It comes as no surprise to see the summer population of the Shuswap towns increasing year after year. And now, more and more vacationers are expanding their summer stays well into fall, or getting a kick start in early spring. After renting and falling in love with the region, a few of those former visitors take the plunge to become Shuswap property owners, and when they do they often consider the investment opportunities. Baby boomers in particular are major investors in the area, with the aging demographic seeking a quiet place to retire, and hot summers certainly don’t hurt!
Investing in a second home is a major decision, heavily influenced by all the lovely memories of previous summers spent lounging lakeside. It’s difficult to set those feelings aside, but a clear head for buying a Shuswap cabin property will go a long way.
First and foremost, you’ll need to assess just how much you’ll use the home and for what. The return on investment for a vacation home will come in the form of weeks’ worth of beaches, bonfires, and barbecues. But does that correspond with your work schedule? If you can only dedicate a few weeks a year, but plan on living permanently on the lakefront down the line, say after retirement, you can use your cabin to yield another type of return on investment.
Vacation rentals can cover hefty maintenance costs, and even bring in a sizable amount of income. If this is the way you’re leaning, make sure to consider location and your competition. Luckily it’s easy to research other rentals online.
Already a Shuswap resident? You’re not alone in looking for an investment property. Many locals will investment in a second property to rent out full time, and this way they skip the management company in favour of operating it themselves. For some that means a bed and breakfast, for other it means they hand over the keys and clean up when the guests leave. This is obviously a more time consuming endeavour, but it can be rather profitable!