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Lesbian couple unpacking in forever home

In our younger years we experience a myriad of different housing situations, from living in our parents’ home, to shared student housing, to leaky basement apartments, to crammed condos. But with careful financial planning and a keen eye on the real estate market, there will come a time when you’re ready to finally move into that forever home. Here’s how you’ll know.

Old couch in a retro living room

Pretty Little Liars

With starter homes, there are often trade-offs, such as sub-par living spaces for a lower price tag. If you’re tired of taking care of a house that does nothing for your aesthetic sensibilities, it might be time to step it up and find a space that truly reflects you.

Friends enjoying forever home

Size Matters

To qualify as a “forever home,” there must be enough space to accommodate all that life throws at you — at least for the next 20 years. More kids down the road, parents moving in, or a backyard that’s big enough for a future pool, the house and lot need to hold all of it. If you’re ready to take on more square footage (and its accompanying upkeep), jump on in.

 

For more indicators that you’re ready to really put down real-estate roots, visit HGTV.ca.

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Open_Concept_CottageOpen_Concept_Cottage

As 2018 cottage and cabin season is quickly approaching, it’s time to turn our heads toward what recreational property trends buyers and renters want this summer. With this list of must-haves, you’ll be armed with the knowledge of what vacationers want and why.

 
 

No matter if you’re buying or selling, staying on top of recreational property trends can help when it comes down to decision time. From solar panels to a strong cup of coffee, 2018 is looking to be an interesting year for Cottage Country.

You may also like 7 Features Every Recreational Property Must Have on HGTV.ca.

Courtesy of HGTV.ca.

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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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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.