You’ve finally collected enough savings for a down payment on a recreational property and you are excited to start looking. There are a number of practicalities and considerations to take into account when purchasing a cottage, cabin, or even a chalet for recreational purposes. Here are some of the things you need to keep in mind when you start searching for your recreational property.
You need to think about the specific physical features of an area of land that you are drawn to. Do you like to feel cozy, nestled in amongst trees, or do you like to look out your bedroom window at a lake? Do you prefer falling asleep to the lapping waves of the ocean, or is a rural setting more attractive? Do you seek solitude, or would you prefer to be near a town?
- Will you be the sole owner, or will you be purchasing the property with a spouse or any other party?
- How many people are you planning to accommodate?
- Would you like summer, winter, or year-round access?
- Do you need to shelter or dock a boat?
- Will you be unplugged, or do you plan to stay connected with phone reception and WIFI?
- Do you need electricity?
- Do you require the convenience of plumbing?
- Will you also be renting it out to tenants or vacationers?
Ownership and Maintenance
Very few people get to experience the joy of buying a property outright. Most people get a mortgage loan, which is why it is important to work with your realtor, bank, and possibly a lawyer to determine the details of how you will purchase the property.
Aside from the negotiated price of the property itself, other budgetary concerns include insurance, property tax, and any utilities. It is crucial to include the cost of maintenance and repairs in your budget, especially since you won’t be there all the time to monitor any changes that may occur. The point of owning a recreational property is to be able to enjoy it, after all, so you want to be equipped to deal with any surprises that may come up.
Are you thinking about purchasing a recreational property? Click here to learn more about how Knowledge Broker can help you achieve your goals.
At Knowledge Broker, our goal is to create an open-source of information for all our clients. We want to ensure that, at the end of the day, they get exactly what they want and what they need. If you know someone who could use our help or services please put them in touch with us or send us their details using the contact information below. And before you go, click here to take the Knowledge Broker Quiz and see exactly what we can do for you!