Guide to buying recreational property
Buying a piece of recreational property is a major financial commitment. For those that have purchased their dream property to retreat to year after year, season after season, it’s a gratifying experience that will make lifetime memories for the entire family. For those who may have bought hurriedly or without at least a minimum level of due diligence, it can be an unfortunate waste of money.
It pays to follow some important guidelines and ask a lot of questions when considering purchasing recreational property. Your real estate agent needs to be a trusted resource to help you pick the perfect property for your family and your budget. Take some time to get to know him or her, and explain your motives for wanting to buy vacation property.
Things to consider
Here are some questions to ask and things to consider when contemplating buying recreational land, whether it is horse property, a cabin on pristine hunting or fishing land, or a second home on a family-friendly resort lake.
How often do you intend to use the property? This is important, because you are not going to get the same amount of value for your money out of a property you only use for a weekend in the summer. Think about the different seasons and the geographic amenities that are available in all of them. Does it get too much snow to be usable in winter, or is snowmobiling your sport of choice?
Does it have winter road access? If you plan on using the property in winter, whether for hunting or snowmobiling, make sure the roads leading into the property are plowed. If not, you may have to park quite a distance away and ride in.
What is its intended purpose? You will want to get the maximum amount of use out of your property once you purchase it. Make a list of all the things that you might want to do on vacation during each season, then go through that list before considering a particular property.
How far is it from your permanent home? If you live in Portland, you probably shouldn’t consider a vacation home in the Oak Run resort community in Illinois. Mount Hood vacation property would most likely be a better choice for you. The more conveniently located your property is, the more fulfilling use you’ll get out of it.
Does it have guaranteed water? This is a crucial question. Recreational property without water may come at a cheap price, but it’s for a reason. If you’ll need a well, that can cost thousands of dollars, and that’s if the municipal codes allow you to get a permit for one.
Is there a property owners association? Associations have benefits and drawbacks. Without them, you have the freedom to do on your property whatever is lawful. Unfortunately, your neighbor does too.
These are just some of the questions you should consider in your discussions with your real estate agent if you want to buy recreational land.
