Do you have a dream of owning a place outside of the city where you can escape, kick back and relax? If so, you're not alone. In fact, a recent Royal LePage Recreational Property Report found that in the next two years, there will be seven prospective cottage or recreational property purchasers for every two owners that plan to sell. As demand continues to increase and average prices continue to rise, now more than ever you will need to be patient, establish a list of 'musts' and work with a Realtor who understands the recreational market, if you want your dreams to come true.
To begin your search, target potential areas and consider a road-trip to visit your most coveted spots. Once you find your ideal location, narrow your search by establishing a list of priorities. Do you plan to use your recreational property for seasonal versus year-round use? Do you wish to build a new cottage or buy an existing one? What are your hobbies? Is proximity to hospitals, public transit or schools important? If you are near water, lakes can vary tremendously in terms of allowances for boating, fishing and swimming. In the winter, do you want to use both cross-country and downhill skiing facilities?
With your priorities established, you will also be in a strong position to act fast if you need to. Popular sites are in demand. In fact, according to the Royal LePage report, only 17 per cent of current cottage owners claim that they will consider selling in the next two to three years.
Buying a recreational property can be considerably more complex than a standard home purchase and it generally takes longer. There is considerably more time and travel involved. The effort, according to a growing number of Canadians, is more than worth it.
Before you begin your search, give me a call. I can get you started down the right path toward your home away from home. If I cannot assist you directly in your purchase transaction, I can refer you to a quality Royal LePage Realtor in your desired area from our network of over 12,000 real estate professionals from coast to coast.
Published by Royal LePage