BUYING A SECOND OR VACATION HOME If you aren’t lucky enough to live in the Parksville area permanently, the next best thing is to have a second or vacation home to visit when you need a deep breath of fresh ocean air. Actually, now is the perfect time to buy. With a soft real estate market and low interest rates, you will usually be in a good negotiating position. The best vacation properties offer something special like a view of the ocean, a mountain view, a golf course in the back yard or a dock on a lake. That’s one of the reasons why the Parksville area is so popular for second and vacation homes. The home can be rented when you’re not in residence, and that goes a long way toward making the home pay for itself. Keep in mind that purchasing a second home or a vacation home is not like buying your primary residence. You need a real estate agent with strong knowledge of vacation and second home market conditions. You want to be sure that the second home you purchase is the right one for your future plans. Consider why you want a second home. If the main purpose is for vacations, there are popular vacation areas that you should visit. If you are planning to retire in your second home, you will need to consider a number of factors beyond location. Make sure the home you purchase will allow you to gracefully transition to a full-time residence. You’ll need to think about whether you want a single family home or condominium. Will you be more comfortable with one-floor living, or is a two story home something to consider? Getting pre-approved for a mortgage is another thing to consider. It’s usually an excellent idea. It communicates the serious nature of your interest, and can contribute to establishing a strong negotiating position. When sellers are comfortable that mortgage approval is not going to be an issue, they’re much more likely to want to negotiate. Carefully planning your purchase and using the right real estate agent will help you get the best deal on your second or vacation home. We know this market and can provide the guidance you need to make informed decisions. Call us at 250-951-6200 or 250-954-8817 or send an email. Even if you’re just starting to research a purchase, we’ll be glad to help! McPherson Group |