Whether it’s called a cottage, a chalet or a
country house, the lure of a recreation property far
from the hustle of the city is too much for many of
us to resist.
As Baby Boomers get ready to retire, they’re
driving up interest in these properties – especially
with the attractive financing options available for
second homes. If a recreation property is on your
radar, here are some important questions to ask
yourself before you make the leap:
How would a recreation property impact
Consider how a recreation property would fit into
the lifestyle you envision for you and your family –
both the benefits and the drawbacks. In addition to
the fun and leisure aspects of a recreation property,
you’ll also need to factor in the time and cost
involved in year-round property upkeep.
Can I afford the purchase price and/or
You want to ensure you can afford not only the
purchase price or mortgage, but also the ongoing
– and often unexpected – expenses that are an
inevitable part of home ownership. Work with a
mortgage broker ( Larry Broadley )to fully assess your recreation
property ownership options. Many brokers and
lenders offer specialized services and mortgage
products specifically for second homes.
How far am I prepared to travel?
Peace and quiet often come with a price: distance.
Be realistic about the time you are willing to commit
to travel to and from your recreation property. You
may even want to take ‘test drives’ on busy weekends
to determine travel times during peak season.
Who should I call?
As you would with a primary property, call a
professional real estate agent ( also Larry Broadley )who knows the
region where you would like to buy, and work
with your mortgage broker to secure financing to
determine what you can afford before you begin.
For more information contact :
Larry Broadley Mortgage Broker Mortgage Intelligence and Real Estate Broker RE/MAX Bluewater Realty
1 877 338 5899
Central Office: 3300 Bloor Street West, Centre Tower, 9th floor, Suite 2900, Toronto, ON M8X 2X3 ® Registered trademark of Mortgage Intelligence Inc. © Copyright 2008, Mortgage Intelligence Inc., all rights reserved.
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