The Ultimate Guide to Buying a Vacation Property in The Blue Mountains
The Ultimate Guide to Buying a Vacation Property in The Blue Mountains
Dear reader, if you have been considering purchasing an investment property in the Blue Mountains you have come to the right place. Not only am I going to shed some light, providing you with the ultimate guide to buying a vacation property in the Blue Mountains, I am also the right REALTOR® for the job. Hi, I am Trish Duncan your Blue Mountain local real estate agent. I have helped many clients purchase and have listed and sold countless properties in both The Blue Mountain Village and The North Creek Resort at Blue. Let’s dive right into The Ultimate Guide to Buying a Vacation Property in The Blue Mountains where as mentioned, we will be focusing on both The Village and North Creek Resort at Blue.
1. Understanding the Market
As of August 2024 we are in a buyers market in The Blue Mountains. Listings are taking longer to sell when compared to 2023 which means it is a great time to negotiate deals. As your local real estate agent in The Blue Mountains, I will help you understand the current market, what other properties are listed and priced at, and what you could realistically scoop something up for. Keep in mind there are seasonal fluctuations in property values and rental potential.
DID YOU KNOW: In July and August the Village and North Creek Resort are busier than in the winter? This means bookings are at almost 100% making ownership here a great investment.
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2. Choosing the Right Location
The benefits of purchasing in The Blue Mountain Village: proximity to amenities, dining, and entertainment!
- Stunning Natural Beauty: Blue Mountain Village is surrounded by breathtaking landscapes, including the picturesque Blue Mountains and scenic views of the bay. This natural beauty provides a serene and tranquil environment to enjoy hiking and skiing.
- Year-Round Recreation: Whether you enjoy skiing, snowboarding, hiking, biking, or golfing, Blue Mountain Village offers a wide range of outdoor activities throughout the year. This makes it an ideal location for outdoor enthusiasts.
- Vibrant Community: The village boasts a lively atmosphere with a strong sense of community. Residents can enjoy local events, festivals, and activities great for all ages!
- Access to Amenities: Blue Mountain Village features a variety of shops, restaurants, and entertainment options, ensuring that residents have everything they need within walking distance. This convenience enhances the overall quality of life.
- Investment Potential: The popularity of Blue Mountain as a tourist destination means that purchasing property here can be a smart and relatively hands-off investment as the BMVA (Blue Mountain Village Association) does all the rental management for you.
- Family-Friendly Environment: The village is a great place for families, offering activities and amenities that cater to all ages. From playgrounds to family-friendly events, there’s something for everyone.
- Health and Wellness: The natural surroundings promote an active lifestyle, encouraging residents to engage in outdoor activities that benefit both physical and mental well-being. The fresh air and beautiful scenery contribute to a healthier lifestyle.
- Proximity to Urban Centers: Blue Mountain Village is conveniently located near Collingwood, providing easy access to amenities while still enjoying the peace and tranquility of a mountain retreat.
- Cultural Experiences: The village hosts various cultural events, art shows, and music festivals throughout the year, enriching the community’s cultural landscape and providing entertainment for residents.
- Sustainable Living: Many developments in Blue Mountain Village focus on sustainability and eco-friendly practices, allowing residents to enjoy a lifestyle that respects and preserves the natural environment.
These positives make Blue Mountain Village an attractive option for potential buyers looking for a vibrant community with a wealth of recreational opportunities and a beautiful natural setting.
Check out our Buying in Blue Mountain Village Guide for more information!
Similarly, the advantages of North Creek Resort are access to outdoor activities, ski slopes, and nature trails, and the Village being a quick shuttle away without the “noise” of all the action going on.
Read our Buying in the North Creek Resort blog!
3. Types of Properties Available
As you will read in our Village Guide you can get many various sized properties in the 5 different resorts. The North Creek features a studio, one-bedroom, studio loft, and one-bedroom lofts.
4. Financing Your Vacation Home
Financing a unit in the Village can be quite difficult, if you need a good mortgage broker I can refer you to a couple of different mortgage brokers who can help you. Note: it is important to budget for additional costs such as property taxes, HOA fees, maintenance, refurbishments, etc.
5. Rental Potential and Management
Both the Blue Mountain Village and the North Creek Resort are well-used and loved so rental potential varies. As mentioned, if you purchase in the Village your unit will be managed by the BMVA. If you purchase in the North Creek Resort, it is a self-managed investment opportunity. So you are able to rent to family/friends, post on Airbnb or you can hire a property management company to assist you.
6. Lifestyle and Amenities
Depending on your lifestyle and the amenities you are looking for the Village has different resorts for different needs and is a bit more entertainment central. If you are looking for more peace and quiet while enjoying nature and still having access to the Village then the North Creek is a great opportunity for you!
Both offer skiing, hiking, biking, pools/hot tubs, and access to events and entertainment. The Village has many incredible restaurants for you to try and The North Creek has one NEW restaurant on-site.
7. Navigating the Buying Process
It is important to work with a local real estate agent who knows the area and can help you navigate the current market. Since I have helped clients purchase and sell in both I would be happy to answer any of your questions and hand-hold you through the real estate process.
8. Maintenance and Upkeep
With the Village being managed by the BMVA you aren’t required to do any of the cleaning, it is very much like a hotel stay. If there are refurbishments that need to be done you will be given notice of this in advance and can therefore budget accordingly. For the North Creek Resort at Blue, you would need to manage your unit which includes maintaining and cleaning.
9. Personalizing Your Vacation Home
Unfortunately with a purchase in the Village, you are unable to personalize your unit, it stays the same style/look with all other units in the resort building of purchase. You would have a locker where you could keep your ski gear or any personal items you’d like. The North Creek however you are able to decorate as you please, there is also a locker on-site for you to store your personal items.
10. Final notes
Lastly, with a vacation property purchase in the Blue Mountain Village you can use your unit a maximum of 10 days a month (or 6 days if you purchase in The Westin Trillium House). If you don’t use the days it goes back into the “rental pool” and you earn more income. There is no limit on usage for the North Creek Resort, but of course, on the days it isn’t rented, it isn’t earning you investment income.
We currently have a North Creek Resort unit listed, have a look at our 2 bed + 2 bath loft suite.
I hope this has been helpful and proven to be the ultimate guide to buying a vacation property in The Blue Mountains. Whether you are looking to purchase and self-manage with the North Creek Resort or have a more hand-off approach through the Blue Mountain Village there are many details to consider and I am happy to help you in your real estate journey. Don’t forget to read our resources: Buying in the Village Guide and Buying in the North Creek Resort blog. If you want to learn more about me and my team, read all about us. If you have any questions regarding purchasing or listing, contact me!
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