Business or Pleasure – It’s your Choice.
The tourism industry here on PEI creates a PEI real estate investment opportunity that can be tailored to suit your goals and lifestyle. In both cases you are using your PEI real estate investment to provide accomodation for the million or so visitors that PEI receives annually. However these scenarios involve the purchase of quite vastly different PEI real estate and require very different levels of expertise and commitment.
Probably the simplest choice when it comes to investing in PEI real estate for tourism accomodation is to choose to purchase a small cottage, preferably on the waterfront. There is some very nice PEI waterfront real estate and it is still affordable when compared to other areas such as Chester in Nova Scotia. Cottages and Summer Homes start from under $100,000 and can go up to a half million for a truly high end PEI real estate investment. At the higher end range these are truly amazing waterfront homes that would cost in excess of a million dollars anywhere else. Your PEI real estate investment property, regardless of price, is there to be used during the season by yourself and your family and when not in use can be rented to other vactioners. You can have a property management company look after your PEI property and ensure that it is maintained and readied for new guests.
If you are thinking of moving to PEI or living here for a larger part of the year and have some experience or at least a strong desire to succeed in the hospitality industry you could consider running a B&B. When purchasing PEI real estate with the intention of operating a B&B you will have to decide on relative size as this will influence the type of PEI real estate you invest in for your project. As well you will need to decide if you are looking for an existing B&B or if you will purchase a PEI home to convert. You will also need to decide country or city location. Many of the larger heritage homes to be found in Summerside are good PEI real estate investments and excellent for conversion to B&Bs. You can ask Matt Mackay of Century21 Summerside, your PEI realtor for help.
The Bed and Breakfast provides a unique opportunity to meet people from all over the world during the summer while having a relaxing off-season and the opportunity to work from home as well as a chance to benefit from investment in PEI real estate.
Call Matt Mackay
Direct: (902) 439-5257