Buying a Cottage In Ontario

Buying a Cottage in Ontario

KIRK RICKMAN & VICTORIA CARTER

Contents 1.

2.

3.

4.

5.

6.

Where Do I Buy? What kind of Cottage do you want?

Things To Know Frequently Asked Questions Can I Afford It? Contact Us At www.TwoMoveYou.com

Where Do I Buy? It is a major decision, take a drive and check out all of the cottage areas out you are thinking of. Begin by eliminating some areas or properties. Decide how far you are willing to drive. Explore different areas and Question Yourself... Are you planning to use it all year? Do you need water front or just access? Do you need privacy or do you want to be close to other cottages? Shore line – Do you want a sandy beach or to be able to dock a boat? Do you need services – Electricity and plumbing?

REMEMBER-Buying a Cottage or Waterfront Property is Not the Same as Buying in City.

www.TwoMoveYou.com

Kirk Rickman & Victoria Carter

Map of cottage areas 1.

2.

3.

4.

5.

North bay Muskoka Algonquin Lake Huron GTA

6. Kawarthas 7. Eastern Ontario 8. South Western Ontario 9. Niagara 10. Prince Edward County

www.TwoMoveYou.com

Kirk Rickman & Victoria Carter

Cottage Types The choices are endless, it is a good idea to know what you are looking for:  Rustic cabin  Year round cottage  Luxury cottage  A building lot  Direct waterfront access  Indirect access to the lake www.TwoMoveYou.com

Kirk Rickman & Victoria Carter

Things to know Knowing this stuff can help in eliminating some cottages or areas you may have been thinking about!

You Should Be Aware Of...

Property boundary - is there a survey? Crown Land – Encroachment Zoning – Is the land seasonal use only? Well water – bacterial report Septic Systems – Is it sized correctly? Water treatment system Waterfront – Is the waterfront a part of the property (Shore road allowance) Right of way – Are there any issues to access the cottage? Restrictive covenants

Before making an Offer to Purchase Question everything www.TwoMoveYou.com

Kirk Rickman & Victoria Carter

A few facts

www.TwoMoveYou.com

Kirk Rickman & Victoria Carter

Frequently Asked Questions  Can I rent my cottage?

Yes, You can rent out the cottage, it is a great way to offset the cost of carrying the property. however as with any rentals it can come with it own issues

 Should I do a bacterial test on the well water?

Yes, An offer to purchase should have a condition on getting a well water test. A bacterial test should be done at lease once a year.

 Can I use my cottage year round?

That depends on the area and type of cottage you own. Some cottages are in a seasonal area and can only be used at certain times of the year. Other cottages could be in a area that has no winter maintenance on the roads.

 Can I install a removable dock?

In most cases yes. It would be a good idea to check with the local government authorities before doing any kind of work in or around water.

www.TwoMoveYou.com

Kirk Rickman & Victoria Carter

Frequently asked questions?  Can I build an addition to my cottage?

Before doing any changes to the cottage always check with the areas building and planning departments as to what is allowed on the property.

 Can I rebuild a boathouse?

In most cases Yes, An existing boat house can be repaired or rebuild “grandfathered” structures as long and the footprint is the same.

 There is a road to my cottage, can I assume I can use it?

No! All roads or access needs to ensure that it is deeded right of way, not just a verbal agreement.

 Is there water space rights?

Yes, Transport Canada has a condition that says a dock should be no closer than 5 meters to any adjacent properties.

www.TwoMoveYou.com

Kirk Rickman & Victoria Carter

Get Pre-Approved There are a number of ways to finance your Cottage: Conventional Mortgage The same as buying your house with 20% down payment. This amount for a down payment avoids CMHC or another mortgage insurer and a high ratio mortgage.

Home Equity Loan or a Line Of Credit Have equity in your home? This is probably the cheapest source of funds to finance your cottage purchase.

VTB or Vendor Take Back Mortgage Vendor Take Back for a Cottage- This technique has the original owner holding a mortgage on the property, just like a bank. For sellers, this may be a alternative for assisting in a sale.

Get your financing in place before beginning your search! Don't fall in love with a property and find out you don't have the financing!

Benefits for choosing Kirk Rickman and Victoria Carter  Two Qualified Realtors working for you 24/7  Proven Track Record  We are with the number one office in the world  We use the power of the Internet to market your home  Air Miles Reward Miles

Up to 1500 Air mile reward Miles with the purchase and /or sale of your home

 Staging  Discounts from the Brick  Donations to Easter Seals  Experienced in investment properties  Experience as Landlords  We screen your Tenants

www.TwoMoveYou.com

Kirk Rickman & Victoria Carter

Contact us Office: 416-298-8200 905-683-2100 Direct: 905-626-3294 647-669-8425 Email: victoria.carter@century21.ca Website: www.TwoMoveYou.com