Top 7 Things to Consider when Purchasing a Cottage

Canadian summers can really be a thing of beauty, especially if you have time to escape to some of the most amazing cottage country that surrounds us.

There are so many families that pack up each and every weekend and head to the cottage for some R&R and escape the hustle and bustle of busy life. 

My husband and I have been debating for years now if we should buy a cottage or not. Being real estate investors, we also consider the rental opportunity that comes along with owning a cottage.

With our jobs and lifestyle, we would not be able to head North every single weekend so renting the cottage out for the weeks that we are not there would be a huge bonus!

Even though I am a real estate agent, the task of even beginning to look for a cottage to purchase is quite overwhelming....where do you even start? 

Here are the top 7 things to consider when buying a cottage: 

1. Location - Do you have a preferred area of cottage country? 

  • Do you want to be on a lake, or river? 

  • Do you want a private beach or proximity to a public one? 

  • Consider the sun exposure and view from the cottage too. 

2. Distance - Be sure to consider how long it will take you to get there and get home in cottage traffic. 

  • Do you want a cottage no more than 2 hours away or are you ok with a 4 hour drive? 

  • Where is the nearest town? Are there conveniences nearby? 

  • Do you prefer to be secluded? 

3. Price Range - How much can you afford? 

  • What are the legal fees/closing costs and are there additional fees when dealing with a cottage purchase?

  •  Obtaining financing for a mortgage for a cottage can be much more challenging than a regular residential home. Make sure to find out if you bank does cottage mortgages and what down payment is involved. 

4. Main Purpose - Do you need year round access or just in the summer? 

  • Are you thinking about renting the cottage? 

  • Consider the number and types of people (children/elderly) that will be using the cottage. 

5. Access - Is the cottage easy to get to? Are the roads paved or do you have to navigate through the woods? 

  • Is there water access? 

6. Building - What is the current state of the cottage, especially items like the septic tank? 

  • Is there going to be a lot of repairs and maintenance costs? 

  • Does it have running water, indoor plumbing, electricity and heating (if you are looking for those items)? 

  • Consider how many bedrooms would be ideal for your visits, bathrooms, main living space 

  • Are there bunkies, sheds or other structures on the property? 

7. Services - Check for hydro, telephone, cell phone and internet access 

  • Is there a marina nearby? 

  • What about regular garbage pickup or disposal locations 

  • Are there nearby emergency services, hospitals, fire departments? 

  • Corner stores, grocery stores and shopping areas? 

There are so many items to consider when purchasing a cottage. Like a new home, area and price point would be my top 2 items to start with and then run down the list from there. 

See you on the dock this summer!!! 

Meredith Wolf