How to Buy Recreational Property

Posted by Dave Koszegi on Tuesday, March 7th, 2017 at 4:02pm.

Ask anyone what their favourite childhood memory is, and often it’s of summer vacations spent with their families at the cottage or lake home. There’s just nothing quite like those simple summer memories of childhood; when our only responsibilities were the lake calling, late night card games, and walking along the beach barefoot with our family in tow. 

Sproat Lake has become a desirable destination vacation spot AND year-round residence on Vancouver Island. Located 13 km northwest of the city of Port Alberni (population approx. 17, 000), which is situated in the south-central heart of Vancouver Island mid-way to Tofino and Ucluelet. Home to world-class fishing, boating, and water sports, as well as quiet, relaxing beaches and trails, Sproat Lake is THE outdoor enthusiast’s dream! For those who prefer indoor activities, Sproat Lake Landing offers artfully created West Coast fare, local wines, brews, and spirits, and even live music.  

There is much to consider when you’re looking at buying a recreation property; from different neighbourhoods on the lake, boat access only cabins, recreation, average prices and the current state of the market. It’s important to work with a Real Estate team who specializes in the area you’re purchasing your recreational home – as there are certain considerations to take into mind, like septic, zoning, road and boat access, and more.

Here are three of the most popular Real Estate areas of the lake:

Taylor Arm: Quiet area of the lake. Features mostly recreational cabins and lots that have road access.

Dog Mountain: Great for those who want their solitude! Features boat-access only cabins and lots.

Stirling Arm Dr and Faber Road: Busier area closer to town. Many of the lake’s estate-sized lots and larger homes can be found on Sitrling Arm Drive.

As we head into our spring market, our Vancouver Island market has adjusted to a more balanced state, easing the pressure on buyers –making it an opportune time to invest in the recreation property market.

Here’s what you need to consider before purchasing:

Time and family

How much time will you spend at the property? Will it be a family getaway or just you and your partner? These questions need to be answered before you purchase, as they can help you determine what type of property and how much space you need.

Get pre-approved

Know you can afford before you start looking. We’ve seen it before when buyers fall in love with a home and then find out they can’t afford it. This can be disheartening for the buyer and family. Our advice? Get all your information before you start the process.

Make a budget

Before diving in, make sure you have outlined your budget and know all the costs that a second property can bring. You’ll need to consider property taxes and maintenance costs. Working with a financial advisor can help you create a budget. The Dave Team can offer recommendations on financial advisors in the area.

Visit the area

Most recreational properties are purchased away from home, whether it is the lake outside of the city, a different province or country. When possible, we recommend visiting the area before buying, and surveying your options with your Real Estate professional. You can get to know the land, communities and what resources, services, and amenities are available to you.

We’d love to show you our home – Sproat Lake.If you’re interested in buying a recreational property in Sproat Lake, give us a call at (250) 723-7653 or view homes available online: http://www.sproatlakehomes.com/ As the Sproat Lake experts, the Dave Team can guide you through your search.

We know the ins and outs of the area - to help you dive in with confidence!

 

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