When searching for a vacation property, here are the top 7 things to consider:
- LOCATION, LOCATION, LOCATION
- Proximity to attractions – Is it ski-in/out, on mountain versus off mountain or even is it near a lake? Or, near a city center?
- Climate & seasonal appeal – Will it be enjoyable year-round?
- Accessibility – How easy is it to get there? Is there an airport or good road access?
- Local amenities – Restaurants, grocery stores, healthcare, and entertainment.
- PURPOSE AND USAGE
- Personal use vs. rental income – Will you stay there full-time, part-time, or rent it out?
- Short-term vs. long-term rental regulations – Check if there are strict rental rules or zoning laws.
- Resale value – Is the market strong for vacation homes?
- BUDGET AND COSTS
- Purchase price – Set a realistic budget including closing costs.
- Property taxes – Some vacation areas have higher taxes
- Maintenance & upkeep – Landscaping, snow removal, cleaning, etc.
- Insurance – Waterfront, remote, or high-risk areas can have expensive insurance.
- Strata fees – If it’s in a community, factor in monthly fees.
- RENTAL POTENTIAL AND MANAGEMENT
- Demand for short-term rentals – Check platforms like Airbnb or VRBO for occupancy rates.
- Property management – If you’re not local, will you hire a manager?
- Local rental laws – Some areas restrict short-term rentals.
- INFRASTRUCTURE AND SERVICES
- Utilities – Water, sewer, electricity, internet – some remote areas lack these.
- Security & safety – Is it in a safe area? Does it need a security system?
- Year-round access – Can you get there easily in all seasons?
- FUTURE APPRECIATION AND EXIT STRATEGY
- Market trends – Is the area appreciating in value?
- Resale potential – Will it be easy to sell if needed?
- Development plans – Are there infrastructure improvements or new attractions coming?
- STYLE OF OWNERSHIP: Fractional vs. Whole Ownership
- Whole Ownership – You fully own the property, giving you full control and equity.
- Fractional Ownership – Shared ownership with others, reducing costs but limiting usage and flexibility.
- Timeshare Considerations – You buy time in a property rather than ownership.
- Legal & Management Structure – Check how decisions are made and if there are restrictions.
Reach out to me to discuss the vacation properties available in the Elk Valley. Would you go full or fractional ownership?
