The spring real estate market is right around the corner. That means many people will be beginning their hunt for the perfect cottage. Being able to escape the hustle and bustle of city life for cottage country is something that many people dream of being able to do. If you are thinking of buying your own oasis in the woods there are certain considerations that must be made.
Why do you want a second home? Are you an outdoor enthusiast who is looking for a property in proximity to trails, provincial parks, lakes and ski hills? Or are you more interested in a destination that promotes relaxation? Maybe you want both?
How far away are you willing to travel? If you do not want to travel longer than 2 hours from the city, be prepared to pay premium amounts for that location – the further north you are willing to travel to get to your cottage, the less you will pay.
Perhaps the most important consideration is the budget. Can you afford a second home? For many people real estate is the largest investment they will ever make. Is it fiscally responsible to hold all your investments in one product? Aside from the initial cost of ownership, there will also be monthly bills such as utilities, taxes and of course maintenance. Once you take all these factors into account, you will know if you can afford a second property.
Finally, make sure you become familiar with the area you want to buy a cottage in. Find a local real estate agent who knows the township. Become aware of any zoning or legislation that might have an impact on your goals and budget. You definitely do not want any surprises.
Many people are starting to consider buying a cottage this time of year. This week, I will be highlighting some more specific issues you will want to be aware of when you find the perfect piece of country real estate.