The future looks bright in British Columbia as COVID-19 restrictions ease and make a gradual return to normality. For many residents of the province, owning a vacation property for sale BC is the perfect way to get-away from home and stay within provincial health orders starting June 15th. There are various pros to buying a vacation property in British Columbia; namely, your own private get-away, future retirement place, rental income, and tax write-offs. Read below to learn more about the pros of buying a vacation property in BC for this summer!
Paradise is private when you own a vacation property for sale BC!
After so many months confined to our home towns, the time is finally approaching for us to escape to somewhere else. If you’re anything like the rest of Canadians, a vacation is probably top on your list of wants. Now that dream can finally be a reality with looser restrictions on the horizon. The days of going to a resort filled with random strangers may now seem unappealing – especially given our physically distant past months. When you buy a vacation property for sale BC, you gain access to all the perks of a vacation with one extra bonus… It’s all on your terms! Say goodbye to crowded buffet lines and stuffy hotel rooms, and welcome peace and privacy. Many recreational properties boast enough space for the whole family and close proximity to the vacation essentials. Enjoy a lakeside cabin for months of summer fun! You won’t need to worry about music being too loud, or having to pack all of your seasonal equipment with a second home like this.
By purchasing a recreational property, you open the doors for a multitude of future opportunities. More often than not the value of your vacation home will increase as time goes on and this will allow you to make a greater profit if you decide to sell someday down the road. You can then use this money to fund your retirement or choose not to sell and use the house as your retirement home. If you have children, this property could be a family investment that gets passed along from generation to generation. For kids looking to attend university, the home may be close enough to one of Canada’s recognized post-secondary institutions that it could serve as accommodation while they acquire their degree.
Rent out your vacation property for sale BC!
Who doesn’t like a little extra income? When you have an additional property you can rent it out short-term to make some more cash. Vacation rentals are extremely popular and many visitors look to places like Airbnb and VRBO when looking for accommodation. This is a great and easy way to boost your annual income. However, there are a few cons to this approach. Some cities don’t allow for vacation rentals or they have specific rules in place that short-term rental properties must follow. Be sure to research this before advertising your property. In addition, as the owner you will be in charge of managing the rental. This entails vetting guests, taking care of damages, turnover duties and other tasks – unless you were to hire a company to oversee these chores.
Tax write-offs are possible.
If you decide to rent out your home as a vacation rental it will be considered a business. This means there is opportunity for tax deductions on certain expenses. For example, hosting fees from rental websites, cleaning company fees, maintenance, management, additional insurance costs, materials like paper towel, toilette paper, bedding, welcome baskets etc. Consult with a financial advisor to determine how to maximize your deductions on your vacation property.
Buying a recreational property has many perks. Contact me today to learn more about vacation properties for sale BC, or if you have any questions! Feel free to reach out to me with any inquiries. Check out my socials here, I look forward to hearing from you soon