Category: Buyers

Tip Series: Buying a Condominium In and Around Ottawa

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Condominiums are a popular choice among homeowners in Ottawa, and with the many conveniences they offer it is easy to see what attracts buyers to this specific lifestyle. Buyers are often drawn to this option of home ownership because of the lifestyle it offers. Amenities range from swimming pools, party rooms, and theatres to a luxurious white glove service, and common grounds maintenance offers peace of mind that can’t be beat. Different condominiums can be found scattered throughout the city, as well as in the town and country locations.  However, before making your purchase there are some considerations to make, including evaluating and choosing the right condominium for you. Here is your Royal LePage TEAM Realty tip series to guide you through buying a condo in Ottawa.

Tip #1: Prepare To Pay For A Status Certificate

When buyers are looking to buy a condo, they need to be prepared to pay for a status certificate. This added expense is ordered by your lawyer, who will then discuss it with you. The status certificate discloses financial and physical information based on previous inspections, as well as any rules or other necessary information in regard to the condominium. 

 

Tip #2: Inspect More Than Just The Unit 

While the interior of your condominium unit belongs to you, there are common areas that you will have access to as well. Check if these areas are to your satisfaction, when they can be used, if they will accommodate you, and whether they require prior booking. 

It is recommended by the Canada Mortgage and Housing Corporation (CMHC) that a buyer has their inspector take a look at aspects of the building outside of the primary unit, as well as any other common areas. If the buyer is unsure about the physical condition or technical aspects of the building, hiring an inspector could put your mind at ease or flag any issues that you want to avoid as a condominium owner. Make sure to hire an inspector with condominium experience, and a provincial licence or credentials from the Canadian Association of Home and Property Inspectors. 

 

Tip #3: Understand Your Condo Fees and Special Assessment

Condominiums come with a monthly condo fee that is typically paid monthly. This fee is used to cover specific costs such as building repairs, maintenance of common areas, amenities or services, and reserve fund contributions. While this is more money out of your pocket on top of your regular mortgage payment, it also means you won’t be hit with the bill that comes with big ticket items such as roof repair or window replacement. 

On top of your monthly fee, you can also be charged for “Special Assessments”. Special Assessments can be done at the discretion of the board of directors, and is typically done to cover unforeseen expenses, or to make up the cost for under-budgeting. It is up to the condo owner to pay their portion of the special assessment when it arises, alongside their regular condo fees. It is important to be prepared for this as a condo owner. 

 

Tip #4: Know The Rules

Condominiums also have a set of rules for residents to abide by. Discuss with your REALTOR ® any rules and regulations you must consider before buying your condo, and request a copy to review on your own. There may be restrictions on owning pets, hosting parties, and renting out your unit. Ensure you know the rules, and are able to abide by them while living in your condo. 

 

Tip #5: Check The Timeline of Your New Build

If the condominium you’re looking at is a new building, there are a few questions you will want to ask before making financing arrangements or planning your move. Especially if you are selling your current home to buy your condo, you will want to make sure the timeline given for the project’s completion seems reasonable. Look through the purchase agreement to find out if there are provisions in place that allow the developer to alter move-in dates. 

You may also want to inquire about the new building’s home warranty, and be aware of what it covers and the timeframe set out so that you can report and repair any issues before they become bigger, more costly problems.

Tip #6: Attend The Meetings

Condominiums have regular meetings with property managers, board members, and residents. You should know as much as you can about your investment at all times. It is recommended to be involved, attend the meetings, review your condominium corporation’s financial statements, and be aware and engaged in the financial and physical health of your condominium.

Buying a condo is an exciting time in someone’s life. Protect yourself and come prepared with the right knowledge, and a trusted REALTOR ®. Working with your Royal LePage TEAM Realty agent will ensure you are afforded the guidance needed to secure a condominium that meets your needs and falls within your budget. Your agent will have specialized knowledge on buying and selling condominiums, and may have additional information on projects and developments in your area, amenities, school zones, and transit systems.

 

Royal LePage TEAM REALTY Tip Series: 6 Tips For Buying Rural in Ottawa

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While buying rural has its advantages, if you have never purchased rural property or lived in remote areas, knowing what to look for may make you feel a little lost. To make sure this process goes smoothly, we have compiled a list of tips to consider when making your purchase so that you can fully enjoy life in your new home. 

Leaving behind city life to buy rural property is a rising trend in Ottawa. Buyers are now seeking homes where they can live, work, and play. As a result, our town and country offices and agents are busier than ever with buyers looking to find a home “Beyond the City”. Today, buyers are more ready than ever before to trade in their busy lives for a lifestyle that allows them to enjoy life each day, no matter what the world looks like around them. People want simple and sustainable living, with large lots or water access, and a small town charm that makes life feel safer and more fulfilled than ever before. While many Ottawans have already taken the plunge and relocated over the past year, there are a few considerations to make before making your move. To help you, here are a few tips to make sure you are prepared to buy rural in Ottawa:

 

Tip #1: Get Comfortable With Septic Systems

If you have lived in the city your entire life, septic systems have likely never crossed your mind. When you reside in rural or remote communities however, septic systems will be your new reality for waste and water removal. Caring for these systems requires routine pumping (every 3-5 years), and mindful care inside of the home, such as spreading out usage of appliances like dishwashers and washing machines and not treating your toilet like a trash can. 

Tip 2: Get a Proper Well Assessment Done

Well water is typically safe for consumption, bathing, cooking and cleaning, but there will always be a risk of contamination if it is not cared for properly. Ask for any documentation of maintenance or inspections done on the well in recent years; these inspections should typically occur three times a year, so the sellers should have some record of this. For good measure, you may want to also send a sample of the water away to a lab for a full workup to ensure there is no risk of contamination. 

Tip #3: Check Your Connections

With many people now both living and working from home, having a high speed internet connection and reliable phone service is essential. Limited internet access has been a barrier keeping people away from buying rural in the past, but as a response to the growing need brought on by COVID-19, the Government of Canada is taking action to get more reliable internet access for people living in rural and remote communities immediately. If your cell phone provider does not cover your area or if the connection isn’t reliable, you may also want to consider re-introduce a landline into your home.

Tip #4: Take Into Account New Expenses

While you may be happy to say goodbye to condo fees when buying your home in the rural Ottawa Valley, there may be other payments associated with maintaining your property in a rural community. This could include fees for snow removal, garbage pickup, road work, or other services that ensure the community is safe and accessible. 

Tip #5: Consider Transportation

If you are working from home, transportation might not be your number one concern. However, if you travel daily you may need access to one or two vehicles; This may increase your monthly expenses by adding on car payments, gas, car maintenance and insurance costs. Those who rely on public transportation may be in for a long commute, as access to city bus routes is limited in rural or remote areas.

Tip #6: Work With An Agent

At Royal LePage TEAM Realty, we have agents dispersed throughout the Ottawa Valley who specialize in servicing rural communities. The advantage that comes with working with these agents is that you can truly benefit from their knowledge and experience. With their guidance, you can enjoy your new home knowing that you have the best team in Ottawa working together to ensure your transition from city to country is seamless, and that you have all the information you need to maintain your home properly for years to come. 

 

6 Things To Do Before Settling Into Your New Home

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Buying a home is an exciting time for both new home buyers and experienced buyers alike. It is a fresh start, with new walls to build your life within. However, once the move begins, things can feel stressful, frantic, and exhausting, especially if there’s extra work to be done while boxes are being piled one on top of another. To make your transition go smoothly, we have compiled a list of 6 things to do before settling into your home. This will undoubtedly save you time and energy that could be put to better use come moving day.

Update Your Information

Before officially moving into your new home, you should begin updating your address on your driver’s license, OHIP card, banking information, and any other services that require your place of residence on file. Additionally, you will want to inform your insurance providers to ensure that your home insurance is transferred and appropriate for your new home coverage. You will also want to touch base with utility companies before you move so that your home has electricity and gas set up under your accounts. Lastly, have any internet, phone, or television service providers in to get your systems up and running, primarily if you rely on a good connection to work from home. See here for a change of address checklist, to ensure you don’t miss informing anyone.

Make Your New Home Shine

Before the big day comes, set aside some time or hire a company to complete a deep clean of the home. Ensure high-touch surfaces are disinfected, carpets are steam-cleaned, appliances are cleaned out, and that every nook and cranny is spotless and ready for a new life. If the home’s colours aren’t in line with your decor or aesthetic, or you want to rid the home of any lingering smells from pets or smoke, take this time to add a fresh coat of paint to the walls. By the time you move in, it will feel like you were the first family ever to own the home, and the hustle of moving-day will be a breeze. 

Make a home maintenance schedule
Home maintenance should never be something you skip on when it comes to homeownership. Keeping a regular schedule will ultimately help you protect your investment, and hopefully, minimize any high-cost repairs you may have to do. You can begin the work for this as early as your home inspection report comes in, as it might contain suggestions for work or repairs that should be completed.

Create and organize a filing system for any manuals or instructions, with clear outlines on how frequently you should have large items or appliances serviced or replaced and when to conduct seasonal maintenance. This is also an excellent opportunity to do your research and find a list of local plumbers, electricians, exterminators, landscapers, or snow removal companies that you may need to use in the future. 

Smoke and Carbon Monoxide Detectors
It is good practice for every homeowner to frequently check both smoke and carbon monoxide detectors to ensure they are in good working order. Before moving into your home, checking or replacing existing smoke and carbon monoxide detectors or their batteries should be one of the first items to check off your list. Home Safety experts recommend changing the batteries every 6 months, so make sure to mark it on your calendar for semi-annual maintenance to be completed. If you are unsure how to test your systems, your local fire department may have some tips or offer free inspections.

Change Your Locks
Getting keys in hand for your new home on closing day is easily one of the best feelings when buying a new house. Everything is real, and a new adventure is about to begin. But for safety reasons, the passing on of keys should stay ceremonial. You never know how many copies of your house keys have been made and how many people may still have them in hand. This can be an easy fix by installing new deadbolts yourself or by calling a locksmith in to do it for you. Make sure if you get copies made that you only give them to necessary persons, and write them down, so you don’t lose track. 

Get Familiar With Your Home
Once you become a homeowner, it is essential to get familiar with the systems in your home. Take the time to understand how everything works. Locate the furnace, air conditioning system, circuit breaker, and the home’s main water shut-off valve. Take note of these things during your walkthrough with your REALTOR ® or home inspector, and once in your home, inspect them yourself or hire someone to do a secondary inspection with you so that you know how best to care for your home and protect your investment. 

 

5 Winter Home Selling Tips to Elevate Curb Appeal

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While some people look down on it, selling your home in the winter can actually be a great experience. Buyers this time of year are more serious, and with a currently low inventory, Real Estate in Ottawa is advantageous for sellers. Many homes sold in the winter months have had multiple offers, and have sold for above-asking price.

To ensure your home gets the attention it deserves, it is important to remember that first impressions mean everything. Many people only focus on the inside of the house by revamping or staging the space. With such a focus on outside space during the last year of the pandemic, sellers must tend to their outside space. Here are 5 ways to elevate your curb appeal and make your home stand out above all on the Ottawa MLS.

 

Maintain Your Property

Just as you would tackle your gardens in the summer or rake up leaves in the fall, winter months need outdoor grooming too. Ensure your driveway and any pathways around the property are clear of snow and are looking tidy. Keep any stairs free of snow and ice, and lay salt on slippery surfaces to ensure the safety of yourself and visitors. 

Having the snow around your home groomed for both photos and visits will show the home is well maintained and provide buyers with more intrigue. 

 

Add Some Colour

Beautiful gardens make your home stand out in the summer months, but getting the same pop of colour in the winter requires creativity. Elevate your porch or garden beds with planters filled with winter greens and spruced up with vibrant fabrics or sprigs of dried flowers. The added colour will bring warmth to your outdoor space and amplify the curb appeal. 

 

Tend Your Garden Beds

If the snow on your property is light, you may have exposed garden beds. Covering them with mulch to hide dead plants can provide a more attractive and groomed appeal to potential buyers. Fixing up the edging around the gardens, if possible, can also help to make your home stand out above its competitors.

 

Outdoor Lighting

Outdoor lighting in the winter months can be both practical, and aesthetically appealing. With shorter days giving fewer hours of sunlight to showcase your home, adding outdoor lighting can go a long way. Including lights to paths around your home can highlight the labour of love you put into maintaining your property. Keep outdoor lighting on in darker hours, and look into adding spotlights to highlight any notable features of your home. Having beautiful trees or the brickwork of your home lit up at night can ensure your home becomes the showstopper you know it to be at all times of the day.

 

Mind Your Backyard

While most people limit outdoor winter maintenance to the front yard, when it comes to selling in the winter, the backyard is just as important. Shovel off any decks or patios, add in lighting, and be sure to show any features that buyers find appealing. Amplifying your space both indoors and out is essential when trying to sell a house, even in the winter months.

 

Virtual Open Houses in 2021

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Live stream open houses have never been more popular in the real estate world.  “Since the feature was made available on REALTOR.ca in April, there have been more than 24,800 live stream open houses conducted by more than 2,600 REALTORS® across Canada.” according to CREA.  That’s a lot of people that potentially have been saved from exposure to the virus.  Visit Ottawa Virtual Open Houses (ottawaopenhouses.ca) to see all the available properties that have virtual open houses.

 

Despite multiple lockdowns and restrictions, Real Estate has not only remained essential but has thrived. Take a look at how we are doing things differently.  The high demand in the Ottawa area has kept us all busy as we adapt.  We are doing business virtually and using more and more online tools.  We are fortunate to still be able to help those buyers and sellers that need to buy or sell. While we have pivoted to a more digital atmosphere, with virtual open houses, tours, and digital signatures, we are happy that we have been able to remain a stable force that our clients can always depend on.  One of the biggest trends in 2020 and will continue to be in 2021 is technology.  Here is a look at how our industry has pivoted to offer more and more ways to view properties online. 

 

Virtual Open Houses in 2021

Hosting Open houses is a marketing tool to allow potential buyers to view the homes they had an interest in purchasing. The point was to maximize the number of showings in a condensed amount of time. Sellers have the house staged and cleaned to display the home at its absolute best.  Visit Ottawa Virtual Open Houses (ottawaopenhouses.ca) to see all the available properties that have virtual open houses.  With the COVID-19 pandemic curtailing the way we interact, and in compliance with provincial restrictions, we put a halt to the traditional open house in spring 2020 and instead, introduced Virtual Open Houses. The health and safety of our clients and community have always been at the top of our minds, and we remain dedicated to ensuring that our essential services can be used remotely, and conveniently. Now, our REALTORS®, photographers, and stagers work together to showcase your home virtually, in these new and innovative ways. 

Virtual Open House – Pre-Recorded


With professional photographers and videographers, we record a high-quality video tour of your home, highlighting all the excellent features that you do not want buyers to miss. Your home is staged as it would be in a traditional open house, making it easier for others to picture their belongings in this new space. This pre-recorded option allows buyers to view multiple times, and at their own convenience. 

 

Live Steaming your Open House


The benefits of live-streaming your open house are the same as a pre-recorded open house, only viewers can ask questions during the viewing.  It has a set time just like a regular open house.  Your REALTOR® will engage with prospective buyers or agents and ensure they have the information they need to move forward. 

 

3D Walk Through Tour


This interactive walk-through allows you to move at your own pace while taking measurements and viewing the layout of the space. The detailed floor plans allow guests to view the home as if they were inside, walking around in real-time. This feature is great in combination with both live-stream and pre-recorded open houses.  It gives potential buyers a completely immersive experience. 

 

These new virtual options have opened the market up to buyers all over the world. Now searching for a home is easier than ever. For a list of virtual open houses, use the search function and explore as many homes as you want in an afternoon. For any questions or further information on listings that stand out to you, reach out to your Royal LePage Team Realty agent today.  Curious about how we are stopping the spread. and other online buying tools if you have to buy a house during Covid click here. 

 

What do Luxury Condos in Ottawa look like?

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Some buyers have dreams of a white picket fence, others imagine a life of luxury when purchasing a home. Those in pursuit of this lifestyle may be curious to know what to expect in the Ottawa luxury condominium market. Luxury condos in Ottawa are typically found in the downtown core, with good proximity to shops and businesses.  They also boost of views or beautiful scenery.  Many of them have multiple levels, with lots of space, bedrooms, and bathrooms. You do not have to worry about outdoor maintenance, but these high-end buildings are attractive and boast amenities that make life look like a modern-day fairy tale. Click here to see all the luxury listings on the market by visiting our Luxury Home Listings Page.  Developers and condo corporations have created a market that leaves owners wanting for little to nothing. Here are some of the features that make a condo in Ottawa hold luxury status and if you are wondering if Condo living is for you check out Is Condo Living Right for You article.

White-Glove Service

White glove service in a condominium includes impeccable service that goes above and beyond. This accommodation can entail luxuries such as a doorman, concierge, or a porter. This adds a sense of security in the building and a level of convenience that you may not find elsewhere.  Ottawa has several condo buildings that have white-glove service, one that is catching people’s eye is the ReResidences that have views of Parliament Hill.

Exclusivity

Along with your living quarters comes exclusive use of amenities within the building. Although you do not own them like you own your living quarters, you do hold the right to use them while you own your condo. Exclusivities may include parking, an entertainment room, or memberships to clubs associated with the condo or located on the grounds.

Amenities

With luxury, comes convenience. High-end condominiums in Ottawa generally offer a wide range of niceties. Owners can enjoy the use of party rooms, theatre rooms, rooftop terraces, hot tubs, swimming pools, tennis courts, gyms, concierge service, and more all located in or around your building. This makes it easier than ever to entertain and enjoy life to the fullest.

Views

Most luxury condos in Ottawa have breathtaking views. It is easy to enjoy the cities most beautiful features from the comfort of your own home. With the Ottawa River, Gatineau Hills, Parliament Buildings, and other popular historical sites, it’s easy to see why this skyline can give condos their luxury status.

Outdoor Space

One common way that condominiums aim for extravagancy is with available outdoor space. In some of Ottawa’s most expensive condominiums, you can find beautiful outdoor rooftop terraces with kitchens, barbeques, lounge areas, hot tubs, and sometimes even swimming pools. Penthouse Suites also have larger balconies for private lounging.

When buying a luxury condominium in Ottawa, you can expect exceptional levels of service, convenience, and community. Though the price point may be on par with a single-family home, the advantages of these units are in abundance and leave homeowners with a lifestyle they can truly enjoy each and every day. It is important to find a condo that matches your lifestyle, check out our blog on Picking a Condo that matches your lifestyle.  For questions about luxury condos available in Ottawa, contact your Royal LePage Team Realy agent today.

Online User’s Guide to Buying a Home During Covid

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The New Importance of Online Tools

COVID-19 has changed our lives dramatically.   All facets of our day to day routine were transformed. Initially, the Real Estate community saw a drastic slowdown in the sale of homes.  However, the industry was quick to adapt to the new challenging environment as we were deemed an essential service.

All the health and safety protocols were followed. New cleaning routines and rules and restrictions for open houses were implemented. The increased use of professionally produced virtual tours became vital for potential buyers. When the industry adapted and sales increased, the importance of online tools remained critical. Given the speed that homes are sold, being prepared is now even more important. The effective use of all the available online tools will ensure you are entirely up to speed when making exciting but stressful decisions.

Clearly, as you make the decision to buy or not, the first step is to work with a Royal LePage Team Realty Agent REALTOR ® Next, visit the Team Realty site. There you can find the latest Real Estate News, insights, trends, and you will find information about buying a home. The Ottawa Real Estate Board is another excellent source of information about Ottawa’s market trends. An additional source of information is the Canada Mortgage and Housing Corporation.

Where Should We Buy?

 

Start the selection process by deciding on the area of Ottawa where you would like to live. Some of the factors include working from home, and if not, is public transit nearby? Can the LRT or connecting busses help you get to work?

Do you want to be able to walk to restaurants, pubs, a park, the canal, the Byward Market, the Glebe, or shopping? Is there childcare and schools nearby? Are there medical facilities and hospitals in the area? Are there community associations that you may want to join? What are the demographics of the neighbourhood? When you find a neighbourhood you are considering, spend some time walking around the area and get a feel for the environment at different times of the day. A great resource to check out is Picking your Community

Find out if there will be more development in your potential neighbourhood? Always check about zoning. You can always contact an Ottawa Client Service Centre and ask to speak to a Development Information Officer to confirm the zoning in any neighbourhood.

Land Transfer Tax

The buyer pays Ontario Land Transfer Tax when the title is transferred from the seller to the new owner of a house or condo. When buying a home in Ottawa, is the Ontario Government calculator. If you are a first-time homebuyer, you may be eligible for a refund of all or part of the land transfer tax. The HST applies only to newly constructed or renovated homes but does not apply to resale homes or condos. The Ontario Government calculator link provides general guidelines on calculating land transfer tax payable in Ontario.

Mortgage Questions

You must pay very close attention to all aspects of your potential mortgage. Use the online Mortgage Calculator to help you work out your options. This calculator is for demonstration purposes only. Always work with your mortgage provider and your Royal LePage Team Realty Agent REALTOR ® before making any decisions.

Legal Fees

Your lawyer is an essential member of your Real Estate team. They are there to protect your interests and your bank account. Check with your lawyer during the process, so there will be no surprises on the closing day. If you have any legal questions or want to double-check what your lawyer has recommended, check with The Law Society of Ontario. https:lso.ca/home.

Condo Questions

We have put together a number of great resources if you are interested in condo living or seeing if condo living is for you.  Take a look at Picking a Condo that Matches your Lifestyle or Condo Living – Is it right for you? If you are interested to see all the condos that are available click here to see all the Condos for Sale in and around Ottawa .  Another great resource about condos is the Ontario Government’s site

Next Steps

 

What is Available?

With in-person showings no longer the usual way to show a home, because of the COVID-19 outbreak, Team Realty presents Ottawa Virtual Open Houses. Discover hundreds of properties with virtual tours that you can walk through in the comfort of your own home. You will find the most accurate and complete information about the entire spectrum of homes available. Included are the most professional tours available in the industry. Check out the Ottawa Virtual Open House site.

How Much Are Homes in my Desired Neighbourhood Selling for?

With a simple click, anyone with an email address can access sold prices and other information on listings that have been sold. Once the email is verified, you will have access to the sold database and get a sense of the price point of any neighbourhood by checking www.findottawarealestate.ca

Now You Are Ready To Decide

Buying a home in Ottawa has changed dramatically over the last year. However, by using all the online tools available, you can gain the necessary knowledge without leaving your home. When you decide to buy a home, you will be prepared.   You can act quickly and make the right decisions for you and your family. Take the time to use all the online tools, and by working with your Royal LePage Team Realty Agent REALTOR ®, you will not be disappointed.

Saving Money to Buy Your Home

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Everyone needs a place to call home. It’s our base. It’s the foundation upon which we build our lives. It defines our sense of community and the satisfaction of participation. But what is the price tag that comes with owning your own home? How do we secure the money to become homeowners? How do we save money to buy a home?

It is not always easy saving up a downpayment for a home, especially if you are already paying rent or a mortgage. Coming up with 5%-20% of a purchase price can feel so unattainable when you already have so many other expenses to stay on top of.  There are things that you can do to make saving up for a home a much more manageable venture. Here are some ways that you can increase your savings to secure the home of your dreams!  These strategies apply to buyers of any ages whether you are Millenials, GenX there are ways to get yourself into home ownership.

 

What Can You Afford

When it comes to purchasing a home, it is very important to understand what you can afford. Speak with your financial advisor or a mortgage specialist to find out how much you can put towards a mortgage payment each month. This number should include the mortgage payment, property taxes, insurance costs, and any condo/homeowner fees. You will want to leave some wiggle room in your budget so that if there are any unexpected expenses such as home maintenance or repairs that arise, that you can still handle them.

Set Up Your Down Payment Fund

The first step is to know how much you can set aside each month towards your down payment.  You can create a fund or an account to put your money into. Next, consult a professional, such as your mortgage specialist or financial advisor; They can help figure out the best way to save or invest your money to build up your down payment.  There are several options available, such as Tax-Free Savings Account or RRSPs.  Try to make consistent payments into your savings fund.  Once you meet your goal, it is time to begin your house-hunting adventures.

Cut Back Where You Can

It is easy to get lost in automatic payments.  Sit back and account for all of your monthly expenses. Cancel subscriptions that you do not use, or do not need, or change your monthly plans.  Make sure you are getting the best deal that reflects your true needs.  You may find yourself saving a couple of hundred dollars each month. Click here for more tips on how to save up for your home.

Resist Temptation

Give yourself some time, it is not realistic that you can save for your down payment in only a few months.  There will likely come a time that you will want to dip into your savings and spoil yourself a little. Resist this urge. Instead, put your money somewhere that is not accessible. Pretend that it is not there at all. While it will take time, the benefits that come with having your own home are plentiful.

Securing your down payment may feel like the biggest hurdle you face when it comes to buying your home. While there are many ways of achieving this, the sacrifices you may have to make will pose a challenge. In the end, once you have your key in hand, the rewards are worth it. Reach out to your Real Estate Agent to help in researching strategies.  If you don’t have one let us know.  They can help you with the advantages, limitations of the various approaches you can take. With the proper help, there is no doubt that you will be able to buy the property that is right for you and your family.  Then enjoy life as a home-owner!

Looking To Buy A Cottage? 8 Things To Consider Before Making Your Purchase

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Buying a home is a great accomplishment for many, but buying a cottage can feel like a dream come true. With aspirations of kicking back next to the lake and enjoying the solitude that comes with cottage life, residents in Ontario are now more than ever eager to find their own slice of paradise. While the luxury of this second property may offer an excellent way to break from the hustle and bustle of city life and enjoy some solitude, it is also an ample opportunity to earn income or to begin investing in Real Estate. But before you begin hours of globetrotting in search of the getaway home of your dreams, be sure to consider everything that owning a cottage entails; Speak with your REALTOR® for any advice they may have, tips on where to look, what to steer clear of, or for help with purchasing in another province. These are all big decisions to be made, and you should wait until you have the knowledge and information needed to get the most out of your property so that you can enjoy it for years to come. In the meantime, here are some considerations that should be made when looking to purchase your first cottage.

What is your Goal?

Prior to your search, ensure that you understand your goal in owning a cottage: Are you looking for a summer getaway spot, or a 4 season cottage to visit year round; Do you desire solitude or is a community with neighbouring properties something that peaks your interest; Is water access a need, or does swimming and other water activities rank low on your list of must haves; and finally, is this property for personal enjoyment, retirement plans, an investment opportunity, or as a means to earn steady income. Once you know exactly what you want, you have a better idea of what it is that you should be looking for.

Costs

It is important to understand that the costs of operating a cottage differ from that of your primary residence. For instance, insurance alone can have higher rates due to the fact you are not there as often to check up on the home, and often have additional stipulations such as checking the property regularly in order to maintain the validity of the insurance policy. Other costs to consider when purchasing a cottage include hydro rates which may be delivered at a higher rate in rural areas, seasonal maintenance, property taxes, garbage disposal and recycling services, and the cost or availability of internet.

Access

Some cottages are very remote, making for unique factors in terms of accessibility. Before purchasing your cottage, it would be important to evaluate how you access the property throughout different seasons or any obstacles that may prevent you from enjoying your experience as a cottage owner to the fullest. Some potential hindrances include whether or not the property is accessible by land, the proximity in which you can park your car, the landscape surrounding the cottage, and whether or not you will have to climb stairs for water access.

 

Water and Septic Systems

As most cottages are located in rural areas, water systems and septic tanks usually coincide with ownership. Before purchasing your piece of paradise, be sure to understand whether or not the water available is safe for drinking, or if you need to bring your own supply each time you visit; If your cottage water supply runs from a well, you will need to incorporate in your expenses the cost to have the water tested regularly. If there is a septic system that the cottage uses, you should ensure that it is in good working condition and consider the costs that come alongside any regular maintenance; In addition, it would be good to receive proof of previous maintenance, inspections and approval reports obtained by the previous owners.

Amenities

Amenities are usually a big check on every homeowners list of requirements, but can often be prematurely dismissed when on the hunt for a cottage. Cross reference the importance of amenities alongside your list of goals in cottage ownership. If you are looking for a place to retire, you may want to have the essentials within a short drive; If you plan to rent your cottage out for vacations, certain amenities may increase the demand of your property allowing you to charge a higher rate than cottages without.

Rentability

If you are looking to rent out your cottage to others as a means of income through websites such as AirBnB, ensuring your space meets the needs of cottage goers is essential to your success. What would you be looking for when renting out a cottage for your vacation? Things like waterfront access, availability of clean drinking water, accessibility, direction, amenities, and internet access are commonly sought out by renters when planning their vacation. Be sure to take these into consideration when searching for your rural getaway attraction.

 

Local Laws and Property Restrictions

Once you have purchased your cottage, you may have big dreams to build docks, workshops, or expand and upgrade the dwelling to meet more modern demands. Unfortunately, with building restrictions, by-laws, crown patent and waterfront issues this is not always the easiest process to initiate. In some cases, despite having waterfront access right off of your property, you may not have exclusive rights to the shoreline. Look to your Real Estate professional or Lawyer for help navigating and understanding your rights as an owner in respect to cottage and lake associations, local legislations, and any other official plans or restrictions.

Mortgage requirements

Typically, those who are looking to invest in a cottage already own a primary residence. If this is the case, it is good to understand that you will need a minimum payment of 20% as your down payment on a second property. If your cottage does not have year round access, a larger down payment may be requested among other requirements in order to obtain financing from a lender. Securing a mortgage for a second property will depend largely on the type of property you are looking for, and your income to debt ratio. Be sure to speak with your bank or lender, or ask your REALTOR ® for help with obtaining information on how to be approved for your second mortgage.

Time to Buy a Year-Round Cottage

Posted on by teamrealty

Buying a Year Round CottageThis year has been a real challenge for all of us. The combination of the COVID-19 virus and uncertain economic times have been incredibly worrisome.  With the arrival of Fall, the situation is still uncertain and extremely stressful. During the summer, many of us were dreaming of escaping to a safe and relaxing haven. As many of us will be working from home for the foreseeable future, a cottage is a great idea. Working from your cottage would be the best of both worlds, a great office with a view. The idea of having a cottage has been discussed by many of our friends and family. If you are thinking of buying a cottage, always contact your REALTOR® prior to making any major decisions.

Factors to Consider

The following are some of the factors that you should consider when thinking of buying a cottage:

  • Are you looking for a family vacation home and, eventually, as a retirement home? Buying now allows you to acquire a retirement home at current prices
  • Will you use it for rental purposes?
  • How long a drive do you want to get to the cottage?
  • Will you be working from there? More people are working from home or the cottage
  • Is high-speed and reliable Wi-Fi or cell phone coverage essential for work and entertainment?
  • Is waterfront important?
  • Would you consider shared ownership with friends or fractional ownership?
  • How many bedrooms and bathrooms, including bunkies, do you need and what kind of indoor and outdoor spaces do you want?
  • Do you want a basic cabin or a large modern cottage?

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Financial Planning

There are many important financial aspects to consider when thinking of buying a cottage. These include:

  • Property tax, cost of rural hydro, road maintenance, snow plowing, yearly cottage repairs, insurance,  plumbing, roofing, electrical, eavestroughs, furnace and AC maintenance, grass cutting, gardening and tree maintenance, and cleaning if you are renting it out
  • You will pay the Ontario Land Transfer Tax and legal fees
  • Consider the cost of canoes, kayaks, paddle boats, and water toys
  • Buying a cottage is a lifestyle choice and should not be considered as an investment
  • Can I get a mortgage on the cottage? Yes, you can, Type A Cottages: have year-round access, are winterized, have a heat source, water, and have a foundation below the frost line
  • Type A can be mortgaged with similar terms to your home in the city
  • Always check with your REALTOR® for mortgage options. They can help with considering options such as refinancing your principal residence

Start Looking

Having a family cottage is the dream of many Canadians. A place to relax and see all family members have fun and share special family times and memories. A critical factor to consider is the distance from home to the cottage. The closer it is, the more often you will be able to escape to your second home. Cottages close to Ottawa have increased in price. With so many people working from home, many families are considering the purchase of a cottage. Please speak to your REALTOR® and start looking.