{"id":1393,"date":"2019-04-26T15:24:29","date_gmt":"2019-04-26T15:24:29","guid":{"rendered":"https:\/\/areslaw.ca\/parry-sound\/?p=1393"},"modified":"2019-04-26T15:24:36","modified_gmt":"2019-04-26T15:24:36","slug":"so-you-want-to-buy-a-cottage-read-this-first","status":"publish","type":"post","link":"https:\/\/areslaw.ca\/parry-sound\/so-you-want-to-buy-a-cottage-read-this-first\/","title":{"rendered":"So, You Want to Buy A Cottage? Read This First."},"content":{"rendered":"\n<p>With warmer weather on the horizon, folks start thinking about getting away from the city on weekends to lounge by the lake\u2026<em>their<\/em> lake if possible! Owning a cottage is part of many Canadians\u2019 dreams; this type of purchase is more of a \u201clifestyle choice\u201d rather than an \u201cinvestment\u201d that is associated with buying a home. It\u2019s worth noting there are some distinct differences between the two purchases, so let\u2019s take a look at some of the key areas before you buy.<\/p>\n\n\n\n<p><strong>The cold hard facts<\/strong><\/p>\n\n\n\n<p>You dream of hammocks and gorgeous sunsets while enjoying your dock, but once you start crunching the numbers you might be in for a surprise. Unless you\u2019ve got significant savings and\/or income, most realtors and financial experts recommend the \u201c32% Rule\u201d before any purchase. This rule spells out that the entire costs of mortgages (your existing home and the cottage), all the fees, interest <em>AND<\/em> the maintenance on both properties, should <em>not<\/em> be more than 32% of your annual income. Now that gets right down to business doesn\u2019t it?! <\/p>\n\n\n\n<p><strong>Facts for the future<\/strong><\/p>\n\n\n\n<p>The cost of a cottage doesn\u2019t just end at its list price. You\u2019ll\nalso have mortgage payments, property taxes, cottage association fees,\nutilities and maintenance &#8211; which can add up quickly. Also, be prepared for higher\nproperty insurance than you may be used to. Why? If you plan to leave the\nproperty vacant for most of the year it can create a higher risk for theft and\ncostly repairs. Harsh Canadian winters pose the threat of pipes bursting, or\nfalling trees, and no one being around to take care of it! Also, let\u2019s not\nforget about the other basic costs like furnishing the property, appliances,\nbedding, and any \u201ctoys\u201d like a boat, ski-do or canoe &#8211; these are also part of\nthe cottage lifestyle.<\/p>\n\n\n\n<p><strong>Nitty-Gritty\nQuestions to Consider<\/strong><\/p>\n\n\n\n<p>Beyond the affordability of a cottage, there\nare also other considerations that may impact your decision to buy. We\u2019ve\nlisted a few key ones here: <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>What\ncondition is the foundation in? <\/strong>If the property doesn\u2019t have a stable\nfoundation, prepare yourself for potential difficulty securing a mortgage or\ninsurance. You need to know its condition straight from the beginning.<\/li><li><strong>Does it\nhave year-round access or is it water-only access? <\/strong>As much as you want to\nhave the solace and privacy of a water-only access to your cottage, be sure\nyou\u2019ve thought about potential emergency situations. For example, what happens\nif there\u2019s a fire or you need emergency services? <\/li><li><strong>Is the\nroad well maintained? <\/strong>Even though you might not be going to your cottage in\nthe winter months you\u2019ll want to ensure the road that the cottage is on is well\nmaintained. Making sure that the cottage is easily accessible, (by snowmobile, someone\nlooking in on your property, fire trucks, emergency services, etc.) should be a\nhigh priority on your list. Taxes could be a bit different as well if it\u2019s a\nmunicipal road or a private road.<\/li><li><strong>Does it\nhave heat? Is it insulated?<\/strong> The type of heat source is another factor to\nconsider, not just for insurance or mortgage purposes, but for your year-round\nenjoyment.<\/li><li><strong>Is there\na safe water source? <\/strong>If the well that comes with the cottage has\ncontaminated water by chemicals or other dangerous substances, it\u2019s possible\nthat you could be on the hook to do the <\/li><\/ul>\n\n\n\n<p>By knowing these specific purchasing points before you start\nlooking for your cottage, you are inevitably protecting yourself from pitfalls\nand \u2018buyer\u2019s remorse\u2019 down the road. Make sure to ask these important questions\nso that you have all the information about what you\u2019re buying before you make\nyour offer. As experienced lawyers specializing in real estate law here in\nParry Sound, it\u2019s our job to help our clients through the process of buying and\nselling. We can provide you expert advice and we do the legal leg-work to help\nget you through the cottage-buying process. Call us today at 1-705-746-6444.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With warmer weather on the horizon, folks start thinking about getting away from the city on weekends to lounge by the lake\u2026their lake if possible! Owning a cottage is part of many Canadians\u2019 dreams; this type of purchase is more of a \u201clifestyle choice\u201d rather&hellip;<\/p>\n","protected":false},"author":1,"featured_media":1394,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-1393","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>So, You Want to Buy A Cottage? 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