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Tips for First-Time Vacation Homeowners

Owning a vacation home is a dream for many, but for first-time buyers, the journey can come with plenty of surprises. Sharing some insightful advice for those considering the leap into vacation home ownership.


Whether you’re envisioning long summer weekends at the lake or a rental property to generate extra income, here are some key tips highlighted to help you make smart, lasting decisions.


1. Create a 5- to 10-Year Plan


Before purchasing a vacation property, take time to think long-term. Ask yourself:

  • Who will be using the property?

  • Will it be strictly for the family, or do you plan to rent it out?

  • Is this an investment for future retirement or legacy building?

Your answers will impact everything from the type of property you buy to the location and financing options.


2. Understand Local Bylaws and Rental Rules


Short-term rentals can be lucrative, but not all areas allow them. Be sure to investigate local bylaws regarding rental rules. Zoning restrictions, rental licenses, and community guidelines may limit what you can do with the property. Knowing this ahead of time prevents costly surprises.


3. Plan for Security and Maintenance


Owning a second home means you won’t always be there to oversee things. Security is important, but thankfully today’s tech, like remote-access security cameras, makes it easier to keep watch from afar.


4. Financing a Vacation Property


A common misconception is that vacation properties require cash purchases or massive down payments. Not necessarily!


You can finance a vacation home with as little as 5% down, depending on the property's price, location, and your personal financial profile. But here’s the catch: you must qualify for the mortgage without relying on rental income, since rentals aren’t guaranteed.


Getting pre-approved to understand what’s realistic for your financial situation. Each property has different factors like land size, zoning, and whether the home is accessible year-round all affect the down payment and financing.


5. Be Realistic About Responsibilities


“No one will treat your home like you do,” Angela warns. So, set clear expectations for guests and renters to preserve your property and minimize headaches. Think ahead about who will handle upkeep, respond to emergencies, or oversee repairs when you’re not around.


Let’s turn the tables, consolidate and conquer—get your money working for you.


Buying a vacation home can be a deeply rewarding experience that offers family enjoyment, potential income, and long-term financial value. However, it’s also a significant decision that requires thoughtful planning, financial foresight, and local expertise.

With the right preparation and professional advice, your dream retreat can become a solid part of your financial and lifestyle goals.


Contact the Angela Calla Mortgage Team today and make your vacation home goals happen! Visit Angelacalla.ca and contact our team at 604-802-3983 or email us at callateam@countoncalla.ca to get started!


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Angela Calla is a mortgage renewal and debt elimination expert with over 20 years of industry experience. She is also a multi-award-winning mortgage professional. Since beginning as a mortgage broker in 2004, Angela has helped thousands of Canadians optimize their mortgage strategies, eliminate debt, and build wealth through real estate.


She is the best-selling author of The Mortgage Code, which equips readers with the tools to make informed financial decisions. Additionally, she is the host of Canada’s longest-running finance radio show on CKNW, where she simplifies mortgage advice and empowers listeners to take control of their financial futures.

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