PRODUCTS: In The Press: Recreational Property

Ozzie Jurock's Real Estate Products

  • HELPING YOU BECOME A BETTER INVESTOR
Shopping Cart  View Shopping Cart | Order by Phone


OZZIE'S PRODUCTS

Special Offer

Books & Reports

Tapes & CDs

Unbiased Market
Intelligence


Seminars

Action Courses

Performance
Coaching
by Ozzie Jurock


All Products

 


WHY BUY?

Who is
Ozzie Jurock?


Past Predictions

Deals Found in
Facts by Email


Rave Reviews

Testimonials

In the Press

Press Kit

 

 


ORDERING


Order by Phone

Shipping Info

 

Keep an eye on the facts

Expert has tips on avoiding pitfalls when shopping for recreation property

Gerald Vander Pyl
For The Calgary Herald

Thursday, September 11, 2008

Compared with buying a home in the city, purchasing recreation property can be more complicated, and brings with it more potential pitfalls.

Ozzie Jurock -- real estate expert, columnist, television personality and investor -- says even in the Western Canada's hot recreation property market, never rush into a decision.

Take your time, find out everything you need to know, and then make a decision based on all the facts.

Here is some of Jurock's advice on buying recreation property:

CHECK THE ZONING

Jurock says land-use bylaws can restrict what kind of home, or other buildings, you can have on a property.

Zoning regulations in many areas permit only single-family homes and not duplexes.

A secondary guest cabin is something many people would like to build, but does the zoning allow such a structure?

Even though you may have bought in an area outside a major centre, there can still be restrictions on land use.

CONFIRM THE PROPERTY'S BOUNDARIES

Imagine buying a property only to discover a few years later that part of your cabin is actually on someone else's land. Jurock says it's important to get the land surveyed to ensure what you think is the property boundaries are in fact accurate.

Doing so may even work out in your favour, as happened to one of Jurock's real estate clients.

The person had owned a piece of property for many years that was unsurveyed.

After getting a survey done, he discovered his neighbour had been using part of his land, thinking it was his own.

That portion of land was waterfront, meaning the client suddenly learned he owned waterfront property, boosting its value.

CONSIDER THE ACCESS

Jurock says the more difficult access is to a recreation property, the less likely you are to use it once the initial thrill wears off.

For instance, property accessible only by boat may seem intriguing, but how much time and hassle are you really willing to spend just to get to a cabin?

Also, be careful with any property where the only access is on a road that crosses over someone else's land.

Jurock says even though the other owner may say it's OK, unless you get an easement from him or her, you have no guarantee the situation won't change at some point in the future.

WHAT ABOUT SERVICES?

If the property relies on a well for water, Jurock says, you need to know how much water it actually produces, in litres per hour, to judge whether it can really supply all your needs.

Land that is not connected to a municipal sewer system will require a septic field, which brings into play various rules and regulations with which most city folk are not familiar.

Jurock says there are usually minimum distance requirements between a well and a septic field, which can trip you up if a lot is not big enough, or if owners beside you have installed their systems at the edge of their properties.

You certainly don't want to buy a piece of land, then discover you can't supply it with water or sewage service.

WHAT IS THE RESALE POTENTIAL?

Even if you buy recreation property and plan to use it, Jurock says, you should also consider the investment potential.

For real estate at a resort, consider whether the area has two "legs" when it comes to seasonal attractions.

This means if you're buying at a ski resort, make sure the area offers golfing in the summer, which widens its appeal on the market.

Jurock also says waterfront properties continue to have the best investment potential.

If you can't buy waterfront, go across the street and buy semi-waterfront.

If you can't afford that, buy property with a great view.

If you can't get a property with a great view, get one with a peek-a-boo view.

HOW FAR IS THE DRIVE?

If you plan to use your property on weekends, then being within a two-hour drive is ideal.

Some people may stretch that driving time up to four hours and still be content, but the farther it is, the less likely it is you will go out to your place on weekends.

Once you begin to dread the long drive out to your cabin, Jurock says, your recreation property will cease to be enjoyable.

FINANCING OPTIONS FOR BUYING LAND

Arranging financing on vacant land outside established resort areas can be difficult, but there are options.

Jurock says many land owners realize this and can offer their own financing.

Or visit a local credit union, which is more likely to know and appreciate the value of land in its area and want you as a customer.

CHECK THE MONTHLY CONDO COSTS

Purchase price is only part of the equation; check the monthly expenses if buying a condominium.

Jurock says one project he knows of charges residents $100 per month just for hot-tub maintenance.

Also, check for any special assessments due to major repairs that were not adequately funded by the condo or homeowners' association.

GET A HOME INSPECTION

Find a local, accredited home inspector to go over a potential property, and accompany him or her on the inspection.

Have the inspector explain any issue found, and the possible solution or repair cost.

Jurock says it's worth spending the extra $300 for a property that might cost you hundreds of thousands, and even more valuable if it makes you realize you shouldn't buy a particular property.

If buying a new project that's not yet built, consider the builder's reputation for quality.

Look carefully at the quality of finishings in the show suite, and take photos so you have proof of what was promised.

© The Calgary Herald 2008

 

Have you tried these JUROCK.COM FEATURES?

 

Newsletters

Subscribe To Our Newsletter

Check out this week's Jurock Real Estate Insider Special deal


'MONEY TALKS' HOT PROPERTY

Gibsons waterfront


'MONEY TALKS' HOT TIPS

Don't Worry About Greece ... Worry About The EU


LATEST OZZIE JUROCK articles


LATEST JUROCK.COM CONTRIBUTOR ARTICLES



   Privacy | Security | FAQ | Site Map | Masthead
Contact Us   
Copyright © 2014 Jurock Publishing Ltd. All rights reserved   Jurock.com