For many Ontarians, buying a cottage is the ultimate dream. There’s nothing quite like having your own little piece of paradise outside the city.
But before you take that leap for the first time, there are a few things you should know. Armed with the basics, you’ll be in the best possible position to make an informed purchase. Today, we’ll highlight 10 things you don’t want to overlook when buying your first cottage.
Planning on relocating to Peterborough or the Kawarthas? Start by downloading our comprehensive Relocation Guide.
1) Weigh the Risks and the Costs
Buying a cottage is and should be a happy and exciting time! To make sure your experience is positive, it actually helps to look at some of the potential negatives.
First of all, how are your finances? You may need to tap into your equity through a Home Equity Line of Credit on your existing property. Before placing an offer, though, be sure that you can comfortably carry the cost of both your primary residence and your new cottage. A conversation with a financial advisor early in the process is a good idea.
Next, start considering the “what ifs.” For example, is there a risk of flooding? That’s one of the risks of waterfront properties that you don’t read about in the promotional pamphlets!
It doesn’t mean you don’t go ahead; it just means you need a plan. You can check with the township to see if there is a floodplain map to assess the risk.
Even better, work with a real estate agent who understands cottages and a qualified home inspector to ensure the grading and foundation are solid. And of course, talk to your insurance company and know what coverage you have. When you’ve completed your due diligence, you can get back to your dreams of living by the lake in an outdoor paradise!
2) Your Ideal Location
There are over 250 lakes in the Kawarthas, each more beautiful than the next! Choosing the right spot isn’t always easy, but at least it can be a fun task. Start by thinking about what you want in a vacation destination.
- Are you looking for seclusion—or would you rather have handy amenities (from groceries to craft beer) nearby?
- Do you plan on doing a lot of fishing or boating?
- How deep is the water?
- If you have little ones, it’s also a good idea to consider how steeply the depth drops off for any given property. Fortunately, an agent who knows the region and does their homework will ensure you have all the info you need.
Do you prefer to live in your cottage full time rather than just a few times a year? The Kawarthas are fantastic for year-round living, as you’ll see in the posts below:
- Top Schools in the Kawarthas
- Where Are the Most Luxurious Homes in Kawartha Lakes?
- Dining in the Kawarthas: A Sneak Peek at the Best Restaurants
3) Local Bylaws
If you find a cottage that’s almost perfect (but not quite), remodelling may be your best option. Just be sure that the local bylaws will allow you to achieve your vision.
For example, if you’re hoping to construct a dock, first review the existing zoning requirements. An agent with local knowledge and connections can help you find the information you need regarding permits and applications. Before buying your first cottage, you’ll want to make sure the changes you’re planning are above board.
4) Tax implications
Thinking of renting out the cottage you’re planning to buy for part of the year? Doing so could seriously boost your income, or at least cover some of your costs. Again, some background research is essential before you commit to anything.
Remember that more and more communities are placing restrictions on short-term rentals. If earning income is part of the plan, be sure to review all guidelines thoroughly.
In addition, make sure you understand the full financial picture, taking everything from expenses and interest rates to maintenance costs and taxes into account. Another thing to remember is that you might find yourself in a higher tax bracket. On the bright side, expenses such as utilities and maintenance related to rental periods can be deducted.
5) Ease of Access
While the Kawarthas aren’t far from Peterborough and all of its big city amenities, some areas are more remote than others. A secluded retreat may seem like paradise, but the vision doesn’t always match reality. For example:
- What if you must maintain a private road with a handful of other cottage owners?
- Are you okay with terrain that may be a little trickier to navigate in the winter?
- Remember that maintaining a property in a remote area can be more challenging, not to mention more expensive.
Some cottage buyers thrive on absolute privacy and seclusion. That said, it’s important to assess your comfort level carefully. The idea is to choose a place you’ll look forward to visiting, year in and year out.
Curious about what’s available in Kawartha Lakes right now? Take a look at our latest listings!
6) What’s the Wi-Fi Situation?
In this day and age, most of us take our wireless internet access for granted. When you get further away from the grid, it might be harder to stay connected than you realize.
Mind you, for some cottagers, getting away from it all also means unplugging. All the same, it’s worth asking some questions.
- What’s the signal strength like in a particular area that you are considering?
- What about the speed?
- Are there rooms where it’s difficult to stay connected?
Wi-Fi access could also be a deciding factor if you plan on using your cottage for income purposes. You might be fine with a week without Instagram or YouTube, but how will potential renters feel? You might miss out on some financial opportunities.
7) Is There a Well or a Septic System?
Your cottage will differ from your city home in many ways. One of the biggest may have to do with where your water comes from. It’s time to think about what happens when you shower or flush.
Some properties in cottage country aren’t connected to centralized sewer and water. Instead, they rely on an on-site well and septic. While these systems aren’t the hassle many people think they are (far from it), they do require a bit of maintenance.
Does Kawartha Lakes sound like the perfect place for your cottage? The posts below might help to convince you:
- What Are the Fastest Growing Towns in Kawartha Lakes?
- 8 Things To Do In The Kawarthas This Summer
- Discover the Best Kawartha Lakes Golf Courses
8) Is It Winter Ready?
Before you take the plunge and buy a particular cottage, make sure you know if it’s winterized. What that process includes will depend on whether you plan on using it year-round or just during the warmer months.
Even if you’ll only be there in the summer, ensuring that the place is properly insulated (including the pipes) is a must for preventing cold-weather damage. If you’ll be using your cottage in all seasons, the plumbing should be equipped to handle winter use, and the windows and doors should be able to withstand drafts.
Do you want more tips and guidance on buying your first cottage? Start by reading the posts below:
- The Challenges of Buying a Home in Kawartha Lakes and How to Overcome Them
- How to Spot the Perfect Real Estate Investment
- Tips for Buying a Second Home
9) What’s the Water Like?
If you’re planning to buy a place directly on the lake, make sure you know all about the waterfront. Is it sandy and shallow? Are there rocks that might inhibit your ability to swim or snorkel?
Consider safety issues if you have little ones, as well as the activities you plan to do. Boating will be easier in some areas than others. Lastly, look into shore road allowances.
Does the current owner lay claim to the strip of land between their cottage and the lake? If not, constructing a boathouse or other structure could be tricky.
10) Will You Need a WETT Inspection?
If your dream cottage contains a traditional fireplace (or a wood or pellet stove), you may need to have a WETT (Wood Energy Transfer Technology) inspection performed. Through this process, a certified professional takes a close look at wood-burning appliances to ensure they’re safe.
Taking this step is about more than your safety and peace of mind. It’s also necessary for insurance purposes, and probably for your mortgage.
Working With the Right Agent is Key
When everything goes well, buying a cottage can be incredibly rewarding. Think of all of the family memories you are about to make, and all of the rich experiences you’ll soon enjoy!
By learning all of the little intricacies about these types of properties and working with a local expert, you can ensure that your home away from home is everything you’ve been dreaming of and more!
Do you want customized guidance when buying your cottage so you cover all angles? Our Peterborough real estate agents are here for you. Reach out to team@jeffandkatie.ca or call 705-243-9797 to start the conversation today.
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