74 ~ Friday, Jane. 30, 1989... North. Shore, News or Eg ReaLEsumre BE Buy vacation property for the correct reasons ON AN anxiety scale of one to 10, the decision to pur- chase .a_ vacation. home can reach double dizits. By RON PARK, F.C.A. Contriluting Writer So let’s.use a rational ap- proach to make the decision. There are probably three petsonal use there are no tax deductions available. However,.if you decide to est, insurance and the like, . could exceed the income in rent. It’s possible, _ but there’s a hitch. *‘“Revenue Canada can deny loss, unless there is what they call ‘reasonable expectation of profit’,’”’ Davidson disclosed. And, he 3 *Srea- sonable expectation’’ is open to various interpretations. Theoretically, there is no limit in which you must turn a profit. But for the trouble, Davidson insists that there are better ways to protect your income. What about buying vaca- : tion property as 2 real estate investment? Again, it’s possible, depending where it is, but not if you have to borrow money to do it. Davidson feels that going into debt to buy a second property could take the fun out of: your weekends. Especially for the return. ““Re-sale value on_ this kind of property tends to be Jow,’’. Davidson says. And if the..economy takes a downturn, the first things to get. unloaded are the lux- . * unes. Which means your five actes in the Cariboo could be one of hundreds up for sale in’ a market where no- body’s buying. If you bought a vacation home in Whistler five years ago, you were one of the lucky ones. Most vacation homes don’t make sound invest- ments. So why do people spend their weekends combing the province for their bits of vacation heaven? “Purchasing a vacation property is a lifestyle deci- sion, not a financial one,” Davidson pointed out. “If it’s important to you to have a country or seaside or island getaway, then it’s worth every penny. But be- fore your anxiety eases to the lower end of the scale, there are a couple of things you might want to think about.’’ First. if you’re nearing $134, BRIGHT & AIRY retirement age, going into debt to carry a second home might not be worth it. How- ever, if that vacation home becomes a retirement home where you'll live full time when you've emerged from the rat race, it may be a good decision. In which case, selling your house in the city and paying off the second home may provide a blissful retirement lifestyle. The second thing to con- sider is the cost of carrying a second property. If interest on the investment, Maintenance, hydro and property taxes end up to be $2,000 or $3,000 a year, think about how many trips to Maui you could have taken. But, on the upside, if it’s more important to get away every weekend than to take one or two trips a year, go for it. If you need convinc- ing to buy that vacation property, tally up what you might spend on vacations over 10 years. Take that figure and con- sider that you have nothing to show for it but a fading suntan. That might convince you to buy the property. If that’s not enough, think about your children. A vaca- tion property can become a wonderful legacy for your offspring. Ron Park is the executive vice-president of the In- stitute of Chartered Accoun- tants of B.C. Here’s the fastest route to an ope n house this weekend. The Homes section of the Friday News features a zoned map of North and West Vancouver and it makes your house-hunting easy. © Zones on the map are clearly numbered, 1 to 35 from Horseshoe Bay to Deep Cove. ¢ Individual ads throughout Homes section may include the zone number of their location — the number ap- pears to the left of the headline. © All ‘Qpen Houses’ including price range and the page number of the complete ad, are listed beneath the map. ¢ All homes that are new on the market, including price, and page number of complete ad. are also shown under the Zone Map. Prepare your tour of North Shore homes: ¢ Use the map and the list of ‘opens’, make a list of the ‘opens’ that you want to visit. Use the advertiser's index and check the complete description of the ‘open house.’ ¢ Use the Zone Number that appears on advertised pro- perties in the Homes section. Make a list of any other s along your route or in the same zone that are not open but that you can check as your drive by. north shore ~ =z SUNDAY ¢ WEDNESOAY + FIIDAY Display Advertising 980-0513 WEST VANCOUVER OFFICE 2397 MARINE DRIVE 925-2911 Very attractive 2 bedroom, 1% bath unit in welt maint. bidg. The kitchen is all brand new, in- cluding appitances and carpet is only 1 yr. old. Huge glassed in baicony gives over 100 sq.ft. of additional living space! 4 suites per floor & laun- dry on each floor. No pets. 101-540 Lonsdale. MARYLIN TOWARD 926-5890 TAKE A BETTER LOOK One of the largest (1425 sq.ft.) 3 BEDROOM & _|_ DEN townhomes in the Lonsdale area in THIS PRICE RANGE! Just waiting for someone to move in — Its freshly painted, carpets sham- pooed & looking great. It's bright, it's spacious § & has a woodburing f/p plus wash & dryer. Ideal # Bg for a couple or small family. Pets allowed. Make Ran appointment #4-266 W. 4th St. : MARYLIN TOWARD 926-5890 SUSSIN GROUP: SRE R NOSTALGIA PLUS . Leaded windows and hardwood floors — here's a real charmer! 2 bdrms on main — 1 bdrm & rec room down. A super inviting yard for the kids — Totally fenced. MARIE HINE 926-9666 ELLY BOSHELL 926-9251 $239,900 CLASSY BUILDING Fabulous views to Ambleside Park — the bridge and the mountains. Not often.is a good suite available — So make your move now —— 2 bdrms, § washer, dryer and enclosed balcony. Call to view. ELLY BOSHELL 926-9281 MARIE HINE 926-0666 Ald V-CORI ( RATION : NLT 1 NORTH VANCOUVER TEMPTING BUY Great looking 4 bdrm split level, situated on lovely large lot. Many recent upgrades including kit- chen, main bathroom, bedroom down & carpets. (Newish roof too). This home is ideally suited for an iniaw living with the family. One of the nicest homes in the neighborhood, 2081 Berkley. Open 2-4 Sun. & Mon. MARYLIN TOWARD 926-5890 “ WEST VANCOUVER ~ THE WESTERLIES Great concrete butiding, great apt. with 10° ceil- ings, windows galore that make it bright even on dull days. This unit has 2 bdrms and 11% baths, security and a low maintainence charge. The unit is #114-1480 Duchess. For viewing, call MIKE McAVLEY. 922-2504 rea, 926-2911 off. VANGOU VER OFTICE IMPRESSIVE! YES! From the moment you enter this wonderful home, every room is a delight. Large spacious living rm, with vaulted ceiling and cosy family tm off the. oak kitchen, gorgeous glassed-in solarium leading out on to a deck with hot tub and totally finished basement (ideal for a nanny) are just j some of the features! 4771 Woodrow Cres (enter off UNDERWOOD). MARYLIN TOWARD 926-5899 . AND NEW 1047 JEFFERSON . The carpets are: installed, light fixtures in, bathrooms compieted. Fresh sparkling quality is evident. Now see what the finish is like, beautiful soft tones — subdued marble — a large family. in BILL THOMPSON 825-2911, 926-5787 Group-Sandra lie Rilty. jitchen 3 or 4 bdrms & 3 baths. For private show- CPE iw te OSC URE ER sah on a eres eer Socshecadinan Sista ese ucie Ms betcdacrclia! thar ph tee ccs =