by Ron Massad
Ron’s Real Estate Report
Who hasn’t dreamed of a safe haven from prying eyes? Whether you love the idea of a self-built project, prefer a small corner of paradise on a mountainside or near a lake or want a condo by a resort, you should start by assessing your needs and making an informed choice.
More and more families are buying second homes to relax on weekends, enjoy vacations or for retirement. Whatever your dream may be, acquiring a second property requires the same planning that you put into obtaining your main residence.
Financing
The value o fa cottage or a condominium varies according to how easily you can get to it, the convenience it offers an the environment in which it is located. To purchase your new getaway, you will need a down payment of 5% or more, depending on whether you can use it on a year-round basis and the services provided. Many lenders will help you raise this cash by refinancing your primary residence to 80% of its value
Restrictions
While you may see golden opportunities to build your oasis of pleasure whenever you drive through your favourite part of the countryside, the Commission for the Protection of Agricultural Land in Quebec (CPTAQ) and the ministry of Sustainable Development, Environment and Parks often impose tough criteria for residential development separation of lots, preservation of grandfathered rights, etc. Diligent research is required. Call your agent before getting carried away.
You a decision and now own a piece a property. Be sure to comply with environmental laws when the time comes to dig a well, install a septic tank, set up your beach or your lakeshore landscaping and launch your motor boat.
Visit Ron Massad, real estate agent on the West Island for KW Urbain, at http://www.ronaldmassad.com/
