Now may be the best time to buy the cabin you always dreamed of seeing that the cottage real estate industry was not spared by the economic downturn. After years of demand surpassing supply, we are now experiencing a more balanced cottage country real estate market. For example, prices for real estate are declining for resale properties and new condos and time-share developments are proposing generous incentives to possible buyers.
Your first step should be to enlist the help of an area professional. Just be sure you choose a real estate agent with a thorough working knowledge of cottage properties. Do not conclude that because an agent works in a community surrounded by lakes and cottages he will know the answer to your questions. Try to locate an area specialist with knowledge of the particular cottage real estate market.
Zoning is a very crucial aspect to consider. In some instances, cottage country municipalities may have passed season using zoning stopping you from turning your cabin into a year round property. Added constructions and expansions abide by the same rules. Once you choose an area that you like, be sure that you ask your agent about zoning by-laws. While the zoning by-laws are established by the municipalities, day-to-day issues are dealt with by the cottage associations.
If you are looking for a waterfront cabin, be aware that you may not be able to modify the beach or shoreline on your future cottage. In the case of cottages, you may be prevented by the authorities from modifying the slope of the property or from adding fill. You will also require permission to modify or built structures such as docks, boathouses, retaining walls, etc that impact the shoreline. You need to ensure the legality of the current structures or that modifications can be done in the future and this can be achieved with a clause in the purchase agreement.
Before finalizing your purchase, you should research the road access to and from your cottage. Aspects such as who is responsible for the upkeep of the roadway, whether the road access is public or private and if it is usable year round should be clarified. The access may be on a private right of way in some instances.
Another consideration is the water and sewage systems. In many cases, water is obtained from wells or from lakes and rivers. To make sure that you water is safe to absorb, bring it to the local health authority for evaluation. You may have to install a mechanical purifier in order to access potable water. Waste disposal is usually provided with a septic system and these are strictly regulated by the Environmental Protection Act. In a lot of older properties, the septic system may be a crude improvisation. If you are hoping to build an addition on the cabin, you may need to replace the septic system as it will most likely no longer be sufficient.
Financing of the property should be your final consideration. You will require financial assistance, if like most purchasers, you cannot afford to pay cash for the property. The quantity of financing available will change but in most cases, financial institutions will require a minimum down payment of 20%. You should discuss your financing options with a local mortgage broker who will be familiar with the financing choices available for cottage properties.
Stefan Hyross writes about real estate that include Collingwood real estate and surrounding areas. For additional information about the Collingwood area, related real estate articles or to browse through Collingwood cottages, please feel free to visit the site.
[tags]cottage, real estate, buying[/tags]
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