Avoid Cottage Buying Nightmares

Time-share and new condo developments are offering generous incentives to potential buyers while the values of resale properties are falling as seen in the Collingwood real estate market. 
Enlisting the help of an area professional should be your primary order of business. The real estate agent you choose should have an in depth working knowledge of recreational properties. Do not conclude that because an agent works in a community surrounded by lakes and cottages he will have the answer to your questions. Experience selling in the recreational real estate market should be your deciding factor when selecting an area specialist. 
Zoning is a very important aspect to evaluate. In some instances, cottage country municipalities may have passed season using zoning stopping you from turning your cabin into a year round retreat. Added constructions and additions abide by the same regulations. Once you select an area that you enjoy, be sure that you question your agent about zoning by-laws. The cottage associations deal with the daily issues while the zoning by-laws are passed by the municipalities. 
You should be aware that you may not able to change the beach or shore line of a waterfront property that may interest you. Adding fill or changing the slope of the land may be stopped from the authorities, as is the case for Collingwood cottages. You will also require permission to modify or construct structures such as docks, boathouses, retaining walls, etc that impact the shoreline. It would be wise to add a clause to your buying agreement that warrant the legality of current structures or to ensure that modifications can be done in the future. 
The road passage to and from your property is another area that should be investigated before finalizing a purchase. Aspects such as who is responsible for the upkeep of the roadway, whether the road access is public or private and if it is open year round should be determined. In many instances, access may be along a private right of way. 
Another factor is the water and sewage systems. Water is drawn from rivers or lakes wells in many cases. It is important to have your water evaluated by the local health authorities to ensure that is safe to drink. You may need to install a mechanical purifier in order to access potable water. The Environmental Act tightly regulates the use of septic tanks and this is the most common waste disposal for cottages. In a lot of older properties, the septic system may be a crude improvisation. You will need to replace the system for a more adequate one if you plan on building an addition on the cabin.  
A final consideration should be the financing of the property. You will require financial assistance, if like most buyers, you cannot manage to pay cash for the property. The amount of financing available will vary but in most cases, financial institutions will require a minimum down payment of 20%. You should evaluate your financing options with a local mortgage broker who will be familiar with the financing choices available for recreational properties.