If you visit an area such as Orlando, Florida frequently, you may dream of one day buying some vacation property so you can head down there whenever you like. If that day for you is now, you should know that buying vacation property won't be as easy as buying your Yorkville condos was. But never fear - we can help you navigate the process. Just follow our vacation home buying advice and you shouldn't have any problems.
Budget for Travel
When you're trying to figure out how much you're able to spend on your new vacation property, you need to take everything into account. That includes the mortgage on your Etobicoke waterfront condos, your condo fees, your cable bill, and any expenses you will have from your other home. That will include a mortgage, certainly, and insurance, but something most people forget is the airfare or gas money. After all, you'll have to get to your vacation home. If your budget doesn't have $400 a year in it for airfare you may be out of luck.
Hire a Local Realtor
When you were looking for vacation rentals in Puerto Vallarta you could get by using visitor reviews on Travelocity and booking yourself through Expedia, but when you're buying property things are different. There may be language, custom, or geographical barriers. So the best thing you can do is hire a local realtor who knows all about what's going on and what's a good deal.
Remember Taxes and Conversions
Once you've finalized your budget for your new home, remember that currency isn't always the same between countries. Your American dollars will buy more real estate in Puerto Vallarta, Mexico but if you're transitioning from Canada to the US or Europe, you'll see your savings shrink dramatically. Add in the taxes you'll be expected to pay (both in the country your property's located in and any taxes your home country might charge for owning foreign property) and you could end up overreaching.
Don't Get Carried Away
When we go shopping for vacation homes, we tend to want the absolute perfect place - the Toronto Beaches real estate of our dreams. Alas homes are almost never perfect. You probably won't find a place with room for all your great aunts to come stay with you, or a jelly bean shaped swimming pool, or a house on stilts. Keep your expectations reasonable and you'll find you may actually be impressed by what's available.
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