Ask Angela
1. Know what you want.
Do you want to be sitting in the sun, or shade, at 3 PM in the afternoon? Research different areas and figure out your priorities, e.g., location, views, privacy, winterized or not, water – no water? If you’re not a big boater, do you really need to be on the water? Or will nearby public water access suffice for swimming or launching a boat to take the little one tubing? A real estate professional can help you figure out what’s most and least important.
2. Research property bylaws and zoning.
Just because you have a grand vision for your recreational property, doesn’t mean you can realize it. Do your homework. Understand what local zoning and building bylaws permit. Can you build your dream cottage on vacant land? How much renovation is allowed? Can you add a screened porch, or a new dock if you’re on the water? Want a bunkie for extra sleeping space? And what about weeds, rocks and trees? Are you allowed to remove them? Find out before you buy.
3. You may want to be on the water, but consider backlot properties or smaller lakes.
Typically, “the bigger the lake, the higher the price.” Ask yourself if you really do need to be on the water. Sometimes, little towns away from “hot spots” are hidden gems. And, backlot properties are almost always cheaper than waterfront properties. Consider, too, the recreational options nearby… snowmobiling, cross-country or downhill skiing, hiking, etc. And don’t forget to consider your driving time. The closer to Toronto – the more you’ll have to pay.
4. Maybe you buy a fixer-upper?
A renovation may be a cheaper option, but for sure, you’ll have to get a realistic understanding of your costs to renovate. Getting local service providers is challenging and bringing GTA trades up north to do the work can be cost-prohibitive. The reality is that just about anyone who is good, is busy so you may need to take a number unless you’re an exceptional networker.
5. Focus on your financing early in the process.
FINANCING your purchase is a whole other subject. We’ll consider that next time.
Or, Ask Angela
