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Hear Hot Property with Ozzie Jurock every Saturday morning between 8:30-10 am on CKNW AM980
Tip of the Week:
12/22/07
7 Things to Ponder
It is ski season...you will be skiing with the kids in resorts...you may wonder...should we buy here?
7 things to do to buy ski resort property for investment:
- Buy money invested. Buy where there is ambiance. If there is just a lift and a parking lot, values rise very slowly
- Buy on the news. Money invested or proposed to be invested in high speed quad chairs, new hotels all helps a sleepy resort...long before it happens
- Buy old units in town, versus the new. You can still buy usually older suite in town at half price of the mountain units
- Buy unlimited personal use. Check zoning. Called Phase I units...they allow you to use it yourself or rent it when YOU want to. Phase II or limited personal use units force you into a pool -28 days personal use...most of the money goes to management
- Watch out for hotel units and all fractional ownership. Some NEVER make any money. Most are taxed commercially now.
- Buy 2 legs ... winter and summer. Golf and ski.
- If new ... look at builder reputation, guaranties, and warranties.
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