Purchasing Seasonal Property
Are you looking to purchase a seasonal home for vacations or summertime? These days, when travel outside of Canada may not be as appealing, it certainly makes sense to find a ‘staycation’ place of your own. Here’s a few things to think about that will help you to feel a bit more educated in seasonal living, and what to think about when purchasing.
Firstly, geography plays a big part. If you are planning on heading out after work on a long weekend, or any weekend for that matter; keep your time and mileage in mind and always plan for a bit of “cottage traffic’. An hour from the GTA may be unrealistic for some, and acceptable for others.
Check with your lender. Some finance companies and banks have different rules when it comes to the amount of your down payment and interest rates for seasonal properties. Some have clear cut rules regarding square footage, building details, and areas to be financed. if you are/pre-approved in the city, the rules could change a bit when looking at a three season cottage.
Educate yourself in septic and water systems. These are commonplace to rural homes and cottages, but could be foreign territory to new cottage buyers who are used to city life. Septic systems are not to be feared, but to be respected. Common sense applies, and a few changes will be made in what does and does NOT go in the toilet. Water supply can be from private wells, communal wells, or often from the lake; so, If you are planning an occasional winter trip to the cottage, perhaps a heated line is in order – otherwise, know how to drain your system to avoid frozen pipes when you are not there. There are filtration systems for each type and some lenders will require a potable water certificate.
Reputable local realtors who know the area are very familiar with the rules and regulations of specific cottage areas. Use their knowledge to your advantage and ask questions. Is your shoreline owned? Or is it an unowned shoreline? Do you know the rules for removing weeds and natural shorelines on the land you wish to buy and enjoy? Do you know the Parks Canada, ORCA, or MNR rules for docks in your area? Do you know the municipal building guidelines for additions, bunkies, secondary suites? Does your prospective cottage live on a private road, maintained by a cottage association? Cost? These are all questions a local realtor can answer!
An educated buyer is a happy buyer, let a local realtor help you navigate the nuances of buying a three season property vs. a home in the city. Having a seasonal residence to escape to could be heavenly, not doing your homework… the “other”.
Submitted By: Jo Pillon, Realtor®️
Royal LePage Frank Real Estate Brokerage 705-875-4958 direct
