Cabin/Lake

[zooter]

I am looking to purchasing a cabin that the family can getaway to on weekends during the summer, and maybe even winter.

This is a new foray for me, so can anyone share a good lake to look for properties at? What kind of prices am I looking at? What is the cost or work involved with upkeep?

Any thoughts are appreciated.

Thanks!

[lasimmon]

We have a place at Wabamun. Its pretty costly to have a place on the lake just about anywhere. Maintenance and upkeep is also pretty costly. I can't really give you specifics since it varies so much.

[shakalaka]

It largely depends on where you look for a place. We have a house on Sylvan with the backyard going into the lake. We can have our boat docked in the backyard through the summer so we certainly enjoy that. The upkeep will depend on how often you go there and what location you're looking to get the property at. Sylvan being a bit mainstream now isn't exactly cheap and when we got the place about 5 years ago it was just under 500K. Not exactly sure what it is at now, but considering the development they have had it is most likely up there. The advantage we have is that is a gated community so the security isn't a big issue as we barely visit it in the winter. Our neighbour is good and takes care of the heat/water etc situation. The community has a joint board that keeps the grass clean and maintains the property, will have to look at the costs for that.

[ExtraSlow]

It's great to have a place you can go to get away, and really nice to be in familiar surroundings and not in a hotel or rented condo, BUT, it's much more work than most people realize.

By far, it's cheaper to do VRBO, or a hotel where you are going. Owning vacation property is a losing proposition in most cases.

[killramos]

I have some buddies who have lake places in Saskatchewan who really like them. Much more reasonable than anything in BC and much better lakes than anything in Alberta.

One of the biggest annual costs will come with owning a boat.

Like it has always been said, a boat is a hole in a lake that you throw money into to keep afloat :rofl:

[Twin_Cam_Turbo]

My parents have a small place out in Anglemont in the Shuswap. It's pretty small and about 1km from the lake and it still costs and arm and a leg to maintain. Has to be winterized each fall, have to have someone check up on it over winter otherwise insurance becomes void, property taxes are high as well as utilities. We get out there for maybe 10-15 days a year max between myself and my friends and themselves. It's a huge money pit but super relaxing.

[R-Audi]

A good alternative in terms of convenience is a condo at a lakefront location. Sure you pay monthly condo fees, but you never have to lift a finger once you get there.
My family has had a condo in Invermere/Windermere for ~30 years. Sure you have less privacy, but you also have a marina, beach, manicured lawns, cleared skating rink etc. taken care of.

[killramos]

Rental by owner is a great option though as a note. I know lots of people with properties in BC that they do this with. 1-3 k for a week in a furnished house on the lake is a great deal esp when split amongst friends.

Compared to the hundreds of thousands to millions it costs to own a place. If you are ballin hardcore its great to have your own place but for normal people totally not worth it.

IMO its really a commitment to basically spend all of your holiday time at that place, which may or may not work for some people.

[BavarianBeast]

I picked up my cabin a few months ago for $310k. Lakefront property in Kelowna. It's a bit far, but I don't think the Okanagan can be beat.

It's at a 45 condo resort and I will be renting it out for 98% of the year (except for the one-two weeks i'll be staying during the summer). Looking at the previous years rental pool data, the owner prior to me was not staying in the unit at all (100% rental) and was generating about $8k/year in Cash after all fees/etc were paid for.

[zooter]

Thanks for the responses guys. Looks like it's a lot more than I had envisioned.

I will look at condos in Invermere, it's a place I've had on the radar for a while.

[R-Audi]

For condos there you have 4 choices...
-Akiskinook
-Terra Vista
-Bayshore (Might have a different name)
-Complex in James Chabot (Behind A&W)

I am a little biased towards Terra Vista... but Akiskinook would be in 2nd with Bayshore close behind. The A&W ones have had a hard time selling.. that should tell you something. (Location/quality)

[Jonrox]

Originally posted by BavarianBeast
I picked up my cabin a few months ago for $310k. Lakefront property in Kelowna. It's a bit far, but I don't think the Okanagan can be beat.

It's at a 45 condo resort and I will be renting it out for 98% of the year (except for the one-two weeks i'll be staying during the summer). Looking at the previous years rental pool data, the owner prior to me was not staying in the unit at all (100% rental) and was generating about $8k/year in Cash after all fees/etc were paid for.
What's the name of the building? I can't think of anything lakefront in Kelowna for that cheap. Would be sweet to have a place at the new Gyro Beach condos... but you're looking at $600k for a 2-bed 2-bath that's 1400 square feet. And that's not even lakefront.