Ottawa Realtor: 4 Need-to-Know Things about Vacation Property Purchase

Vacation time is a great time to unplug yourself from all the stresses of life. You can relax with family and friends, spend some quality alone time, or be intimate with a loved one. For people who enjoy going on vacations, buying a vacation property can be one of the best investments to make. That said, while purchasing a vacation home can be logically and financially sound, it’s not a decision that one should take lightly. Your Ottawa Realtor shows you four things you need to know before buying a vacation property.

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Spend a good amount of time at the location

Visit the area few times and get to know the locale before purchasing the property. You don’t want to buy a property when you’re on a ‘vacation high,’ because you could end up regretting your purchase soon after. Remember, you won’t be able to change destinations if you grow tired of the scenery in the homes for sale in Ottawa that you’re interested in, unlike if you were staying at a rental home or hotel.

Who’s going to stay in the home during low season?

It can be difficult to find tenants who will be willing to rent the home only during low season. That said, if you plan to visit sporadically and are considering renting the place out, you may need to work with a local property manager who can maintain the home for you. It will cost you extra, but not as much as the damage that can occur from negligence.

Know how often you will be staying there

If renting the place out is not an option, you need to make sure you visit the property often enough to justify the purchase. You don’t want your home to remain vacant for long periods, because you’ll be spending money on something that you are not using, which can be wasteful.

Calculate ALL the costs

You have to know the total price of ownership of your vacation property, from property taxes, to insurance, to mortgage, to safety, security, and even utility fees. Remember, you’ll still be charged for gas, electrical, and other maintenance services even when you’re not there. Include all overhead costs in your spending considerations to ensure it’s an amount that you can afford.

If you’re interested in purchasing a vacation property Ottawa, get in touch with Realtors who know the area, such as MacDonald Moussa Team.

Sources:

(Important Considerations When Buying a Vacation Property, EdmontonRealEstateBlog.com)

(What to Consider Before Buying a Vacation Property or Vacation Rental Home, MyMoneyCoach.com)

 

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