by Tammy Lee White

Created on: August 09, 2008

Purchasing a cottage is a major investment in both time and money. There are many things you need to consider before signing on the dotted line. If you have money for financing and vacation time to use, it may be the right investment for your family. To ensure you select the right cottage for your needs, see Tammy's Ten for helpful tips.

1. Consider the direction your cottage will face.

Can you see the sunset over the water?
What is the view across the lake?
Which side of the lake has the most wind?
Wind keeps those pesky mosquitoes away!

2. Determine which seasons the cottage can be used.

Is it an island retreat or attached to the mainland?
Is it a 4-season cottage that can be used in the winter?
Is the cottage road owned and plowed by the city?
Will you need to rent the cottage in the off-season?
What type of winterizing is required?
How do you imagine using your cottage?

3. Think about the distance of the cottage to your home.

Can you drive or will you have to fly?
Is it close enough for a weekend visit?
Is there a local store close by with supplies?
Bringing everything from home can be a challenge!

4. Consider the size and the depth of the lake.

Is the lake big enough to go waterskiing or tubing?
Is there a restriction on the size of boat?
Is the lake connected to a canal system?
Feeder lakes drop water levels to supply the canals!

5. Carefully examine the waterfront beach.

Is it private and surrounded by trees?
Is the dock or boathouse in good condition?
Is the water weedy in front of the property?
Are there rocks that make it dangerous to swim?
Does it require stairs from the cottage to the beach?
What is the actual waterfront footage?
A good waterfront is important for your investment!

6. Consider the upkeep of the property.

Is there grass to mow?
Are there gardens to weed?
Are there gutters to clean?
Are there docks to winterize?
How is the moisture level in the basement?
How much will you need to work on vacation?

7. Research all your bills.

How much are the taxes, hydro and gas?
Are there fees for garbage or sewage disposal?
What are the maintenance costs of the property?
What traveling expenses will you incur?
Will you need to offset these expenses by renting?

8. Think about the features of the cottage.

Is there room for family and friends to visit?
How safe is the cottage for children?
Is the mail delivered to your door?
Is the garbage picked up or a dump nearby?
Are conveniences like satellite or Internet available?
Can the electrical support a washer or dryer?
Is the tap water suitable for drinking?
Is there a septic system for sewage disposal?
Does it have a wood stove, furnace or central air?
What features are you looking for?

9. Don't forget the legal issues.

Is the land rented or owned?
Do you have your own waterfront or a deeded access?
Is the cottage in another country, province or state?
Have your lawyer research the property.

10. Shop for a bargain.

Is it located in a desired area?
Does it have features that make it easy to re-sell?
Will it be easy to find prospective renters?
Is the asking price reasonable?
What issues were noted on the cottage inspection?
Shop around to find a good investment!

Owning a cottage can be a lot of work, but it can also be rewarding and a great investment. Take your time to select the right cottage for your needs and it will be an investment for your future generations. Good luck!

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