Did You Know?
Out of 398 international markets, a recent study ranks Dubai as the most expensive city to purchase an executive home. The cost to purchase a luxurious 4 bedroom abode in Dubai averages $2.45 million, whereas, Kelowna’s cost is nearly half, averaging $1.25 million.
This international price comparison reveals that the Okanagan rivals the finest residences in the world and continues to be an affordable area to build and enjoy a heavenly oasis of surrounding mountains, deep blue waters, luscious green vineyards and challenging golf courses. It’s truly a pristine escape and perfect place to fall back into harmony with your surroundings.
Although many parts of the world currently face challenging real estate markets, the Okanagan’s lakeshore and waterfront real estate sales continue to be strong. With a terrific selection of real estate listings and historically low interest rates, there is no better time to purchase your dreamscape home than now. Contact Goldilocks Estates.
BUILD or BUY RESALE?
These days, when it comes to purchasing Okanagan lakeshore, there are fewer vacant lots available, especially in central Kelowna areas. If close proximity to the city hub is of importance to you, perhaps purchasing a home would make most sense for you and your family.
However, if you are looking to retreat, away from the ‘hustle & bustle’ of Kelowna, you will find some great lots in more remote locations that offer supreme privacy and an opportunity to build a dreamscape home that holds close to the contours of our mountainous terrain.
Building a custom home that’s tailored to your needs and dreams can be a challenge, especially if you’re absent from supervising the progress of your build. It’s important that you feel comfortable with your Builder and confident that all the services they provide meet your high level of expectations. For this reason, Goldilocks Estates has partnered up with an award-winning custom home builder, right here in the Okanagan. Having this rapport has and will continue to help us best protect your interest in your new home.
Edgecombe Builders is a superior custom home builder in Kelowna, with a very successful track record of contracts ranging from the Shuswap to as far south as Summerland. Their scope of homes range anywhere from $600,000 to 4 million dollar masterpieces. With an exceptional management service, Edgecombe Builders has thoroughly covered a wide scope of diverse clientele, providing their elite customers like NHL hockey stars or successful entrepreneurs with the same courtesy as a younger family building their first home. If building is of interest to you, contact Goldilocks Estates today.
Are you ready to buy a vacation or investment property?
If you’re one of the many Canadians who’s thinking of buying a second property, you need to work with a real estate specialist who has the expertise to help you plan the purchase. Here are just a few of the many things to take into consideration:
• Unlike your principal residence, any appreciation in value realized on the sale of a second property is considered taxable income. Therefore, the name you use to purchase the property (for example, whether it’s put in your spouse’s name) could have major tax implications at time of sale.
• Similarly, any revenue generated by an income property is also taxable.
• The good news is that most expenses incurred in the operation and maintenance of the property can be written off against income earned.
• Your insurance coverage and costs may also be affected by how you use the property. Make sure your insurance broker knows all the facts, so you won’t be caught in a situation where a future claim is denied due to using the property off season or for commercial purposes.
• Resale values for vacation properties can vary dramatically depending upon the community you choose and the services and features of the property. For example, a year-round road access cottage will generally appreciate at a higher rate than a water access cottage.
Unlike other more volatile investments, real estate has traditionally been a sound long term investment for Canadians, even in times of economic downturn. Better still, it’s also one of very few investments that you can actually enjoy while it increases in value. However, when it comes to second properties, you need to be prepared before you start if you want to avoid surprises down the road. It’s a good idea to consult your tax advisor before you buy to develop an ownership strategy and tax plan that makes the best sense for your situation. Goldilocks Estates will gladly tell you more about the ‘ins-and-outs’ of buying a second property. Contact us today.