Do you own some Oshawa Ontario real estate but dream of a second home where you can retreat for the weekend or for the summer? Maybe you have looked at a Muskoka cottage for sale, dreaming of the time when you and your family can get out and away from the busy atmosphere of the city.
Everyone loves the idea of owning a second home, but not everyone thinks through all the practical aspects of their purchase. Here are a few different things to keep in mind when you are buying a second home.
Does the home fit your Lifestyle?
Remember, a second home is a permanent fixture. In order to make the investment truly worthwhile, you have to use it fairly often. The problem is, most of us like to have some flexibility when it comes to vacation time. You might not want to spend every weekend during the summer at the same place; you might have a case of wanderlust, preferring a mix between Toronto beaches, Lake Superior campgrounds, and of course Muskoka country. Think about your own vacation style before making a purchase.
Buy for yourself!
A lot of couples invest in a second home thinking it will be something the whole family will enjoy for decades. They envision hot dog roasts, excursions with their teenagers, and cottage weddings. The reality, though, is that what suits your idea of a dream vacation home may not fit the bill for your entire family.
Lots of families find that weekends which they would have spent out at the lake are instead taken up with tournaments and studying. During the summer, an isolated cabin can be torture for a socially minded teen, and that means a black cloud hanging over the whole family. Two weeks into summer with a bored teenager may have you wishing you had invested in Oshawa condos instead!
So, don't buy with your family in mind. Instead, buy a second home that suits your needs best. You will be the one to use it the most often!
Be honest about price
When it comes to second homes, most people don't really realize the relationship between price and practicality. The fact is, a second home is always a surplus investment, one which is among the first to go should a financial situation deteriorate. That means you want to buy in a market where resale should be fairly easy.
You also need to have a very good idea about what you can afford to pay in terms of mortgages each month when buying a second home. Most of those who own a second home have salaries in the range of $95,000 a year. You need to go with your budget instead of your heart.
Finally, if you are really buying this property for the long term, why not consider what many people are doing by building their own cottages? House plans are less expensive than a house already built, and lots are more affordable than structures and lots. If you have time on your side, think about building your dream version of a second home instead of buying someone else's.
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