Every year around this time, many homeowners begin the process of preparing their homes in case of extreme winter weather. Some others skip winter all together by escaping to their vacation homes in a warmer climate.
For those homeowners staying at their first residence, Global News warns This winter is
"On tap to be one of the coldest in Canada in decades."
Given this, it’s time to go and stock up on winter weather supplies! However, if you’re tired of shoveling snow and dealing with the cold weather, maybe it’s time to consider obtaining a vacation home!
According to the Investment & Vacation Home Buyers 2018 Report by NAR:
"72% of vacation property owners and 71% of investment property owners believe now is a good time to buy."
It’s time to take advantage of the equity in your home. As the latest Equity Report from Ratehub stated:
" On average, home equity in Canada is equivalent to 75% of the value of the homes. "
This means that over three quarters of Canadians who have a mortgage would be able to use some of their home equity to make a significant down payment toward a vacation home, and many are doing just that!
Many homeowners who are close to retirement will use some of their equity to purchase vacation homes, which may eventually become their permanent homes post-retirement!
Bottom Line
If you are a homeowner looking to take advantage of your home equity by investing in a vacation home, contact an agent in your area to discuss your options!
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