10 TIPS FOR FINDING THE RIGHT COTTAGE
With mortgage rates still low and the increasing interest in recreational property, it is tougher than ever to find a cottage on a big lake at a small price.
But before you rush out, there are a few things you should consider to ensure years of pleasure from your purchase. Listed below are 10 tips for buying a cottage.
It's easy to find information about Bancroft. www.GreaterBancroftArea.com is a great place to start. It may open your eyes to new areas you hadn't previously considered.
2. Small Lakes are Great!
Take into account area, exposure and view, especially if you enjoy sunsets. Lake size is important, but your new cottage does not have to be on one of the "big three" to make it worthwhile. There are thousands of little lakes around Ontario that could be the perfect location for your new cottage.
What are you paying for? Include sale price plus taxes, professional fees, surveys, and inspections. And, don't forget to think of resale value. Is your property going to increase in value over the next 5 years? Will development in the area help or hurt your property value?
4. Income Potential
Are you interested in making an income from your property as well as using it as recreational retreat? Over 40% of cottagers rent their summer retreat for one or more weeks to cover some of the operating costs.
5. Taxes and Land Claims
Make sure you know everything about the taxes on your new property. Find out if there are any claims against your land.
By road or by water? Check winter access and road ownership (private, municipal or deeded).
7. Cottage Quirks
There are many things to think about when purchasing a cottage property that you would not even consider with a city property. Remember to ask about the septic system, wells, and insulation. Are boats, water toys, or furnishings included? Work with a property inspector who specializes in waterfront cottages and has experience in the area.
Take into account water depth, slope, and whether it has a rocky or sandy bottom. Remember that the water level you see in April is not necessarily what you'll be getting in August. Consider erosion issues - what will your shoreline look like in 10 years? And what limitations are there on the use, modification and development of your shoreline?
Check into availability of local services - phone, grocery, hospitals, marina, electricity and garbage collection.
10. Go to www.GreaterBancroftArea.com Dedicated to helping you find the perfect cottage for your family!