Want A Rec Property? Buy or Rent as Needed?

My wife and I have just returned from a short break up in the Sunny (with occasional rainy patches!) Okanagan. Still got to play a couple of rounds of golf - so stop complaining! While there we popped into a couple of open houses - display centres (yes I do this occasionally on holiday!) just to get a feeling for what a vacation condo - either apartment or townhouse/duplex would cost. Two issues everyone faces here - 1) is there a unit in one's price and expectation range that would work and then 2) most importantly - does it make sense to lay out the necessary cash (from resources or by financing - or a combination) to own this item. What are the real issues here? Unless you have lots of cash sitting in your various bank accounts, and you won't miss a mere $400/500K and the monthly commitment to Strata fees and the annual tax payment; the main consideration is, how much will we, our family and friends get to use this? I believe that this is the single most hazy factor in the decision and that most folk will admit, in hindsight, that they overestimated this. The second part of this question is "Will we want to spend almost all our future holidays here, or will we get bored and want more variety?" To mitigate against the underuse, there is the possibility of renting to friends/ acquaintances and even total strangers. Will that income be sufficient to offset your costs or, as the economists will say "opportunity costs". The third factor is clearly, How much appreciation will this asset have in the next few years, the next 8 years or the next 20 years? Are they still building lots of these type of units? Will they still be popular in the future (i.e. will there be a demand)? The alternative is to pay the $200/night or $400/night needed to rent as needed. This brings with it the flexibility of going somewhere else next time!!

BTW we did see one that took our fancy but when we weighed it up we felt that we would'nt get enough personal use (we obviously work too hard!!) and/or it would not carry itself from the rental proceeds (option to place in "rental pool"). So, we'll carry on thinking - like so many folk - "would'nt it be nice to have.......?"

Contemplating Selling in North Vancouver or West Vancouver?

Sellers’ Tip: Irrespective of your residing in a sub-area with a surplus of unsold inventory or one with lower than usual supply, the trick to a successful sale in 2007 remains the same. Price your home right for the market. Correctly prepare it for sale and make certain that the listing receives superior market exposure. Overpricing will unlikely earn you brownie points in the current market. Buyers have been swamped by negative press on the housing market; they are cautious and won't pay a penny over what they perceive is market value.
Sellers often wonder whether it's worth it to spend money fixing a home up for sale. Not only is it worth it, but it can be critical to selling at the highest price possible, particularly in sub-areas where the inventory is high. If your home has a dated décor it makes sense to invest in replacing items such as outmoded light fixtures, floor coverings and paint colours. Correct "deferred maintenance", or discount your price accordingly.
Imagine that you're the buyer and have a choice between a home that you can move into without lifting a finger and one that needs a complete overhaul. Most buyers won't even consider the house that needs a facelift and if they do, only at a significant discount.