Affordable Waterfront Property In Prince Edward Island
As real estate is a finite commodity we are not likely to create more land at least in any quantity investment in real estate has consistently proven to be a wise move. Yes there have been times such as now when real estate in general has become overinflated and with the influence of the reduced economy and lack of consumer confidence has devalued. However the true value of property has not depreciated and the value will rise again. Obviously real estate purchases are best made at the bottom of those spikes and the high price gains and that means right now.
All real estate markets however are not created equal some are best suited to the “high roller” the person who has more financial backing and can afford to take greater shortterm risk for maximum gain. The second type of market is a lower priced market that consequently is less volatile. This market offers a slow and steady gain on your investment without the worry caused by wild fluctuations.
PEI falls into the later market type. Residential markets make slow but reliable gains ranging in the 3 to 4 percent per year range. Waterfront property is most likely the area that promises the greatest returns in the PEI real estate market. Property values on the water have steadily increased over the last half dozen years or more and the pressure for waterfront has increase with the continual increase in price on the eastern Canadian and US seaboard caused by continual development.
The advantage of buying property and particularly summer homes and cottages on the PEI waterfront is twofold. Of course you have bought an item that will continue to rise in price as waterfront on the east coast becomes less available and more expensive. However additionally you will have an amazing place to visit and a place to stay on this island Paradise. Imagine you and your family can stay up to 6 months on a PEI real estate in your own cottage or summer home and enjoy good weather great people and a relaxed lifestyle.
However if you dont have the time to be away from home for 6 months you can pick off the times that you your family or extended family want to stay here and use the property and rent your summer home to other vacationers when not in use. In this way you can help to pay the mortgage while building equity in a constantly appreciating market.
If you dont want to find renters yourself and handle greeting guests mowing the lawn and the multitude of other chores you can put your property into the hands of a property manager. There are a number of these available and some will manage your property from soup to nuts. They maintain websites and rent your property take care of all the finances collect payment from guests and even deposit it through cleaning between guests and doing basic home repair and maintenance. Should anything of a more major nature happen to your home then they will know the local tradespeople that will handle these problems. It is a good idea to ensure that your property manager will visit the property in the winter as homes in the rural areas may be snowed in during the winter and regular visits are necessary to keep insurance in force.
Costs for this service may include fixed fees but are most likely negotiated as a percentage of the income generated by the property. I have heard figures up to 25 but this is for full service.
So why not call a PEI real estate agent today and check into this worthwhile market
About the writer: Vishal Dwivedi is a consultant for PEI real estate. You can get more information about PEI real estate at here http://www.homesforsalepei.com/
Related posts:
