Buying a cottage in the off season
Joe Crawford
The demand for cottages has increased over the years, and what was
once a relatively low cost alternative for a family getaway has now
become a significant financial investment. One way to get good value
for your money is to consider buying a cottage in the off season.
All things being equal in terms of lot size and square footage, its
features and general state of repair, there are three important
factors that will tend to determine a cottage's value compared with
other similar properties. These three factors should be given careful
consideration when choosing a cottage:
its commuting distance from a major urban center
its proximity/convenience to leisure activities (either waterfront for
summer, ski hills in winter or both), and
its accessibility/ability to be used throughout the year.
A cottage that can be used in winter as well as summer will have the
broadest appeal, and usually has more amenities to suit its many
usages. That can also translate into a higher asking price. However,
a year-round property also tends to offer a better potential to
increase in value over time for the same reasons.
If you're considering a year-round cottage, winter is an ideal time to
view the property. It will give you a realistic idea of how
accessible the roads are and how long it will take to get there under
challenging road conditions. If the roads to the property are not
plowed in winter, that may result in the property only being
accessible by snowmobile or ATV. That will have a major impact on its
selling price and future resale value. Viewing the cottage in winter
also lets you see the heating system in action. Wood stoves and
fireplace inserts do a far better job of heating a space than just an
open fireplace, but few people would find them adequate to meet all
the demands of a cold Canadian winter. If there's no back-up heating
system in place -- either electric baseboards or a furnace -- you may
want to allow for the expense of installing one as part of your
budget. Remember that if you plan to add baseboard heaters, they draw
a lot of power, and you'll need to be sure the cottage wiring has the
hydro capacity to handle the demand.
The best news about viewing a cottage in winter is that there are
usually fewer buyers around to compete with your offer - especially if
the cottage's primary usage is just as a summer getaway. If the
property is water access only, then the seller's options are seriously
limited. The seller may not be looking forward to carrying the
expenses until next summer approaches, so an offer now could have a
great deal of appeal. This could be just the right time to make your
move. Ask your Coldwell Banker ® real estate professional how to turn
the winter season into your buying advantage!
After you've searched through some listings online and you're thinking
you'd like to know more, contact me your Coldwell Banker professional
Joe Crawford (519)742-5800 ext 2117, or simply click here and have all
the hot new listings emailed right to you as they come on the market.
You've got nothing to lose and a lot to gain! \