Before Buying A Recreational Property Ask These Questions

By: Joshua Campbell

Before Buying A Recreational Property Ask These Questions

Tags: knowledge broker, knowledge broker real estate, moving, relocating for moving, toronto real estate, newmarket real estate, new homes, new condos, cottages, cabins, chalet, buying a cottage

Are you getting ready to buy a cottage? Chalet? Or Cabin? Congratulations! All three can be fantastic nearby getaways depending on your lifestyle and needs. However, like every property you purchase before you sign on that dotted line, there are a few questions you must ask about the building, land, and surrounding areas. Don’t be caught off guard because you didn’t ask these 4 questions. 

  1. How Much Is the Insurance? 
Cottages, cabins and chalets can sit empty for long periods of time, whether due to it being a seasoned property or lack of use. With no one able to monitor the land or make timely repairs to the building, this can result in higher insurance. Recreational properties typically have higher insurance prices due to their remote locations or what they are surrounded by. For example, cottages on islands have higher insurance because they are harder to get too. Having detached buildings will also cost you more. And not to mention your motorized toys like ATVs, snowmobiles and boats will require their own insurance. 
 
  1. How Do I Access The Property? 
The best part of having a recreational property is getting away from the hustle and bustle of city life. But how far are you willing to drive every Friday night for a weekend getaway? Will you need to plow the driveway upon arrival or take a boat to get to your island? These are things you need to discuss with your real estate agent prior to deciding what location to buy-in. 
 
  1. Can I Drink The Water? 
This may be the most important question you need to ask. Is the water that runs through your property from the lake or a well? Is the water filtered? If you cannot drink the water, you have two options: build a well or bring up jugs of water every time you do up. 
 
  1. What are the Maintenance and Utility Costs?  

Before buying a recreational property ask your agent or the previous owner to show you the last utility bill. You might be surprised to find out how much it costs to get hydro to your little oasis. Not to mention maintenance and upkeep costs are all season long, even if you aren’t there. You may need to pay someone to plow your road, watch out for fallen trees or clean up after a storm. 
 
You should always visit a recreational property before you buy it. Once there, you should also ask about the landscape, property lines and septic system. Knowing all of this will help you to make the best decision when deciding what property to buy. 
 
If you are looking to buy a recreational property click here to see how Knowledge Broker can help you find your own getaway home. 
 
At Knowledge Broker, our goal is to create an open-source of information for all our clients. We want to ensure that, at the end of the day, they get exactly what they want and what they need. If you know someone who could use our help or services please put them in touch with us or send us their details using the contact information below. And before you go, click here to take the Knowledge Broker Quiz and see exactly what we can offer you!
 

JOSHUA CAMPBELL (@knowledgebrkr)
Real Estate Broker
Coldwell Banker The Real Estate Centre, Brokerage
joshua@knowledgebroker.ca
249 Avenue Road • Newmarket, ON L3Y 1N8
289.231.0001

 

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