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
- We forget that islands take ferries (some take 3 ferries)
- Building at waterfront could be impossible (can no longer go to the water – 100 m away?)
- Buying on a “No ferry islands” – boat access only – hardly any use?
- Location – west / southwest view is best – look where your island property gets the sun? Morning or afternoon sun?
- Mortgaging difficult – if owner carries – get 10 years length!
- WATER: water well … just enough to brush your teeth? How many gallons per hour?
- 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?
- Has the house passed all inspections? Owner built?
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)