Tips For Buying A Vacation Home In The Shuswap
Photo taken on the shores of the North Shuswap in Celista, BC.
The Shuswap is not only an incredible place to call home, but it’s also an unbelievable place to call your home-away-from-home too.
Investing in a vacation property is a great way to save money on travels, and having a place to call your own during your time off makes escaping the city life that much easier.
When you buy a vacation home in the Shuswap, you'll be able to enjoy peace of mind and convenience, not to mention enjoying all of the incredible outdoor recreational activities and events that will soon be available to you.
Here are a few tips to think about when buying a vacation home in the Shuswap.
Research the market carefully. Make sure you understand the pros and cons of each community. Are you looking for all the major services like shopping, hospitals, airports etc. to be within walking distance or a close drive to your vacation property, or is having a boat launch and numerous hiking or biking trails close to the property more important for your lifestyle? Life in the North Shuswap will be very different than life in Salmon Arm for example, and knowing what lifestyle you’re wanting the vacation property to bring you most is important.
Find a LOCAL Shuswap REALTOR® who specializes in the area. A licensed REALTOR® who lives and works here will have a better understanding of the different Shuswap market conditions and will be better equipped with helping you find the right vacation property to invest in for YOU. Each region has it’s own unique zoning bylaws, unique building rules + regulations, and unique official community plans (OCP), which will describe the long term visions of the community. An out of town real estate agent may not be as well versed or know the unique nuances of each region, which is why finding a trusted local REALTOR® in the Shuswap will be key to your success.
Be prepared financially to buy a vacation property in the Shuswap. A vacation home will require a bit more maintenance than a regular home, so make sure you have the financial resources available to cover these costs. Things like a security system or investing in a home check service while you’re away, may be added expenses worth investing in to protect your assets. Winterizing a vacation home if you’ll only be using it over the summer months is another thing to consider, and an added cost. You may or may not require another mortgage or Home Equity Line of Credit to purchase the vacation property. Usually more money is required for the down payment when it’s not your primary residence, so be sure you’ve saved enough. Your monthly bills will double as well for hydro, gas or propane, internet, phone, cable etc. Making sure you have the funds available to support owning a vacation property is critical, so working with a respected mortgage provider and your bank are important steps to take prior to making an offer. They will help you with determining how much you can afford based on your current debt ratio. Getting pre-approved first will help you, and your REALTOR®, know what you should be looking at.
Photo taken while hiking Lynn’s Trail, a hidden gem in Celista, BC.
Personally, I think the benefits of owning a vacation home in the Shuswap far outweigh the added costs, but I’m of course a little biased on the subject as I live and work full time in the Shuswap, and am enjoying all that Shuswap Lake and its surrounding communities have to offer already!
If you, or someone you know, is thinking about investing in a vacation property or full time home here in the Shuswap, please do not hesitate to contact me. I specialize in helping Buyers and Sellers with their real estate needs here in the Shuswap and look forward to hearing from you!
