Your dream vacation home is closer than you think! Whether it’s a lakeside cottage, a ski chalet, or a peaceful retreat in the countryside, we’re here to make your dream a reality.
Common Questions About Buying a Vacation Home
- What is the minimum down payment for a vacation home?
- For personal-use vacation homes, you typically need a 5% to 10% down payment. If the property is considered a rental or seasonal, it may require a minimum of 20%.
- Can I use equity from my primary residence to buy a vacation home?
- Yes, through a HELOC or refinance, you can access the equity in your current home to fund your vacation property purchase.
- Do I need a different type of mortgage for a vacation home?
- It depends. If the home is for personal use and accessible year-round, it’s treated like a standard mortgage. Seasonal-use properties may have stricter requirements.
- What are the tax implications of owning a vacation home?
- If you sell the property for a profit, you may be subject to capital gains tax. Rental income from the property also needs to be reported to the CRA.
- How do I budget for ongoing costs?
- Consider expenses like property taxes, insurance, utilities, maintenance, and travel. We’ll help you create a realistic budget to manage costs.
With our expertise, buying a vacation home will be simple and stress-free—so you can focus on making memories in your home away from home.
