Great destinations are worthy of frequent visits. When you are visiting a dream destination several times throughout the year, it’s best to save travel expenses and add to your portfolio by buying a new vacation home.
Buying new vacation home needs a lot of research and prep work. You need to find a property that ticks all the boxes and also helps you get closer to your long-term financial goals. If you are wondering about your dream destination in British Columbia, consider Summerland. You’ll never run out of things to do in Summerland after buying a home here.
Tips for choosing the perfect vacation home Location
While location is key for any residential property, it’s even more important for a vacation home. Are you looking for a waterfront property? Do you want to wake up to panoramic views of majestic mountains? Do you have the spirit of an adventurer who likes to live in nature’s embrace? All these things need to be considered when choosing the location of your vacation home. Fortunately, Summerland houses for sale fulfill all those requirements.
Apart from the pristine views, you also need to consider your vacation retreat’s accessibility. For instance, if you get a cabin in the middle of nowhere, you’ll need specialised transport to reach it. The vacation home should have proper roads and other infrastructure around it to make it more accessible. You don’t want to climb endless stairs when you get old.
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Do you have the budget?
After location, budget is the most important factor. Deciding on a budget helps you make more sound decisions instead of splurging on property you can’t afford. A set budget also helps you look for homes with an objective lens. You’ll know if you should look at a different housing market or go for more premium options. Review your financial condition to check if your earnings allow you a substantial monthly surplus for another mortgage for a vacation abode.
Note that the price of the home isn’t the only thing you need to consider for the budget. Factor in other costs like insurance premiums, maintenance costs, cost of furnishings, utility bills and taxes. If you feel burdened by the cost of buying a second home, consider buying the property as joint owners with a close friend or relative.
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Can you build a home on a lot for sale?
You don’t need to buy a pre-constructed home upfront. While it comes with fewer hassles, you are stuck with the same features and design. Instead of buying a prefabricated home, you can invest in one of the lots for sale in Summerland, BC and build a home by yourself. When you build a dream home, you get to choose each and every design element and piece of furniture that goes in it.
Want to look over the Okanagan Lake in the infinity pool of your custom home? Need to have a game room in the basement to play card games with your friends on vacation? Building a custom vacation home allows you to add those features and make the most out of the available space.
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Retirement goals
A vacation home isn’t just an opinion for leisure. It also acts as an investment instrument that grows with the rest of your portfolio and may get you closer to an early retirement. Being one of the best places to live in the Okanagan region, property prices at Summerland have been rising consistently for the past decade and are expected to keep soaring.
You can look forward to high-profit margins when you decide to sell it off. Moreover, you can make the mortgage pay itself by renting out the property to AirBnB for most part of the year. That way you get to go on frequent vacations while counting the years for a big payoff.
While browsing a vacation home, it’s important to remain calm. Rash decisions can turn your financial situation for the worse and get you a property that’s not up to your standards. Treat it as any other financial investment with a keen focus on locations. British Columbia is a great place to begin your search and Summerland is one of the best destinations in the state for buying your brand-new holiday house.
