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Summer Living At The Cottage
By Ann Smith,
Broker
It’s summer…have you been
thinking about buying a cottage? A vacation retreat may be a great
experience for a couple of weeks but there’s a lot to consider before
buying a recreational property. Do your homework. Look into where, when,
and best price for what you “have to have” versus what you “want to have.”
A cottage may be a great investment to add to your portfolio. Here are a
few things to consider before making this major buying decision.
Location
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How far are you willing to
travel to get there?
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Waterfront or inland?
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Trailer living or building
structure?
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Accessible every weekend,
summer only, or year around?
Restrictive Covenants and
Zoning
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Check for any municipal
restrictions in regards to wintering, hydro, or water.
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Know the real property lines
versus crown land. If you have waterfront property, what is the shore
road allowance (allowing public access to the beach)?
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Do you have direct access to
your property? There may be restrictive covenants and/or right-of-ways
that may include sharing a single lane driveway.
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Recreational use only or are
you allowed to live there in the winter?
Water
Maintenance
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Do you want to do yard work
or leave the property to “naturalize”?
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Will you do your own repairs
or hire someone for regular maintenance such as painting, window washing,
roof repairs, plumbing, etc.
Mortgage
Budgeting
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Your cottage budget will be
different from and in addition to home budget.
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Can you afford – two
mortgages, two property taxes, extra furniture, double insurance costs,
repairs and maintenance, phone/cable/Internet costs, etc.?
When looking at potential
cottages, question everything you don’t know and are wondering about – the
answers may eliminate iffy properties. Doing your due diligence will ensure
that very few surprise issues rear their heads either after closing or in a
few years when you decide to make changes or sell the cottage.
Back to Archive
Ann
Smith, Broker
Your Real
Estate Consultant…For Life! |
