Buying A Cottage Checklist - Part 2
Welcome back to the second part of "Buying A Cottage Checklist". Here are a few more tips to help you along when purchasing a recreational property.
What Factors Determine Your Cottage's Value?
The easiest way to break down the price of a cottage is to calculate the cost per square foot by taking the dollar value of the cottage and dividing it by the amount of square footage. However, it’s important to recognize that other factors play a role in the value of your new cottage. Even though dimensions are the same in two different cottages - values can vary based on specifications. Look for value added features - like the quality of a cottage's construction, design features, premium finishes and high quality appliances. Also, a desirable location and great community amenities play a huge role in determining a cottage's overall value.
Being realistic about how much you can afford will make your cottage buying experience so much more enjoyable. Take the guesswork out of the equation by getting pre-qualified ahead of time so you can fully understand your budgetary options. There is also the question of needs versus wants. Make your wish list but know where you want to draw the line. The upside to owning a cottage is that it doesn't need to be upgraded as often as a home where you spend your daily life. However, over time something will need to be repaired or replaced, or you may want to renovate, so make sure you allocate a budget in advance.
Cottage Community Ownership Structure
Once you've chosen a location that you like get all the existing information about the ownership structure of the property and community like:
Test Drive Your Decision
Before you put an offer on what you think is the cottage of your dreams, visit the community a few times, at different times of day, so you have a clear sense of sun exposure, community traffic and lake usage...and give yourself an opportunity to meet the neighbours. Most recreational communities will offer private tours so you can experience cottage life first hand.
Interested in learning more? We would love to help you buy the vacation home of your dreams!
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