Dec
04

6 Questions to Ask Yourself Before Buying a Vacation Home

Have you and your family fallen in love with Kimberley, BC? And you’re wondering whether it makes sense to buy? Here are some key questions to ask yourself (And keep in mind that a great real estate agent can always help you talk through them!).

1. Do you love the location?
It’s a good idea to visit the area during the low season. Do you still enjoy it when the ski slopes are green, or when the golf courses are closed for the season?

Vacation Home - Blog

2. How often can you get there?
Calculate how many times a year you’ll be able to use the condo/vacation home. Carefully consider the commute as well as your career and family commitments to determine how much time you realistically can spend there relative to the costs of owning and maintaining the property.

3. Have you talked to the locals?
Spend some quality time at the local coffee shops and chat with people who live in Kimberley year-round. Ask them what they like about their community – and about any cultural trends they’ve noticed.

4. Could you rent your place if you had to?
Renting out the condo/vacation home when you’re not there brings with it other considerations. Does the Strata allow rentals? Would potential renters be interested in the property’s amenities, such as a fireplace in a ski town or an inviting deck or patio during the summer months?

5. What about the taxes?
Taxes for a second home can be more complicated than those for your primary residence. Talk to a tax pro and learn more about the tax implications for your specific situation, including taxes on rental income if you plan to rent out the place for part of the year.

6. What’s the tab when you’re not there?
Calculate the true, year-round cost of owning the home, including utilities and property management when the home isn’t occupied.

Contact one of our experienced RE/MAX Agents to assist you with your planning and purchase of vacation condo/home.

Story by RE/MAX