Have you always wanted to purchase a cottage or vacation home somewhere in Ontario? Here’s the good news: there are plenty of those in Ontario. You just have to decide what and where to buy, and you also have to find someone you can trust to help you. If you’ve just begun your search and are trying to figure out how and where to start, here are some tips on buying a cottage or vacation home in Ontario.

Define Your Goals

It all starts with defining your goals. You have to go back to the main reason why you would like to purchase a cottage or vacation home. People do so for various reasons, including the following:

• For income 
• For investment in real estate
• For retirement in a cottage community
• For weekend getaways or summer vacations

So the point is, why do you want to invest in one? For what reason? Defining your house goals will make all the difference.

Get Your Finances In Order

Your finances should be a top priority. You should get them in order so you can purchase your dream cottage or vacation home. That said, the first thing you should do is get pre-approved for a mortgage. You need to talk to a banker or mortgage broker to help you finance your purchase. Apparently, prices in Ontario vary based on the condition, features, finish, location, size, and other inclusions. The closing cost is something you will need to prepare for too.

Apart from this, you also need to consider all associated costs. Costs for a residential house may be different from a cottage or vacation home. For your reference, these costs may include the following:

• Capital gains
• Garbage
• Heating and Hydro
• Home Insurance
• Internet
• Maintenance
• Property Taxes
• Water

Decide Where to Buy

The next thing to decide is where to buy your cottage or vacation home. You can’t make such a decision lightly, as this is your home away from home. As mentioned, there are many options in Ontario. You may want to purchase a cottage or vacation home in Blue Mountain, Bruce Peninsula, Collingwood, Manitoulin Island, Muskoka, Niagra, Northumberland County, Prince Edward County, or The Kawarthas. When choosing, you may want to consider the following:

• Distance to major highways.
• Proximity to services, shops, and restaurants versus seclusion and privacy.
• Proximity to where you expect to spend your time, such as beaches, trails, etc.

Go House Hunting

Finally, the last thing to do is to go house hunting. This is where the fun begins. You can do this by going online, hitting up open houses on the weekend, or working with a realtor. 

Working with a real estate agent will make all the difference. Buying a cottage or vacation home is different from buying a residential home. Your real estate agent will help you negotiate and obtain the best price and terms from the seller. Now, when searching online, you may do so in two ways. You may search on www.realtor.ca, or you may get custom listings sent to you by a local real estate agent.  

If not, you can go house hunting in real life. You can immerse in the community and see which cottages or vacation homes work best for you. You might need to make a day trip to see the newest listings yourself.

If you’re looking to buy real estate in Ontario, get in touch with us today – we’re happy to help you find a property that suits you.