Ontario has some of the best cottage country areas, particularly in Haliburton and Muskoka. With waterfront property growing in popularity, competition can sometimes be fierce. And when you’re competing with multiple buyers, it’s important to know what to look for and consider before making a purchase.
Remember: buying cottages and waterfront property is not the same as buying a property in the city. There are special considerations to think about, including how often you plan on using the cottage, property tax, maintenance costs, insurance costs, and more. Here is an in-depth look into a few of them.
This article will outline questions that you should ask yourself before beginning the hunt for your dream getaway property. There are a good number of things that should go into the decision-making process, and it helps to narrow down what you are looking for, but first assess your needs.
1. Know What You Are Looking For
Are you considering buying a dwelling that can be used year-round, or are you looking to purchase a seasonal cottage? Year-round cottages are similar to residential homes and generally have heating systems and running water. Seasonal cottages are more spartan and typically are not winterized.
There are also other things to keep in mind about the type of cottage you are looking for:
- Is the access road to get to the property maintained year-round?
- Is the water pumped from the lake to the cottage, or from a well?
- Are you able to expand the waterfront?
- Do you intend to rent the property when you are not using it?
These are just a few of the questions you will need to ask when you consider buying a waterfront property.
2. Local Amenities and Services
If you are planning on spending a good amount of time at your cottage, or are even considering renting it out, it is crucial to educate yourself about the local amenities surrounding the cottage like grocery stores, hospitals, and more.
If you are in the market for a cottage that is more isolated, local amenities may not have as much bearing on your decision – but you should remember that these factors can affect insurance costs and your ability to rent out. Be sure to do your research and familiarize yourself with the area before you make a final decision.
Be sure to check out our communities page, where we have write-ups on many of the unique communities in Haliburton Highlands and the Mukokas.
3. Do Market Research
When considering purchasing a cottage, it is important to know the right time to buy. This is why tapping into market research can be very beneficial. Chestnut Park provides our clients with local real estate statistics to give them insight into the demands of the Ontario cottage real estate market. This information helps our clients understand the right time to buy – or when they should hold off on buying. Team Cottage Country also performs a competitive market analysis of similar cottages and areas you are interested in so that we can help you determine an offer. This can help you through the negotiation process.