What to look for in a vacation property, and why vacation homes make good investment properties are all common questions we hear at Harbourview District field from potential buyers, investors, and renters.
Read on to learn why buying a vacation home may be the right choice for you… and how Harbourview District could be the vacation residence you’re looking for!
Timely Reasons to Buy a Vacation Home
Both vacation rentals and vacation property purchases are on the rise.
Across North America, mortgage interest rates have “sunk to record lows”, with the average rate on a 30-year fixed-rate mortgage dipping to 2.98% for the first time in nearly 50 years. This record-setting has caused the interest in short-term rentals, long-term rentals, and the purchasing of primary residences to skyrocket… especially as property values are forecasted to continue to rise.
This is, of course, especially true for vacation homes, which are being increasingly seen as smart investments. However, be prepared for competition to be steep: with many across both Canada and the United States turning to fully remote working (or, in some office’s cases, hybrid working, which blends both in-office and at-home work) many people of working age have suddenly found that they no longer need to be tied to the city. As such, even vacation real estate in rural areas has seen marked interest… making the vacation-home market a hot (and difficult!) one to jump into.
What to Consider Before Buying a Vacation Home
What to consider before buying a vacation home? We here at Harbourview District always recommend you check municipal bylaws to ensure you understand possible restrictions. Additional factors when considering a vacation-centric investment property include:
- Cost of travel
- Cost of heating
- Cost of decorating
- Flood insurance
- Vacancies
- Real estate taxes
- Rental prices
- Maintenance fees
- Management fees
- Home-value increase
A lot of these common vacation home-related concerns can be mitigated through the investment advice and guidance of a professional. For example, if looking to choose Harbourview District as your vacation home or rental property then our team will give you an idea of maintenance costs, return on investment,, and other frequently-asked questions surrounding vacation-centric rentals.
The Perks of Vacation Home Investing
One of the reasons to buy a vacation home is to diversify your cash flow… all while enjoying a place to getaway, enjoying a calmer life.Buying a vacation home can help you to:
- Take more straightforward, more affordable vacations: Especially when choosing Harbourview District, your vacation can entail rich sea-to-sky views, myriad entertainment options, and walkable activities all spring and summer long. Plus, having a vacation home ensures that your temporary residence fits all your needs, including being pet-friendly!
- Diversify your income and earn extra cash: As aforementioned, buying a vacation home and renting it out yields extra income.
- Build your equity: When buying a vacation home, you have invested in a property that will help you to build your equity over time. In fact, according to recent studies nearly 75% of people who purchase a vacation home do so through some form of financing, which they then offset through renting out their property either short-term or long-term.
Month to month, vacation home investing permits you to build cash reserves that you may not have had the opportunity to create otherwise. In fact, a vacation home investment often helps people save for retirement!
Why Harbourview District May Be Your Next Retirement Home or Rental Property
Ideally nestled between downtown Nanaimo and Vancouver Island’s historic South End, Harbourview District blends sunny seaside views with ample green space, easy mountain access, myriad entertainment options, and more. The result? A vacationing paradise that appeals to both downsizers and families alike.
Our carefully crafted master-planned community will eventually boast the following features and amenities: several bike lanes to accommodate both drivers and cyclists; wide, accessible sidewalks for pedestrians; a short walk to its downtown hub; supplemented street parking; easy access to Island Highway, Vancouver Island’s main highway; accessible and scenic pathway connectivity between buildings and the community; and a wide array of on-site commercial retail space.
This also includes a five-minute walk to retail and restaurants, a 15-minute walk to both access Harbour Air and drive to hiking-and-biking trails, and, last but certainly not least, a one-and-a-half hour’s drive to the luxurious Mt. Washington Alpine Resort.
Being developed by Parkshore Projects, Harbourview District links the hub of downtown Nanaimo to the natural coastal joys of the surrounding area. Over the next five years, Parkshore has agreed to create 280 homes, all of which are to be made up of multiple gorgeous mid-rise condo buildings linked by Harbourview District’s unique green space.
Reach Out Today for the West Coast Vacation Property You’ve Been Looking For
Our team of real estate experts are always here to help. Whether you have questions, concerns, or comments about the potential of owning or renting a vacation home here on the beautiful west coast of Canada, we highly encourage you to either sign up for our Harbourview District newsletter or contact us directly. We look forward to hearing from you!