Panorama Mountain Village Ownership

[Eagle Eye]

Just looking for some advice from people out there with some experience in Panorama or any other recreational property ownership.

Mainly wondering if there are others who own property in pano and what their experience with renting and owning. Do you use a management company or do you use websites like VRBO?

As for financing, I am not sure how the backs allow mortgages on recreational property? Is it similar to a primary residence? Should I look at things like a HELOC?

Anything I should know about owning property in BC? I know that there is a property transfer tax or something like that. Any recommendations on real estate lawyers in town?

Thanks, any other comments/questions are greatly appreciated.

[Bill Bumface]

You need to get one of those South African Vagina Claw mechanisms before you to to pay the property transfer tax.

[edslunch]

Okay, does anyone else have an opinion on owning property at panorama?

[Bill Bumface]

I have one more opinion.

It's great, because you never know whether you should bring your skis or your skates for that mountain. So many winter activities in one spot!

[mykalberta]

In the last 4 years I have been 6 times

3 times great skiing, 1 time good, 2 times terrible.

Internet pricing there is a ripoff.

I know none of this helps but there you go.

[troutman]

B.C. = Bring Cash

http://www.sbr.gov.bc.ca/business/Pr...er_Tax/ptt.htm

Property Transfer Tax Rates

The amount of tax due depends on the fair market value of the property that is transferred:

• If the fair market value is $200,000 or less, the tax is 1% of the fair market value.
• If the fair market value is greater than $200,000, the tax is 1% of the fair market value up to $200,000, plus 2% on the portion of the fair market value that is greater than $200,000.

Ask yourself - do you want to spend most of your vacation time at the same place?

[Sliver]

Originally Posted by troutman

B.C. = Bring Cash

http://www.sbr.gov.bc.ca/business/Pr...er_Tax/ptt.htm

Property Transfer Tax Rates

The amount of tax due depends on the fair market value of the property that is transferred:

• If the fair market value is $200,000 or less, the tax is 1% of the fair market value.
• If the fair market value is greater than $200,000, the tax is 1% of the fair market value up to $200,000, plus 2% on the portion of the fair market value that is greater than $200,000.

Ask yourself - do you want to spend most of your vacation time at the same place?

I've asked myself this when it comes to buying a vacation property. I think the thing with Panorama is it can increase the amount of time you spend vacationing. Long weekends, weekends, the odd extra Monday off, Christmas time when you normally wouldn't go away, etc. can all be spent there if you want because it's so close compared with having a lake property in Kelowna or something that can only be used on a "real" vacation of say five days or more. Times when you would have killed a weekend at home doing laundry, going to the mall or a movie theater, etc. you can actually enjoy more because of your home away from home in Panorama.

What kills it for me is the lack of value. At the end of the day, I could rent a hotel or condo anywhere around Calgary for less money than just the condo fees, insurance, furniture, upkeep, etc. would be on a vacation property, let alone the actual cost of the property. I'm too frugal to flush money away like that. I've had a few false starts on looking at a vacation home and it always ends with me abandoning the idea.

What I really need is for one of my friends to buy a place out of town. That's the way to go.

[Eagle Eye]

We have done well renting out in Panorama over the last 2.5 years. Almost breaking even on the total cost. Last two years we have generated enough rental income to cover most expenses.

We get to use it 1 or 2 weeks of the year and I am getting others to pay off my investment.