While not as common on the West Coast as in other regions of the country, recreational properties do exist on Vancouver Island, especially in areas such as Sproat or Shawnigan Lakes for example. As a weekend getaway, as a means of enjoying the great outdoors, or simply as an escape from the pressures of everyday life, owning a recreational property can be a prized possession. But before making the leap into recreational property ownership there are a few considerations to think about.
Recreational properties can be purchased for any number of valid reasons. Typically these could include purchasing a property for business purposes, with the intention of renting it out as a revenue generator. On the whole however, Vancouver Island buyers are seeking recreational properties for personal use, either for themselves or for the enjoyment of their family members. As with any real estate purchase a buyer should complete their due diligence, and carry out some research before settling on a purchase.
Making use of the services of a REALTOR® is always one of the first and best steps buyers can take, for any type of property. The local REALTORS® have knowledge about the region, the available inventory, and about the complexities of completing a real estate transaction. They are a valuable source of information for any type of property purchase.
Other items to think about when looking into purchasing a recreational property include any tax implications (including municipal), legal responsibilities, zoning restrictions (especially if you plan on adding to an existing property), rights of way concerns (which can be important when it concerns access to streams and lakes), specific building schemes, insurability issues and others.
Another factor to consider, especially if the recreational property is only going to be used randomly, is the availability of property management. You don’t want to purchase a property and then see it vandalized or damaged when left unattended. Some areas where recreational properties are sold offer caretaker services, while many don’t.
You can’t own any sort of property without careful consideration of the various economic factors. A recreational property is essentially a second home, with the same need of maintenance, the same utility servicing and the same long term financial commitment. If a lakefront retreat sound appealing, but you’re only planning on using it a couple weeks per year, you might be better off simply renting motel rooms. But if that piece of rustic paradise keeps calling you, your wisest step is to contact your Realty Executives REALTOR® to begin the task of turning that dream into a recreational reality.