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People jumping in lake at recreational property

Enjoying access to a recreational property is quite possibly the ultimate Canadian dream. According to a recent survey conducted by Leger on behalf of RE/MAX, one-quarter of Canadians would consider purchasing a cottage or cabin in the future. If you’re among them, you’ve got some work to do before you can play.

As is the case with all real estate, a great recreational property starts with location. More than two-thirds of Canadians who currently own a cottage, or are considering buying one, are willing to travel up to two hours to get there. A shorter commute leaves more time for R&R, but particularly for those living in major urban centres, proximity to home comes at a price. Those willing to drive a little further for their piece of paradise could well find it at a lower cost. (FACT: 28 per cent of those who own a cottage or plan to buy one are willing to travel three hours or more!)

Recreational property stats

Location has some inherent associations, such as property type. Depending on where you live and how far you’re willing to travel, your recreational property might be lake-front, ocean-side, river-facing, forest, farm, mountain, or perhaps it’s a second home in another city. Canada’s diverse landscape offers a wide variety of cottages, camps, cabins, chalets and even condo-style getaways to choose from, so consider how you spend your “down time” and factor that into your purchasing decision.

Recreational property stats

With the “where” and “why” questions answered, let’s get down to the nitty-gritty of your decision – the “what” of your recreational property purchase. As mentioned, your location will largely define the type of property available to you, but there are some other important details to consider:

  • Do you want a year-round recreational property, or a seasonal/summer home?
  • Will you be hosting extended family, friends or renters?
  • Do you want Internet connectivity, or are you going offline?
  • Do you seek seclusion, or wish to be part of a community?
  • Do you require electrical and indoor plumbing, or are you “roughing it”?
  • Do you need a boat house and dock?

 

Now, let’s look at the “how” of your recreational property purchase. How will you own the property? Are you entering into joint ownership with someone? And how will you pay for it? Depending on the type of property, yours may or may not qualify for a conventional mortgage. Working with a reputable Realtor, financial advisor/lender and lawyer will help answer all of these important “how” questions.

With price and maintenance costs identified by survey respondents as among the top three considerations of recreational property buyers, give careful thought to budget. Aside from the price of the property itself, also consider:

  • Insurance
  • Property tax
  • Utilities
  • Maintenance
  • Commuting costs
  • Use and entertainment

 

There’s a lot to think when buying a recreational property, but doing your homework now will mean a sound purchase – and some well-deserved play time – later.

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birdhouse cherry tree selling your home

Whether it’s the budding blossoms, the longer days or the promise of less insulated clothing, spring brings an undeniable sense of hope. This uplifting feeling also flows into the real-estate market — when the sun is out, the buyers are too. Here are some undeniable reasons why selling your home this spring is a sensible move.

In full bloom

There are plenty of reasons to consider selling this spring. As the sun begins to warm the dormant winter soil, trees blossom, tulip bulbs bloom and strategically placed flower boxes shine. Spring’s unfurling sets a pretty stage for your home to look its best and draw the attention of potential buyers. Take advantage of the warmer weather to elevate the look of your home’s façade, front entry and landscaping.

selling your home with open house sign in springAll In A Day’s Work

Just the simple fact that there are now more hours of daylight means more potential buyers can view your home during the day – another great reason for selling this spring! That boosts the number of eyeballs on your property, and ups your odds of landing a desirable offer.

For more reasons for why you should list your home this spring, visit HGTV.ca.

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Data supplied by CREB®’s MLS® System. CREB® is the owner of the copyright in its MLS® System. The Listing data is deemed reliable but is not guaranteed accurate by CREB®.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.