Buying a Vacation PropertyPosted on August 11th, 2017
You spend a fun, relaxing weekend out of town, at Whistler, on a Gulf Island, or in downtown Vancouver. You find yourself thinking, “Maybe I should get away here more often.”
This is where a Royal Pacific Realty Group REALTOR® can help.
We can provide market information and trends and review your options whether you’re interested in undeveloped land, a second home, a strata property or even fractional ownership.
We’ll suggest you consider these options:
Established or emerging communities: Established areas such as Whistler, Bowen Island, Saltspring Island or downtown Vancouver are conveniently accessible and have plenty of urban amenities. You may also be attracted by more slightly remote areas such as Tofino or Gulf Islands accessible only by boat or water taxi.
Your dream property: Make a wish list. Do you want waterfront? A view? Ski-in/out? Close to theatres and restaurants?
Services: If you plan to buy in a more remote area, where will you get your services such as electricity and water?
Land use and zoning: If you’re planning to build your retreat make sure to review your ideas with your Royal Pacific REALTOR® who can find out about restrictive covenants, environmental and other zoning regulations, and future development plans.
Management and rentals: If you need help taking care of your vacation property Royal Pacific can make recommendations to ensure your property is well maintained and marketed. We will also advise you if short-term rentals are a permitted use in the area that interests you.
Tax considerations: Canada’s capital-gains tax exemption applies only to the sale of a principal residence, not to the sale of a vacation home. If you plan to leave your vacation property to your children, capital gains tax must be paid when the property is passed to your children.
Retirement planning: If you plan to retire at your vacation property, before you buy, think about amenities and services with year-round access such as medical, dental and long-term care facilities and serviced roads. Consider ease of access for family and friends to visit.
For questions about vacation property, contact your Royal Pacific Realty Group REALTOR®.