6 Steps To Buying a Vacation Home
Summer is finally upon us, which means it’s time to start planning a getaway. For many Canadians, summer vacations are all about spending lazy days at a cottage, relaxing on the dock listening to the loons.
Often, the math adds up that owning a cottage or vacation property makes more fiscal and lifestyle sense than renting year after year. However, buying a vacation place, especially in cottage country, is very different than buying a home in the urban sprawl.
Here are a few to-dos to help set your purchase plans in motion:
- Make a Wish List Establish the must-haves and the willingto-compromises. To help determine affordability, define desired locations, size, if looking for year-round or seasonal, by water or inland, etc.
- Line Up The Financing Get your financial ducks in a row. MCAP’s Secondary Home Program can help you finance up to 95% loan-to-value on the purchase of a second home or vacation property.
- Work With Local Pros From real estate agents to building inspectors to contractors, connect with the
region’s experts. They have the scoop on available listings and the lay-of-the land, and can advise on zoning and building regulations, permits and more.
- Experience What You’re Buying Don’t buy without visiting the property at different times of the day and, if possible, in different seasons. Better yet, rent it first if you can, or a neighbouring spot.
- Negotiate The Extras Rather than go to the expense of moving them, owners may be open to making the property’s recreational equipment furnishings and tools part of the deal.
- Put a Saftey Net In Place In expanding your property ownership, don’t forget to look into how MCAP’s Home Mortgage Protection and Disability Insurance can protect your family and homes.
Visit www.mcap.com for details.