You’ve thought about it. Dreamed about it. Planned for it and worked hard to make it happen and finally, this is the year that you and your family will purchase your very own Muskoka cottage. While owning a cottage in Muskoka is definitely an amazing opportunity (hello beautiful sunsets, relaxing on the dock, spending time with family and friends gathered around the campfire), there are a few important things you should know before your cottage search begins.
Know What You Own
Whereas property lines in the city are fairly clear cut, this is not usually the case when it comes to the cottage. In fact, there are quite a few cases where families have purchased a cottage only to find out that their new cottage, boathouse or dock is not actually situated on the land that they own.
Your best bet when thinking about purchasing a particular property is to work with a real estate lawyer and get a land survey done. Essentially, a land survey shows exactly what you own when you purchase the property including the parcel of land and it’s physical and geographical features of the property. By obtaining a land survey, you’ll save yourself any surprises when it comes to what you own and what you don’t.
Be Clear About the Rules
In addition to knowing what you really own, it’s also essential to be clear about other rules and regulations that may affect your investment. This could include details such as road shore allowances, environmental regulations or restrictions, Indigenous land claims, and regulations that have been established in order to protect endangered species in the area.
Waste Not, Want Not
Purchasing a cottage also means thinking about septic tanks and sewage. While it may not be the most glamorous aspect to contemplate, it’s an important consideration and often something that can cause cottage owners headaches if they don’t do their due diligence beforehand.
Before you buy, learn what type of sewage disposal system is in place and whether the proper approvals were obtained before installation. You’ll also need to know how old your septic system is and whether it is in good condition – as installing a new septic system is quite a costly endeavour.
Don’t Get Carried Away
For both the buyer and the seller, there’s often a lot of emotion involved when it comes to cottage real estate, particularly if a cottage has been in a family for generations, or a buyer has been saving for decades to make this purchase. While certainly understandable, it’s important to not let your emotional attachment to the idea of cottage ownership lead you to make an unwise decision that you might regret in the future. Keep it rational by getting all the information you need, sticking to your list of must-haves and obtaining legal representation from an experienced real estate lawyer.
If you’re looking to buy a cottage or vacation property in Muskoka, the team at Ares Law can help. We specialize in real estate law in Bracebridge, Port Carling, Huntsville, Gravenhurst and surrounding areas in Muskoka. It’s our job to work with our clients to ensure that they have the right tools, information and paperwork all to make cottage dreams come true – minus the stress. Cottages are meant to be enjoyed, not wrapped up in red tape, litigation, and financial headaches. Connect with us today at 705-645-8743.
