Are you considering buying a cottage to kick back next to the lake and enjoy the solitude that comes with cottage life?

This second property offers a break from the hustle and bustle of city life. It is also an excellent opportunity to earn income or to begin investing in Real Estate.

I would love to discuss with you everything that owning a cottage entails.  I can offer tips on areas to consider, and some to stay away from.

Here are some things to consider when buying a cottage:

What is your Goal?

• a summer getaway spot
• 4 season cottage
• Solitude vs a community with neighbouring properties
• water access for swimming and other water activities

Costs

The costs of operating a cottage differ somewhat from owning a home. Insurance rates, hydro, seasonal maintenance, property taxes, garbage disposal, availability of internet.

Access

Some cottages are very remote, making for unique factors in terms of accessibility. You need to consider whether or not the property is accessible by land, the proximity in which you can park your car, the landscape surrounding the cottage, and whether or not you will have to climb stairs for water access.

Water and Septic Systems

As most cottages are located in rural areas, water systems and septic tanks usually coincide with ownership. Find out if the water is safe for drinking, or if you need to bring your own supply each time you visit. If your cottage water supply runs from a well, you will need to incorporate in your expenses the cost to have the water tested regularly. If there is a septic system that the cottage uses, you should ensure that it is in good working condition and maintenance costs.

Rentability

If you are looking to rent out your cottage to others, consider what you would be looking for if you were to rent a cottage.

Local Laws and Property Restrictions

There are by-laws and legislations to consider when buying a cottage. If you have plans to build docks, workshops, or expand and upgrade the dwelling to meet more modern demands, you need to be aware of these local laws.  I can help you navigate and understand your rights as an owner in respect to cottage and lake associations, local legislations, and any other official plans or restrictions.

Mortgage requirements

You will need a minimum payment of 20% as your down payment on a second property. There may be other requirements in order to obtain financing from a lender. Speak to your lender to find out what would be required.

Contact me to have a discussion about buying a cottage