If having a cottage or home on the waterfront is a dream of yours, you live in just about the best place in the world to live the dream! Thanks to the last Ice Age, Ontario is home to 250,000 lakes.
In addition, you can choose the type of waterfront living you want. You could find everything from smaller lakes where yours may be the only waterfront property, to some of the largest lakes in the world, where it feels like you’re on the ocean, with beautiful sunrise or sunset views.
But, unfortunately, you’re not the only one who loves the idea of living on the water. Waterfront real estate in Ontario can be as expensive as many regular homes you might find in Markham real estate listings. So it pays to learn a thing or two about finding and buying waterfront property.
Tips for Buying a Waterfront Home
Like with any home, looks can be deceiving when it comes to waterfront homes and cottages. Remember the following tips when you’re looking for your dream place by the water.
Get an Inspection
Competition for homes in some areas has meant that many buyers forego a home inspection. But, houses built near water can have more water-related issues, including leaky basements, corrosion and mold issues. Other things to check out include getting the water quality near the property tested, and walking your entire property and shoreline so you don’t get any bad surprises after you move in.
Location, Location, Location
Yes, it has the same meaning as it does for any real estate. But, on the water, location can be deceiving. You might find a reasonably priced property on a desirable lake, but there may be endless boat traffic just off your shoreline. In addition to desirable locations, make sure the spot you choose meets your personal needs. Many lakes are on water systems that link to other lakes, which can increase boat traffic but can give you more options for boating.
Smaller lakes that aren’t on a water system might not have access to as many amenities, like a place to fuel, service and store your boat, but they may be quieter and more private.
Call Your Home Insurance Representative
Waterfront homes can be more costly to insure due to an increased risk of flood damage. Calling your home insurance representative can give you some insights on what the costs will be.
Use Your Network
If you have family or friends who own a cottage, ask for their help in your search. They may be part of the owner’s association and/or marinas where word of an available property might surface before the property goes on the market. While lots of people dream of lakefront property, the reality might not be right for them and they can be very motivated to sell.
Think About What You Want in the Home
There can be a wide variety of homes and cottages located on the waterfront. Some can be little more than “open concept” cabins. Others can be similar to your primary residence with separate bedrooms, living rooms, dining rooms, and kitchens with granite countertops.
As with any search and purchase of the residential real estate, an expert realtor will help you find the right lakefront property, and buy it for the best price.
For more real estate options, check out our recent article “The Rent vs. Buy Decision in Today’s Real Estate Market”.