this is a great option as it allows you to add your own personal touch. In our region you will find that major renovations most often require permits so make sure you’re familiar with the local zoning rules and regulations.
There is a LOT to consider when buying a vacation home. This major decision requires lots of research, getting your financial house in order and lots of professional advice before taking the plunge. As life-long residents, Chad and Scott are so familiar with this area as well as our brisk market. They would be honored to be your local market specialist and can best assist you with your specific needs. Contact them – Chad (705-443-9444 or Chad@WasagaRealEstate.com or Scott (705-446-6602 Scott@WasagaRealEstate.com . The Campbell Team would feel privileged to help make your Wasaga Dream come true.
Linda Campbell
Marketing Manager for The Campbell Team