Posted 7.24.13 @ 10:0
With all the snow, rain and inclement weather this spring, the cottage market is feeling the pain. Even with better weather on the way many owners are busy trying to repair docks and damage from the long winter. Luckily it’s starting to warm up a little and you’ll be able to find many great cottages on the Oakville real estate market! If you’re in the market to buy, you’re going to find many anxious sellers that wanted to start selling weeks ago – meaning you’ll find some great deals. It’ll all boil down to who you work with and what you’re looking for.
Ontario Cottages Had a Hard Spring
From high water in Muskoka and all the snow the cottage real estate market has had a hard time. Even a few weeks ago most of the prime locations were still iced over – and who wants to look at a million dollar cottage in the snow? Right now there just aren’t enough great properties in the right condition to meet demand… but you’ll still be able to find the right seasonal property when you work with us.
Should You Buy a Cottage?
Right now is a great time to buy, just make sure you have financing in place first! Some lending institutions aren’t looking too kindly on cottages, vacation and seasonal properties right now, so you’ll want to know where you’re at ahead of time. This will help you know where you’re at in your price range and it’ll help us to help you find a great cottage that’s right for you. After all, that’s what it’s all about isn’t it?
Questions to Ask Yourself before You Buy
Here are a few questions you’ll want to ask yourself before you buy:
How many days a year are you actually going to be in this property? How often will you really be using it?
Do you have any friends or family that would like to use it when you’re not?
How long do you think you’ll own your cottage? 5 years, 10, 20?
Is this an investment property? I.e., will you rent it when you’re not there, and are you fine with being a landlord from a distance? It can be hard to find people that want to live next to a frozen lake in winter when you probably don’t want to visit.
Benefits of Owning
Locking in the price of a great home is always nice, and lakefront cottage properties are always desirable, but that’s not all. You’ll have somewhere you can live 4 months out of the year, a place for family and friends to stay and you can use it on the weekends or just on the holidays. When you rent you just don’t have that level of investment and control – and that’s why most tend to buy a property instead!
If you’re looking for the perfect vacation cottage, let us help! We’re the best Oakville luxury realtors that can help you find the home you’ve been looking for.