Reasons to Buy a Vacation Home in Canada
Buying your own home is a milestone in one’s life. Securing a roof over your and your family’s heads is one of the greatest joys in this world. When you buy your own house, you renovate it, furnish it and decorate it as per your liking and call it home. A place where you make memories you cherish forever. But the sky is the limit. If you have been wise and financially smart enough to buy a house, you can do it again. You can begin to look for a Vacation home in Canada. A vacation home can be bought using a second mortgage and the process becomes even easier when you already have one home. The home equity itself will help you buy a vacation home using our second mortgage guide.
A second home or vacation home is a residential place that is not primary in nature which you visit a couple of times in a year to take from life. A break from the mundane routine. Your second home will pay for its mortgage on its own if you set it up for rent. Or make it available for BnB. There are multiple ways to convert a vacation home into an asset that generates income for you, there are many vacation home rentals for you to explore and see the options that you have.
How to Afford a Vacation Home in Canada
Buying a vacation home in Canada has been made easy all thanks to our second mortgage guide who stands with you throughout the process from the beginning to the end. The process is similar to getting the first mortgage and it can be done with the same or a different lender if needed. A second mortgage in Canada opens the door for you to explore the opportunity of a vacation home for yourself. To buy yourself a vacation home the option of a second mortgage is the right option available, the running of the vacation home is not as difficult as it may seem. If you agree to rent your vacation home on and off even if just to friends and family, you can charge them and the same can be used to maintain and pay for it. Otherwise, your monthly income will be enough to pay for a second mortgage with easy installments.
10 Best Places for Canadians to Buy a Vacation Property
Now that you have some idea about what a vacation home is and what are opportunities it presents itself with then a common thought to have is to think about “where to buy a vacation home”. It should be a place that is comforting and not too noisy. The place needs to be able to give you fresh feels and relax your mind and body. We have compiled a list of places that may interest you for your Vacation home in Canada.
- Prince Edward County- Located south of Ontario, it is a municipal county and has beaches with shores touching lake Ontario. The sandy beaches equipped with limestone cliffs are hot spots for vacations.
- Ontario Muskoka Lakes- Consisting of a chain of lakes, the Ontario Muskoka lakes are a sight to the sore eyes. The calmness of the lakes gets you to a point of relaxation that you wish to spend time on every year.
- Ontario Whistler- Famous for alpine skiing and snowboarding, the Ontario whistler is located in the south of Canada, Ontario where the vacations are the most relaxing.
- British Columbia Canmore, Alberta Kelowna- Canmore is a must to be on a traveler’s checklist with its extended alpine beauty and wildlife spotting. Camping is ideal in the fall season and the natural hues are everything a vacation should be made up of.
- British Columbia South Bruce Peninsula-The Peninsula lies between Lake Huron and Georgini bay. Cottage rental is a profitable business in this area and having a cottage-like vacation home at a tourist destination like this might be the best thing you did for yourself and others likewise.
- Ontario Sun Peaks- Canada’s second largest skiing area where the peaks receive an average of 6 meters of snow annually. Each peak has a charm of its own and is wonderful. It is a tourist destination with many activities that can be done.
- British Columbia Tofino- A traditional territory and round-the-year tourist destination to enjoy. British Columbia Tofino is a pleasant sight for sore eyes whenever you go and hence is the perfect vacation home place.
- British Columbia Niagara-on-the-Lake- Niagara on the lake is where beauty gives its best definition. To have a home where you can visit and enjoy the serenity of the lake when you wish to is one of the greatest blessings to have.
- Ontario Banff- Having a natural park that it got incorporated into, Ontario Banff has the second highest elevation. It is a tourist spot and a famous destination for many.
- Alberta – A province in western Canada, Alberta has a landscape has mountains, prairies, and vast coniferous mountains that make it a complete vacation spot with all exotic tastes in one dish.
Alternatives to Buying a Vacation Home
It is quite natural to be thinking about the Pros and cons of owning a vacation home in Canada. While the pros of the vacation home include a source of more income, a location for a seasonal getaway and equity appreciation which benefits you the same way as your equity from your first home does. Now coming to the cons, number one is taxes. There are multiple tax deductions that you need to keep in minds such as guest supplies, housekeeping, and utilities. Then there is maintenance that will require your attention so that a vacation home can stay the same and not change into a horror story. Your financials will need budgeting as well. A good decision will be to get in touch with a private mortgage broker who will guide you through the process of a second mortgage and suggest you other available options to avail yourself as well.
Buying yourself a vacation home will not just add more real estate property to your name but will also allow you to make even better financial jumps whenever needed to. If you are skeptical about getting a vacation home then you can simply invest in a second home. It will be a place of interest to you and your family. You can invest in any other real estate or business venture if you wish to or deem it rewarding enough. However, it is not all difficult. It is about making the right decisions as you move forward. Be mindful and thoughtful about where and how you are going to make adjustments in your lifestyle to accommodate the new expenses. A word of advice would be to never indulge in a financial venture unless you have done your homework for it.
Buying yourself a second property to your home is never a bad idea. Your future is as strong as your present decisions. Buying yourself a home should be one of the many achievements you decide for yourself and once you achieve it, take a step forward and do more. Buying yourself a second home as a vacation spot is not at all difficult because a vacation home mortgage in Canada has made the process easy and feasible for everyone interested. The equity your home and vacation home together will build will help you nail better mortgage deals and the rent from the vacation home can pay for the maintenance itself. It can grow into a small venture as well if you have the vision for it and then the sky is the limit for you.
When it comes time to purchase your vacation home, there’s no need to go it alone. Our mortgage experts are here to help you every step of the way. We’ll work with you to find the perfect vacation home within your budget, and we’ll help you get approved for a mortgage that fits your needs. Plus, we offer competitive rates on mortgages and other banking products. So if you’re ready to buy your vacation home, get in touch with our team today!