How to buy a vacation home without getting burned

While sunburn can ruin a holiday, getting burned on a vacation home purchase can sting for much longer. Fortunately, doing your homework will help you find your place in the sun without feeling the heat.

"The market has seen price drops lately, so a lot of people are finding vacation properties at $300,000 or below," said Bill MacDougall, a real estate professional with Optimum Realty Group in Calgary.

Recreation properties provide fun in the sun and homes away from home

Calgary may be the second best place to live in Canada – as ranked by Money Sense in 2014 – but that doesn't mean residents of the area don't have another abode somewhere where they head for some rest and relaxation.

For those with the means, living life to the fullest often involves purchasing a second home allowing the ability to ski, swim, golf or simply bask in the sunshine moments from their front door.

Nancy and Terry Schmautz of Okotoks purchased a recreation property 20 minutes north of Puerto Vallarta, Mexico six years ago. Nancy said the couple had spent the last 25 years touring the coast via time shares or cruise ships.