5 Factors to Consider Before You Buy a Recreational Property
It’s an exciting time when you realize you can afford not just a primary residence, but a recreational property too! You look forward to it being enjoyed – by your children, friends, family, and of course, yourself. However, there are certain things to consider before buying recreational property to ensure you understand your role:
- Find a great location: As with any property, location is key. For an urban property, do you feel safe? Is it easily accessible? Are there enjoyable amenities? For a rural property, do you like the neighborhood? Is it too secluded? How will you deal with wildlife?
- Determine what is included: Just as with a primary residence, you need to know what items are included in the sale. This may include gates, maintenance equipment, portable sheds, hunting leases, and more. Get it in writing.
- Consider title insurance: Title insurance ensures that you own property in the amount that you paid, excluding exceptions, such as transferring ownership by legal deed. You should receive a copy of the title insurance document before closing.
- Know the property boundaries: How large is the property? What areas exactly will you own? Compare the stated size with that in the assessor’s office, and ask about any discrepancies.
- Calculate the true cost of ownership: A recreational property has its own maintenance costs. Replacing fences, repairing sheds, cutting large swaths of grass with a riding lawn mower – account for everything you may need to buy or pay for to understand all costs of owning that property.
Buying a recreational property is thrilling, but make sure you perform your due diligence. If you have any questions about the things to consider before buying recreational property, contact the friendly professionals at Schumacher Insurance. Their experience will help guide you towards fun times.