We live in Vancouver.
Recently wife and I have been discussing about possibly purchasing a recreational property south of the border.
Yes, I am aware of the fact that one could easily get a hotel off Priceline for cheap each time we venture down.
However, we`re not interested in staying at hotels. This would be more like a cottage or retreat. We want to be able
to furnish it ourselves and have all the comforts of home. Just getting away from the city.
It seems you can get way more for your dollar down south than within 2/3 hrs of Vancouver.
Because we would not be using it enough to justify the purchase, we would look at renting it out for the days/weeks
when we are not using it.
I`ve been looking at some of these vacation rental websites and weekly stays in lakefront homes go for about $3000/week.
Prices are maybe in the $400s and up. We`d look at putting down 20 to 25%.
With rents like this, it would appear on first glance that one can make the entire year`s mortgage payments simply by
renting it out for the 3 summer months.
My request for feedback is around the viability of such a purchase.
What are the pitfalls around recreational properties? What else am I forgetting?
How does such a purchase compare with something in say Sunshine Coast or Whistler?
Much thanks.
Recently wife and I have been discussing about possibly purchasing a recreational property south of the border.
Yes, I am aware of the fact that one could easily get a hotel off Priceline for cheap each time we venture down.
However, we`re not interested in staying at hotels. This would be more like a cottage or retreat. We want to be able
to furnish it ourselves and have all the comforts of home. Just getting away from the city.
It seems you can get way more for your dollar down south than within 2/3 hrs of Vancouver.
Because we would not be using it enough to justify the purchase, we would look at renting it out for the days/weeks
when we are not using it.
I`ve been looking at some of these vacation rental websites and weekly stays in lakefront homes go for about $3000/week.
Prices are maybe in the $400s and up. We`d look at putting down 20 to 25%.
With rents like this, it would appear on first glance that one can make the entire year`s mortgage payments simply by
renting it out for the 3 summer months.
My request for feedback is around the viability of such a purchase.
What are the pitfalls around recreational properties? What else am I forgetting?
How does such a purchase compare with something in say Sunshine Coast or Whistler?
Much thanks.