Buying Waterfront Property For most people, the warm days of spring bring visio…
Buying Waterfront Property
For most people, the warm days of spring bring visions of tranquil outings to the lake, quiet moments by the dock, and the sound of gentle waves touching the shoreline. It also kicks off the traditional cottage season and this year, as in years before, preparation is the key to finding the right property.
Unlike residential real estate, recreational properties can be much harder to find as waterfront property is a finite resource. This year, demand for property outpaces supply in most areas of the country, making timing a crucial component of the buying process.
The key is to act quickly, but cautiously, to secure your piece of paradise. By adhering to the following tips, you can ensure that you’re in a position and ready to move at a moments notice:
Know your price range and determine how much you want to spend
Find a REALTOR you can trust and who understands your wants and needs.
Winterized or seasonal? Would you like to use the cottage year-round or just during the summer? Be prepared to pay more for winterized, year-round accessible cottages.
Are you prepared to travel more than two to three hours? Do you like smaller lakes or larger lakes? Do you prefer sunrise or sunset?
By answering these questions, you’ll be able to narrow your search to specific areas.
Work with your realtor. As soon as a cottage is listed, especially if its located in a high demand area, be prepared to move quickly, including driving up the same day or very next day.
Have a home inspector go through the cottage. This provides most buyers with peace of mind.
Do you want deep water or shallow water? Do you prefer sand beach or rocky cliffs? What about activities such as fishing, hiking, boating, and swimming?
Once you find a property you like, don’t hesitate. If priced correctly, most cottages move quickly. Finally, a recreational property is your home away from home — a place to relax, enjoy yourself, and have a little fun