How to Purchase the Perfect Cottage Property

How to Purchase the Perfect Cottage Property
If you’re thinking about buying a cottage property, you’ll need a professional with specialized knowledge to help you make the purchase.

What everyone agrees on is that you should buy a cottage that is approximately two to three hours away from your home. Many lenders will not consider a vacation property that’s too off the beaten path.

Working with a local real estate agent might be a good idea simply because they know the area and probably know the property.

If you’re buying in the winter, a local professional can tell you if there are any hidden sins under the snow. This is important because late fall and winter are the best times to get bargain prices.

You should ask the following questions:


1) How many feet of waterfront are available?
2) Hoes the cottage include a dock?
3) What type of heating is used?
4) Is there electricity and what type of water source is used?
5) Is the property a freehold or on leased or Crown lands?


Getting financing for a cottage can also be easier if clients use a mortgage broker. We have access to the best rates and have a lot more flexibility to work around issues that a bank would not. A broker will usually get you the same rate for a cottage that you have for your primary residence.


Guy Ward is a Mortgage Associate in Calgary, Alberta with TMG (The Mortgage Group Alberta).