The lure of the cottage 

Have you ever made a trip up to cottage country with tall trees, clean air, and pristine lakes? John and May spent a weekend at their friend’s cottage and impulsively bought their own a few doors down. Weekends would be fun with fishing, family, fresh air, and friends! 

John and May carry good jobs and can afford the luxury of owning a cottage. Since cottages are considered a second property, the banks require 20% down payment and qualify buyers based on income. John and May did not budget for utilities, maintenance, property tax, septic tank cleaning and garbage dumping fees or for motor fuel and the cost of entertaining friends. Owning a cottage can cost anywhere from $1,000 to $2,000 every month. The lure of the cottage can be expensive and requires careful planning. 

Rent in the area at different times in the summer before you buy. Boat traffic, water level, and the social scenery can influence your decision. Get pre-approved and work out your budget before you purchase. Would it affect other activities such as your winter vacations? Are you getting your down payment from your current home? What would the monthly cost be? The distance to and from cottage country could be daunting, considering stop and go traffic on a Friday night and crawling back on Sunday evening. Use a local realtor or one that owns a cottage in the area.

A good realtor is resourceful and can point you in the right direction when it comes to issues such as water exclusivity, hunting laws, and road accessibility, especially in the winter. It is best to buy in early spring, winter or late fall when prices are lower. Cottages on the lakefront are more expensive but when you plan to sell, you will make a handsome profit. If you are buying a waterfront property, the size of the lake matters. Big lakes fetch higher prices in comparison to smaller lakes or river cottages. Identify your primary use before purchase. Is it for family weekends or for retirement? Easy access to amenities such as grocery and hospital is important if it is for retirement. Make your purchase subject to financing and inspection.

Choose an inspector who knows cottage country and make sure to be present at the inspection. Start at the shoreline if it is waterfront. Is the shoreline deep, rocky, muddy or sandy? Is the water source from the lake, well or rain barrels? Lake and well water should be tested for pollutants. Is the toilet on a septic system or a compost? Where is the well in relation to the septic? The last thing you want is to discover when you move in that the sewage is leaching into the well. Check the age of the sewage system and look for wet spots. It should be away from tree roots as well. Attics should be checked for bat colonies, pests, and raccoons. Visit the local city hall and inquire about the by-laws for the area. Just imagine you are casting your fishing rod and your neighbor stops by to inform you that fishing is illegal there. 

A cottage that is well maintained will cost a higher price but is worth it in the long term. You don’t want to spend your weekends with chainsaws and drills unless you are building your Muskoka chair. Plan your summer activities ahead and consider renting your cottage out when it is empty for extra income. A property manager will take between ten to twenty percent of the income, but it is worth it. A cottage with year-round road accessibility, winterized and close to amenities is more favorable by the banks and has a higher income.