President’s Toronto SUN Column: Cottages Are Investments In Memories
Posted by: Toronto Real Estate Admin / Category: Toronto RealtorTREB President’s Column as it appears every Friday in the Toronto Sun’s Resale Homes and Condos section.
July 19, 2013 –
In a recent keynote address to Greater Toronto REALTORS®, David Chilton of The Wealthy Barber and Dragons’ Den renown remarked on how experiential activities are more valuable to him than most of his possessions, and his comments led me to reflect on the many benefits of owning a vacation property.
Not only does owning real estate represent a solid long-term investment, in the case of a cottage it also serves as a base from which to build lasting memories of summer fun with family and friends.
Now thanks to the cooperative efforts of REALTORS® throughout Ontario, finding the perfect vacation property is easier than you may think. Ninety-five per cent of REALTORS® throughout the province have access to CONNECT, a system that allows your REALTOR® to search and view the active listings and recent sales history from Multiple Listing Service® Systems throughout Ontario, including popular cottage country destinations like Muskoka, Grey Bruce and Haliburton. A recent advancement even allows listings from all Boards and Associations to be displayed to your REALTOR® on a single map of any given area. To find a property that is best suited to your needs, be sure to work with a REALTOR® who is very familiar with the area you have chosen.
A number of different options for financing a vacation home are available, and one fairly common approach involves making a purchase with extended family. If you plan to pursue this route, it’s important to establish that you have similar goals at the outset, given that a cottage can be perceived as a vacation getaway or as an investment with rental potential.
Be sure to give careful thought to your potential purchase’s future resale value as well. Driving distance and accessibility are two important factors in this regard, as are proximity to a nearby town or marina. Consider whether there is access to telephone and hydro lines, and if emergency and waste management services are available. Drinking water quality and septic systems are also key considerations.
Remember as well that you will have to set aside funds for property tax, insurance and utility costs. Recognizing its added exposure to the elements, having the financial resources to maintain your cottage, from driveway to dock, is also crucial.
Given that cottage property divisions normally aren’t visually apparent, it is important to obtain a copy of the survey to be clear on the boundaries of your land, and as with the purchase of any property type, your REALTOR® can counsel you on permitted zoning uses and potential future development in the area.
While there are a number of factors to consider, the professional advice of a REALTOR® can make buying a cottage that promises many years of summer fun a seamless process.
For information on the process of buying or selling a property, plain language explanations of commonly used real estate forms, and details on government programs that may help with the purchase of your vacation home, consult with a Greater Toronto REALTOR® and be sure to visit TorontoRealEstateBoard.com
Dianne Usher is President of the Toronto Real Estate Board,
a professional association that represents 38,000 REALTORS®
in the Greater Toronto Area.
Follow TREB on www.twitter.com/TREBhome, www.Facebook.com/TorontoRealEstateBoard and www.youtube.com/TREBChannel
Article source: http://www.torontorealestateboard.com/market_news/president_columns/pres_sun_col/index.htm
Tags: Toronto Realtor