If you’ve kept your eye steady on the real estate market, the soaring cabin sales should be no surprise. Over the last couple of years, these properties have seen a massive pull, with districts like Muskoka recording a 53% balance in their cottage real estate market. Now more than ever, buyers seek to invest in these dwellings, and the shift is sound. Besides offering a luxurious reprieve from the city bustle, cottages easily double up as excellent passive income sources catapulting their demand and popularity even further, but that’s not all. Cottages are also part of the few real estate properties dynamic enough to play the commercial, residential, and recreational cards.
Four things to consider when buying a cottage
Cottages are a worthwhile investment; however, like any other real estate property, these structures are as valuable as the forethought. What do we mean? To make the most out of a cottage acquisition, the shopper has to premeditate the investment, ideally learning all there is to these types of properties. While that’s a lot to cover, understanding the basics gives you a good start. Here are four key factors to consider before buying a cottage.
Before plunging into the market, take a moment to clarify what you’re looking for from the investment. Laying down this vision sets you one step closer to finding that perfect cottage. Begin by clearly stating the goal of your acquisition with keen attention to whether you’re looking to commercialize the property, turn it into a primary residence, or have a second home away from home.
Price and cost
On average, cottages cost between $40,000-$1,000,000; however, this is a loose cap as market prices vary depending on the property’s location, features, and size. All in all, it’s best to anticipate the financial weight of owning a cottage. To get this ball rolling, ensure you assess your funds and determine your budget for the acquisition- this will help you gauge whether or not you’ll need to take out a mortgage/loan. In addition to the listing’s price, you’ll have to factor in expenses like taxes, insurance, operational, maintenance, and renovation costs.
Where do you fancy your cottage? Is it nestled among the woods or set by a scenic shoreline? Visualize such details to help inspire your cottage’s locale; this will save you the globetrotting. Alternatively, you can check out the website for professional insight on where your dream cottage could be. Once that is done, determine whether your residential region accommodates cabins that meet those standards and take the trip. Touring potential cottages is crucial as it helps you assess their accessibility and disposition. Take the opportunity also to check out the area’s local stores and residents. It’s advisable to settle for a cottage with realistic reachability and entryways, especially if you plan to visit regularly.
Note: Keep an eye out for the cottage’s municipality codes; cross-check them against your property goals and needs to avoid future inconveniences.
Features and amenities
Lastly, shape your desired features and amenities, starting with the property’s square feet, number of rooms, and bathrooms. Remember to include landscaping, fireplaces, flooring, roofing, and parking in this checklist. If the cottage you have your eyes set on is lacking in any mentioned facility, make a point to check in with the local authority or your real estate agent for construction possibilities. More importantly, ensure that the cottage’s amenities are fully functional, from the water and septic systems to infrastructure and electricity. It would help if you also strived to have your cottage check out all residential-friendly boxes; this includes internet and electricity availability.
Whether you’re looking to take a plunge into country living or simply out to own a recreational property, purchasing a cabin is a huge decision. On average, these acquisitions cost thousands, if not millions, of dollars, so while you may be eager to grab your slice of paradise, we’d advise being smart about it. Take the time to educate yourself on the market and consult with the appropriate professionals before taking that leap; this is the only way to snag the best deals on the market and make the most out of your investment. Above all else, trust your gut and apply these simple tips for a successful cottage acquisition journey.
(Image source: depositphotos.com)