Island living? The summer is the worst time to buy island property

BC Islands

Recreational island investing … often it is better to poke yourself with a sharp stick in the behind.

8 reasons why you have to be very careful:

Things to do – why you should be doubly careful when investing In Your Island in the Sun

  1. We forget that islands take ferries (some take 3 ferries)
  2. Building at waterfront could be impossible (can no longer go to the water – 100 m away?)
  3. Buying on a “No ferry islands” – boat access only – hardly any use?
  4. Location – west / southwest view is best – look where your island property gets the sun? Morning or afternoon sun?
  5. Mortgaging difficult – if owner carries – get 10 years length!
  6. WATER: water well … just enough to brush your teeth? How many gallons per hour?
  7. SEWAGE: septic fields could ruin your investment. Tanks: Above or below? How close to neighbour? The Sewerage System Regulations were totally changed in 2006 on Saltspring for instance. Does this house comply with the most recent regulations?
  8. Has the house passed all inspections? Owner built?

Remember:

BEACH: in Canada, you do not own the beach. Rather, the property ends at the high water mark.

More at factsbyemail.com (This week’s special includes : Ozzie’s new book PLUS 2 tickets to OUTLOOK 2017 in September)

Ozzie Jurock

Ozzie Jurock

Ozzie helps members build an action plan toward real estate success with his Real Estate Action Group, arming investors with the best information and insights possible with his Jurock Real Estate Insider. More info OzzieJurock.com

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