Cottage Buying Tips
Cottages are not a luxury-they are a necessity!
The term "cottage" often brings to mind a tranquil waterfront retreat where one can escape urban madness and enjoy peace. For some, a cottage is a gathering place for friends and family to make memories. Whatever it means to you, buying a cottage is an excellent investment, offering not only a beautiful escape but also a legacy for future generations.
Tips for Buying Your Perfect Cottage
1. Work with a Knowledgeable Real Estate Agent
It's essential to work with a real estate agent experienced in cottage properties. They can guide you through the unique considerations of cottage buying and ensure you're making an informed decision.
2. Choose Your Type of Cottage and Location
Cottages come in various types, including seasonal, winterized (year-round), country homes, chalets, and hobby farms. For most families, a winterized year-round cottage on the waterfront is an excellent choice. While it may require some renovations, the investment is worth the priceless memories you'll make in both summer and winter.
Location matters. Some prefer Lake Simcoe's waterfront, while others look further north. Consider the travel time to your cottage and whether you have the resources for maintenance or repairs if the property is older.
3. Conduct Thorough Inspections
Once you've found a cottage that fits your budget and needs, bring in the professionals:
- Home Inspection: Older cottages may have structural issues such as cracks, drainage problems, or insufficient foundations. A qualified inspector can identify these problems.
- Wood Stove Inspection: If the property has wood-burning appliances, ensure they comply with the Ontario Building Code. You can hire certified inspectors from Wood Energy Technology Transfer.
- Water Quality Testing: Inspect water wells for contamination by submitting three separate water samples to a lab over one to three weeks.
- Septic System Inspection: Ensure the septic system complies with Ontario regulations. Request a certificate of approval and have the system professionally inspected.
4. Consider Other Factors
Pay attention to additional considerations, such as:
- Waterfront improvements like boathouses-ensure they have the appropriate permits.
- Access and road allowances-confirm that the property is accessible via public or private roads.
- Hydro services-if the property isn't serviced, you may need to pay for hydro poles.
- Municipal services like garbage collection and fire protection.
5. Rent It Out
If you won't be using your cottage year-round, renting it out can help cover expenses. All-season cottages are especially lucrative, renting for $1,500-$3,300 per week in summer and $700-$2,000 per week in winter (holidays not included). Some owners charge additional cleaning fees, which can also offset costs. Renting a cottage even a few weeks a month can significantly help with your mortgage.
6. Remember: Real Estate Is a Smart Investment
Buying a cottage is more than just owning a retreat-it's a lasting investment. Fall is often a great time to buy, as sellers may lower prices to avoid winter maintenance.
Contact Information
If you have any questions or are looking for a cottage, feel free to contact me:
Phone: 647-896-7668
Email: ds@homeads.ca
Darya Strilyana
