Types of recreational properties

Today, there are a variety of different types of recreational properties on the market for the potential buyer, but this has not always been the case.

Thirty years ago, the term "Recreational Property" meant a cabin on the lake, or maybe a mountainside hideaway for ski-vacations.

This has changed quite a bit in recent times. Everything from RV Lots, to acreages, from high-rise condos to suburban homes, are now being bought as a vacation home away from home.

Here is a look at some of the most popular types of recreational properties on the market nowadays.

CABINS, COTTAGES AND CHALETS

People are often fooled by the rustic names, but these homes are equivalent to a single-family home in the city. The only difference is that it is set in a recreational setting. Many of these cottages, cabins or chalets, are more luxurious than city homes.

We all know that a cabin or cottage on the lake or ocean is the ultimate recreational property, but with most waterfront properties priced at a million dollars or higher, the next best thing for many buyers, is a home with ocean or lake access and priviledges. This is usually attainable via a community beach shared by the residents of a development.

Golf resorts are also becoming increasingly popular as vacation destinations. A person can usually find a detached vacation home lining fairways and thus providing easy access for golf enthusiasts.

RESORT CONDOMINIUMS

These properties are becoming increasingly popular amongst investors because they offer strata oweship, and is usually more affordable than outright ownership of a recreational property.

There are also a lot of advantages whith these types of recreational properties, such as:

Less maintenance,
The ability to lock it and leave it,
The option of having a professional property management company rent your unit and generate income for the periods that you are not using your property.

There are also a few disadvantages with these types of recreational properties such as:

You seldom have your own private outside space
Common areas such as pools, sun decks and parks have to be shared with other owners.

TIMESHARING

In recent years this term has almost become a swearword, but it remains an affordable alternative for people who cannot afford to buy a recreational property, or for someone who does not like to vacation at the same location every year.

Timesharing should not be confused with Fractional ownership. Timeshare is a method of use and/or shared ownership of vacational real estate where purchasers purchase a period of time (Usually in one week increments)in some sort of vacation property. There is also the possibility to exchange your block of time, in your resort, with members elsewhere thus making it possible for you to vacation in various different locations. Timeshare is also known as "Vacation Ownership."

FRACTIONAL OWNERSHIP

Leisure real estate sold in intervals of more than one week and less than whole ownership. Fractionals are usually associated with the luxury segment of vacation ownership, offering greater services and amenities.

Other types of recreational properties on the market today are:

Recreational Vehicle (RV) Lots
Islands
Acreages

Before you go out and buy your recreational property, there are a few things that you should consider:

What do you want to use it for, strictly for vacation or are you investing for eventual return on your investment? What about investing in it as a deferred retirement residence? Whatever you objections are here, please discuss the implications with your financial planner, as there could be tax implications.
How often do you plan to use the property? Is it close enough to your primary residence that you can go there for a week end or is it farther away?
If you do not plan to use it on a very regular basis, what are you going to do with it during the periods that you will not be using it? Are you going to rent it out, or are you interested in rental pools or fractional ownership? Again I urge you to discuss your decision with your financial planner.
Research the areas that you are considering carefully. Talk to other owners and realtors in the area. Make sure that you know exactly what your intentions are with the property as far as upgrading or development goes, as there may be zoning restrictions in place that may impact your goals and budget.
Before you go to see a property, make a list of all your important questions, as well as what you want in a recreational property. This will help you stay focused and make the best decision for you and your family.

Now that you are more familiar with the types of recreational properties that are available in today's marketplace, you might want to have a look at the different financing options available for recreational properties.

If you are not really interested in the types of recreational properties on the market today, or in recreational properties at all, please keep browsing our site. There are many other options to choose from.

If you cannot find an answer to your questions, please Contact one of our specialists, they will definitely be able to help you find the right answer.

Different Types of Recreational Properties