Finding your Home Away from Home

The day-to-day grind can be exhausting mentally and physically, and an escape from routine may be exactly what you need. Going to a place that recharges you, fills you with happiness and relaxation - a home away from home. A cottage on the water, a vacation home in the woods - there's something out there for everyone.

Is Cottage Life For You?

A second property can offer a source of passive income, if you rent it out to other people, it's also an investment towards the future. A property you can fix-up, improve, and resell.

There’s not as much of an inventory for cottage homes as you’ll see with standard housing, so bidding wars are always a possibility. You also must think of taxes, the time and cost of maintenance, insurance costs, and overall upkeep.

Your house and your cottage come with similar costs. Maintenance and upkeep, the occasional ‘major’ renovation like a new roof, and utilities are all standard property costs.

If your cottage is a smaller space than your home, it will cost less to heat, cool, furnish and decorate. A cottage’s small size requires fewer materials, you may even be able to upgrade some qualities of your cottage that you wouldn't be able to afford in your home.

With cottage living, some differences in plumbing or septic systems could be different, more trees mean a higher risk for tree-through-roof situations, flooding if it's near a body of water, and if rural enough, there may be extra costs to get companies out to make repairs.

There's also the chance your cottage won't have city services like garbage and recycling pick-up, municipal water, heating and hydro, cellphone service, or internet. It all depends on how far off the grid you want to be.

Prices in Ontario’s cottage countries vary significantly and are dependent on the usual things: location, size, finishes, features, condition, and inclusions.

Keep your goal in mind. Are you getting a place you plan on retiring to, to escape your regular routine and a place to celebrate holidays/summers, or to earn extra income by renting the cottage out?

Location, Location

The bigger the property, the more expensive it is to furnish and maintain and the longer it takes to clean. And while owning an acreage may seem like a good idea at first, you may not enjoy the constant journey around your property on a lawn mower.

You also need to keep in mind how many people will be in the cottage at the same time - as well as the age of those people (some cottages include sloped staircases - which will not be ideal for older residents) and if you will be renting it out when you aren't using it.

*Waterfront Cottage

Ontario contains about one-fifth of the world's freshwater - so naturally, some like to take advantage of their own private piece of that waterfront heaven.

Living on the water can bring some unique opportunities to your family/renters. Sunsets, firepits on the beach, fishing and water sports (kayaking, paddle boarding, and boating), as well as the constant cool breeze that carries over the water could cure even the hottest summer days. However, waterfront homes and cottages are usually located further away from city services.

*Woodland Cottage

Ontario is also known for its provincial parks and forest areas - so who wouldn't want to experience the safety of a wooded haven.

Having a cottage in the woods can enhance a different kind of experience. Wild animals, hiking, biking, and motorsports can all be experienced in the woods, as well as the potential to have nearby fishing opportunities.

Set Your Limit

This doesn't only include price and time towards maintenance. It also includes travel time from your home to your cottage. Driving several hours may not be for everyone, but keep in mind an extra 15 minutes out of your way may mean a better deal. Keep in mind cottage real estate is exceptionally seasonal and expect to see more listings in the warmer months and the fact you may have to compromise. Would you rather have a large cabin on the lake or a small cabin on an acre of land surrounded by woods?

Talk to a REALTOR® and list the qualities you are looking for in your vacation home, their expertise will help significantly with finding the perfect getaway for you and your family.