First-time homebuyers should be cautious about trying to avoid expensive urban housing by buying a recreational property first, real estate experts have warned. "It’s more of a lifestyle choice than it is a great investment choice," said Brad Henderson, former president and CEO of Sotheby’s International Realty Canada.
· Canadians have been buying recreational land before a principal residences for decades, often parking a motor home or pitching tents until ready to build.
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· There are many loan programs and grants that cater to first-time home buyers, especially on the state and local levels. While a person who has never owned a home before certainly counts as a first.
Be careful when buying recreational property before a city home, say experts Buy cottages for leisure, not investments: experts. real estate experts say.. which is a cottage. "I think buyers.
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TORONTO – First-time homebuyers aching to get into the real estate market should be cautious about trying to bypass expensive urban housing by purchasing a recreational property first, real estate experts say. "It’s more of a lifestyle choice than it is a great investment choice," says Brad Henderson, former president and CEO of Sotheby’s International Realty Canada.
· Home buying without an agent is not necessarily your best option. For starters, first-time home buyers have generally engaged in some other business apart from real estate, so they tend to know very little about real estate. Most experienced real estate agents are in the business full-time, so they acquire knowledge every single day.
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· Buyers can dip into retirement accounts to fund a dream home-though experts warn that this should be done cautiously. Don’t splurge on a luxurious home today and shortchange yourself in.
Real-estate experts warn first-time home buyers to think before buying a cottage. thespec.com – Ross Marowits. Ontario’s ‘crazy’ recreational property market is appreciating faster than residential units. vancouversun.com – Ken Bradshaw. Variety.
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