buying a cottage in ontario

Buying a Cottage in Ontario

KIRK RICKMAN & VICTORIA CARTER

Contents1. Where Do I Buy?2. What kind of Cottage do you want?3. Things To Know4. Frequently Asked Questions5. Can I Afford It? 6. 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 areas1. North bay2. Muskoka3. Algonquin4. Lake

Huron5. GTA6. Kawarthas7. Eastern Ontario8. South Western Ontario9. Niagara10. Prince Edward County


Cottage TypesThe choices are endless, it is a good idea

to know what you are looking for:Rustic cabinYear round cottageLuxury cottageA building lotDirect waterfront accessIndirect access to the lake


Things to knowKnowing 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 – EncroachmentZoning – Is the land seasonal use only?Well water – bacterial reportSeptic 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


A few facts


Frequently Asked QuestionsCan 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.


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.


Get Pre-ApprovedThere 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!

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

Benefits for choosing Kirk Rickman and Victoria Carter


Contact usOffice: 416-298-8200 905-683-2100

Direct: 905-626-3294 647-669-8425

Email: [email protected]: www.TwoMoveYou.com

buying a cottage in ontario

Documents

cottage year

kind of cottage

type of cottage

waterfront property

water test

different areas

bacterial test

property boundary