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Tips To Buy Cottage Real Estate
With the economic slowdown hitting the cabin real estate market, now may be the perfect time to buy the cottage of your dreams. The cabin country real estate market is now more balanced after years of the demand surpassing the supply. Time-share and new condo developments are offering generous incentives to possible buyers while the values of resale cottages are falling as seen in the Collingwood real estate market.
Enlisting the help of an area specialist should be your primary order of business. The real estate agent you select should have a thorough working knowledge of cottage properties. Do not assume that because an agent works in a community surrounded by lakes and cottages he will know the answer to your questions. Experience selling in the cottage real estate market should be your deciding factor when selecting an area specialist.
One very crucial aspect to evaluate is zoning. You may be prevented in some cases from turning your cottage into a year round retreat by municipalities having adopted a season using zoning. Added constructions and expansions abide by the same rules. Make sure you question your agent about the zoning by-laws in the area that appeals to you. While the zoning by-laws are established by the municipalities, day-to-day issues are dealt with by the cottage associations.
If you are in the market for a waterfront cabin, be aware that you may not be allowed to modify the beach or shoreline on your future cottage. In the case of Collingwood cottages, you may be prevented by the authorities from changing the slope of the land or from adding fill. Any structures that impact the shoreline such as boathouses, docks, retaining walls, etc require permission before they can be constructed or modified. You need to be sure the legality of the current structures or that changes can be done in the future and this can be achieved with a clause in the purchase agreement.
The road access to and from your cottage is another element that should be investigated before finalizing a purchase. Aspects such as who is responsible for the upkeep of the roadway, whether the road access is public or private and if it is open year round should be determined. In many cases, access may be along a private right of way.
Another consideration is the water and sewage systems. In many cases, water is drawn from wells or from lakes and rivers. To ensure that you water is safe to drink, bring it to the local health authority for evaluation. You may need to install a mechanical purifier in order to access potable water. Waste disposal is generally provided with a septic tank and these are tightly regulated by the Environmental Protection Act. In many of older cottages, the septic system may be a crude improvisation. You will need to update the system for a more capable one if you plan on building an addition on the cabin.
Financing of the cottage should be your last consideration. You will require financial assistance, if like most buyers, you cannot manage to pay cash for the cottage. You will be asked to put down a minimum down payment of 20% although the amount of financing available will change with each financial institution. You should discuss your financing options with a local mortgage broker who will be knowledgeable with the financing choices available for cottage properties.
About the Author
Stefan Hyross writes on topics that include Collingwood real estate and surrounding regions. For additional information about the Collingwood area, related real estate articles or to browse through Collingwood cottages, please feel free to visit the website.