But buying a cottage is different from buying a house in the city. The process can be a bit more complicated, with unique considerations for the unique details of cottage country.
If you’re thinking about buying a cottage in the Haliburton Highlands, here’s some helpful advice to guide you through the process.
1. Know Your ‘Why’
Before diving into your search, take a moment to reflect. Do you dream of weekend getaways, family vacations, or a year-round retreat?
Knowing the answer will help you decide the kind of property you need. For weekend getaways, you might not need a huge lot or a large cottage. But if you love entertaining or want extra privacy, or space to grow, you may need a larger property. Understanding your purpose will help you focus your search and avoid distractions.
2. Get Familiar With Property Differences
When buying a cottage, it’s crucial to understand the type of ownership involved:
Freehold: This is the most common type of cottage ownership, where you own both the cottage and the land it sits on. Freehold properties offer more control and are easier to sell later.
Leasehold: Less common, leasehold ownership means you own the cottage but lease the land from a private entity or the government. While these properties may be more affordable, they often come with restrictions.
Fractional Ownership: a modern approach to owning a vacation property, where multiple individuals or families share the costs and responsibilities of owning a cottage. Each owner holds a legal share of the property and enjoys scheduled access throughout the year. Often professionally managed, fractional ownership ensures the property is well-maintained, making it a popular choice for those seeking hassle-free leisure time.
3. What About Waterfront?
For many, being on the water is the main reason to buy a cottage in Haliburton. Here are a few key things to consider when looking at waterfront properties:
Lakefront Land vs. Waterfront House: If you want to build your own dream cottage, lakefront land might be a better option. You could also search for a tear down cottage. If you prefer a turnkey property, look for a waterfront home or cottage that’s already set up for lake living.
Lake Life: Not all lakes in Haliburton are the same. Some are crystal clear and perfect for swimming, some are great for boating and water activities, some are motor restricted. What are your lakefront expectations? Carefully consider what your needs are and search accordingly.
Shoreline and Access: Consider the shoreline and how easy it is to access the water. Some properties have rocky shorelines, while others may have sandy beaches or easy access points. Think about your preferences before deciding.
4. Location, Location, Location
Location is everything when it comes to cottage real estate. Each lake in Haliburton offers a different experience.
Lakes in Haliburton: Larger lakes like Lake Kashagawigamog and Kennisis Lake are popular for water sports and boating. For a quieter, more secluded experience, smaller lakes offer a peaceful retreat perfect for canoeing and fishing.
Proximity to Town: Think about how far you want to be from Haliburton village. Is it important to be close to shops and restaurants, or would you prefer more privacy and seclusion? Keep in mind that winter roads can make travel tricky.
Property Size: Larger properties offer more space and privacy, but they require more upkeep. Smaller properties are easier to manage but may lack the seclusion and room to expand. Consider your long-term plans for the land and maintenance.
5. Market and Mortgage Considerations
The Haliburton market can be competitive, so it’s important to understand the trends and prepare early.
Cottage Mortgages: Financing for cottages is different from regular home loans. Most lenders require a larger down payment (20-25%) for secondary properties or larger parcels of land. Be sure to speak with a mortgage broker early to explore your options.
Market Trends: The market in Haliburton is busiest in the spring and summer. However, the off-season (fall and winter) can offer great opportunities, with fewer buyers competing for properties.
6. Long-Term Considerations
Owning a cottage requires more than just enjoying the view. Keep in mind the ongoing maintenance requirements, especially if the property includes several acres of land. From snow removal to lawn maintenance, to maintaining decks and docks, and more, larger properties often need more upkeep. Be prepared for the responsibility.
In Closing
Buying a cottage in Haliburton is a special investment, but it’s important to approach it thoughtfully. Reflect on your needs, understand the type of property you're buying, and consider location, size, and market conditions. If you do your research and work with a trusted Realtor, you'll find your happy place before you know it.
Good luck and happy searching!
