Finding the PERFECT
Vacation Home

You've done the math: Owning a cottage or vacation property, as opposed to renting year after year, can make both fiscal and lifestyle sense.

Here are a few to-dos to help set your purchase plans in motion:

Make a wish list
Make a list of your wants, needs and willing-to-compromise before you start looking. Defining desired locations, size, and if looking for winterized or seasonal, year-round access, water or inland, will help determine price-range affordability.

Line up the financing
Be financially prepared for any potential bidding wars. MCAP’s Secondary Home Program can help you finance up to 95% loan-to-value on the purchase of a second home or vacation property.

Work with local pros
From real estate agents to building inspectors and contractors, connect with the region's experts. They have the scoop on available listings and can advise on potential structural trouble, zoning and building regulations, permits and more.

Experience what you’re buying
Don’t buy without visiting the property at different times of the day and, if possible, in various seasons. Better yet, rent it first if possible, or a neighbouring spot. What may seem like a lovely, light-filled area in spring may fall under a heavy tree canopy in summer.

Negotiate the extras
Ask for the toys! Owners may be very open to making a property’s canoes, motorboat and other recreational equipment, furnishings and tools part of the deal. That way they don’t have to go to the effort and cost of moving them.

Put the safety net in place
While expanding your property ownership, look into how MCAP's Home Mortgage Protection and Disability Insurance can protect your family and homes.

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July 2016

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