Tourism is a billion dollar industry and exists throughout the world. No matter where and who you are, there are going to be times when you need to get away to somewhere new. Some people like traveling to a new place every year while others want that comfortable experience of returning to their cottages or ski chalet in the Rockies. If you're in the latter category then you're going to want to purchase your own vacation home. But, this is not something that everyone can afford.
There are lots of ways to make home ownership more affordable, if you're a bit flexible and creative. One of the options that many people are exploring when it comes to vacation real estate is shared ownership. Timeshares mean that you own a percentage of a property on an island, for example, and then can sometimes trade homes with people who have vacation homes in other locations. This can be the best of both worlds for those that want to be able to return to the same spot every year but also want to be able to change things up and see somewhere new. When you're looking into timeshares you should check out where you would be able to go as well as looking at your specific property.
Another route is to investigate every possible program that may help reduce the cost of buying and owning a home. For example, there are government incentives that allow you to save the taxes you pay on a home renovation, if you meet certain qualifications. Applying for this rebate may make it financially feasible to buy a fixer upper and invest in reconstruction, then let renters help you pay for it.
Another option is to buy into a home with a few other people. If you and your siblings have a tradition to visit a spa and then go up to Banff for a few days every year then you might find that it is worth it to explore the option of buying a chalet all together. Or, you could buy a quarter of a home that is offered for shared ownership. You might not know the other owners and will be allowed in the home about thirteen weeks out of the year. Your mortgage broker will tell you that this could be an amazing option if you're interested in saving money.
And then there are those that are willing to save to own their own vacation home. If you're going to do this then you need to make sure you choose the location wisely. If you visit hotel accommodations every year anyway then you could already know how much you will use the home and which are the best neighborhoods. If you're looking in a place that you're not too familiar with then you should make sure you have a great agent who can guide you through the whole process.