Own a piece of the wilderness – the benefits of owning a cottage

So, you want to buy a cottage. And this is the perfect time of year, full of great memory making opportunities.

Spending time outdoors with loved ones is the best one of all! Returning to the wild, relaxing by the water and escaping from the daily grind are all fantastic benefits that cottages offer.

Do you want your own retreat so you can indulge your love of water skiing, canoeing, fishing, and swimming? Do you want a place to call your second home that you can visit on weekends in the summer and the winter?

Here are some things to keep in mind
when you are looking to buy a cottage

• Location
  Where should you look for your dream getaway? This depends on a bunch of factors, not the least of which is how much you can afford. In general, the closer a cottage is to a major city, the more expensive it will be. On larger lakes, the prices will be higher, and some lakes (notably Lakes Muskoka, St. Joseph, and Rosseau in Muskoka) are favoured by the very rich, and prices will be very high.
• Distance from your home. How often you will want to go to the cottage? If you can only get away on weekends, you will probably want to spend no more than two or three hours traveling each way, otherwise your travel time will eat into your lake time!?On the other hand, you may decide that your cottage will be used only for long weekends and vacations, in which case you may be prepared to drive further, to where the cottages may be cheaper and more remote.
• The activities you enjoy. Obviously, if you enjoy swimming, you will want to be on a lake or river. If power boating is your thing, you need to be on or near a lake that is appropriate to the size of your boat.
• Distance from amenities. You need to be sure that you can obtain groceries and other supplies easily. If stores are not close, you will need to plan your menus more carefully, and ensure you bring in all the necessary ingredients. Barbecue chefs should always ensure that they have a full spare propane tank handy in case the gas runs out.
• Do you need internet access? Throughout cottage country, the most common form of access is via dial-up, which means that you will need to be within the telephone service area, and have a line laid on to the cottage. In the last couple of years,the wifi service has strengthened in rural areas, but not everywhere.
• Type of terrain. Do you want rocky outcrops that you can dive off, or do you prefer sandy beaches where the kids can paddle? Most traditional cottage region lakes provide a variety of terrain, with rocky shores in some places, swampy areas and sandy beaches in others. However, on the eastern shores of Lake Huron and lower Georgian Bay, sandy beaches predominate.??2) Cost?Being realistic about how much you can afford will make your experience so much more enjoyable. Discover what you can get pre-qualified for by speaking with your bank or mortgage broker.
• Invest with relatives. If you are planning to visit the cottage every other weekend, or even once a month, you may want to consider asking someone your trust to buy it with you. If you split the cost, chores, renovations and time away, it can be much more manageable, and you can spend some r & r away with your extended family!
• Look at renting options.  It is better for the cottage to be in constant use rather than sit empty. If you are looking for a seasonal cottage, the majority are open from May 2-4 weekend until Thanksgiving. If you don’t plan to be there every weekend, you could consider renting it out to other vacationers. This will help with mortgage payments and keep your cottage in good working order through the summer.
• How many homes do you own? Would this cottage be the first property you own? If you are currently a renter, buying a cottage as your first investment can be a good idea. Typically cottage prices are lower than homes and can make a great first time purchase. When people buy a cottage they typically hold onto it for a long period of time – sometimes they are even passed down through the generations! Compared to a home, where you spend your daily life, a cottage doesn’t need to be upgraded or downsized, as they are usually quite basic and you don’t spend too much time inside anyhow!
•  Investment: ?Do your homework. Some lakes and cottage country areas are more sought after than others. At the end of the day, a cottage can be seen as a nice investment,
• Enjoy your cottage for many years. I have clients and friends who have owned their vacation homes for 30+ years. They watched their children grow up at the cottage and now they share it with their grandchildren. If they decide to sell, they will have made a pretty penny on their investment.
• Do renovations. Updating the cottage as the years pass is a great way to keep your place modern and more enjoyable. Spending time and money making your cottage stand out will help with resale. Take a look at what the neighbours are doing and ask their opinions on updates, and sourcing local workers. Committing to your vacation home is a necessity. Every year, something needs to be done and making sure you allocate time and a sufficient budgets are imperative.

We would love to help you buy the vacation home of your dreams! Contact us today. Now is a great time to buy a cottage for summer 2016!

Our team of real estate sales professionals is committed to finding you, your dream home. Whether you’re looking to buy or sell, the Karen Paul team is here to help with any questions.

Karen Paul & Associates | Real Estate