So you want to buy a cottage or
recreational property. There’s more to it than just touring around, looking at
listings if you’re going to find the right property, at the right price, and in
the right location, with the amenities that best suit your lifestyle. Plus, you
want to do all this in a reasonable amount of time!
The best way to reach your goals?
Work with a realtor who understands the market, has deep knowledge about the
municipality, and can address the unique challenges of acquiring waterfront
properties. Most importantly, your
realtor must recognize and work to understand your needs and wants, and make
sure you and your family are well prepared for all that cottage ownership
entails.
Making sure you have all that you
need includes being able to recommend local lawyers. If you use a lawyer who
isn’t from the area, they may not be familiar with regional issues and
regulations. It is also advisable to use a mortgage broker from the area. And
get pre qualified so you know a realistic price range in advance. These
mortgage specialists are available evenings, weekends and week days.
Buying a Cottage
Checklist
There are lots of things to think about when acquiring
cottage property, and I’ve outlined some of your most important considerations
below.
- Distance From your permanent homes. Set your limit, but remember that an extra 30 minutes away could mean a better price. Making a small concession on travel time could mean you’ll get what you’re looking for within your budget.
- Size of Lake: Lake size often dictates the kinds of activities you can take part in there. A small lake means there will be less boating and fewer large motorized boats and it will be a lot quieter. Medium lakes tend to be fishing lakes, often with organized lake activities put on by the lake association. Larger lakes are often deeper and the size allows you to travel a lot further in a day. They also tend to be a bit more expensive.
- Shoreline Type: What kind of shoreline do you want or need to have? Do you want a sandy beach without a steep drop off, or some rock with a few weeds that could be a great fishing spot? Maybe you’d like to be able to jump off a rock or dive into deep water from the dock!
- Exposure or View: Choose west for sunsets or east for sunrises. An elevated setting usually means a better view, but the downside could mean stairs down to the water (the young people don’t mind a bit of a climb, but we all grow older!). And are you content with a small bay, or do you want to look a distance across the lake?
- Privacy: how private do you need your property to be? How close do you want your neighbours? Will a tree line buffer suffice? Do you want to be on a busy lake with lots of activities, or a quiet one with a limited number of cottages on it?
- Ease of Access: Some cottages are water access only and are generally less expensive; but then, you’ll have the added cost of marina expenses and it can be less convenient to bring guests over. If you want to use your cottage year-round, you should try to buy one either on a year round municipal road or a year round private road. If the road is not maintained, you could end up having to use a 4X4 or snowmobile to get there at certain times of the year.
- Three or Four Season Cottage: Many of the older cottages were never designed to be used in the winter, but many folks, after spending a few hundred thousand dollars, want that option. Some have already been converted but lots are still three season only.
- Shore road allowance (SRA): Find out if the seller owns the waterfront or SRA. Many lakes in Muskoka had SRA (It’s usually a 66-foot strip of land above the high-water mark) at one time owned by the local municipality. Many cottage owners have purchased that SRA over the years but some are still open. This becomes extremely important if there are docks or structures on it and or you wish to expand or build. Rules and costs for acquisition vary from one municipality to another, and can take a bit of time to sort out.
- Environment: Be mindful of what is or could be near any prospective cottage. Are you down in a hollow and have no access to Internet or wireless communications? Is the old beaver pond right behind the cottage one that overflows in the spring? Another example could be that there is a hydro high voltage transmission line nearby.
- Grass or not much grass. Some people when they head to the cottage want a more traditional cottage with very little grass. Others don’t mind spending a little time mowing and tending gardens.
- Square footage and layout. Space and layout can be rather important depending on the size of your family and of friends that you may wish to entertain. Also, do you want something you can enjoy right away or are you happy to do a little renovating?
- Zoning: It is imperative that you fully understand the municipal zoning associated with your proposed purchase. This will include permitted uses, accessory buildings, minimum setbacks (Front, Side, and Rear), Maximum lot coverage and building height. It may be OK as is but any future development requiring a building permit could initiate a surprise if you don’t do your due diligence.
- Systems: How old is the septic system? How do you get water at the cottage (drilled well, dug well, from the lake)? Is there a woodstove that will need a WETT inspection? These are things that a qualified home inspector can answer for you.
When you find that one that
fits…
Perhaps you’ve already narrowed down some
interesting listings and you are going to do a tour and see if you like them.
One of the first things you will want to do is have a look at the view. Can you
picture yourself there sipping your morning coffee and looking out over the
lake? Now, go down to the water to have a look, or even step in. What’s the
shoreline like? Is it rocky, sandy, hard packed clay, or silty? Will this
property suit your needs now and in the future? How is the cottage situated
relative to the shoreline? Is it easy enough for you and guests to get back and
forth? Where is the sun? Where will it be in the morning, at midday or in the
evening?
If it all feels right, and your realtor has shown you all
properties that really meet your requirements, then you will have found a
cottage in which to create lasting memories with your family and friends.
Congratulations!
Follow me on Facebook,Twitter & Linkedin!
