Buying Or Building A Cottage Part 1

Now that spring is here in the Bruce Peninsula people are coming up and looking to buy themselves a cottage. The Bruce Peninsula has never been so busy as it is in the last couple of years and the actual real estate market for cottage's and especially for waterfront property has never been more hot and expensive.

One of the main reasons for the rising prices is not just that people want a cottage up the Bruce Peninsula its that there is a lack of cottages for sale as people are not selling their cottages like they were 4 or 5 years ago. This is driving the price of waterfront or near waterfront cottages to ever new heights. There's a saying; they don't make new waterfront, meaning that there is a finite amount of cottages that can be bought or sold that are on the water.

In these kind of market conditions if you really want a waterfront cottage you have two choices;

1. You buy a cottage that you don't really want but is in the right location;
2. You buy a vacant lot and build yourself a brand new cottage.

Those two options are not ideal, the 3rd option of buying exactly what you want really doesn't exist, not even if you have an unlimited budget, even the higher end priced waterfront cottages have their flaws and problems. 

Let's talk about the Pro's and Con's of 1. You buy a cottage that you don't really want but is in the right location;

There are a lot of older cottages that are in need of repair or updating but are in the area that you want or are on waterfront that everyone wants. Some of the pro's to buying an older cottage;

Pro's

• You can move right in and start enjoying cottage country right away without waiting.
• Using the cottage before making major changes allows you the ability to get used to the cottage and help bring your vision of what you want out of the cottage to life.
• Buying and renovating a cottage is cheaper then building a brand new cottage from a vacant piece of property.
• When your ready to renovate or ad an addition to your cottage most of the work can be completed in the off season when you are not using the cottage.
• With modern technology your contractor can keep you updated on the progress of your renovations when your home at work.
• Some older cottages are in area's that you are not allowed to build on anymore or are closer to the water then what is allowed today. A lot of times that means that you have a better view of the water then your newer built neighbours, its great fro resale.
• Older cottages usually come with all the furnishing when they are sold, yes a lot of stuff will go to the dump but a lot of the stuff can be used at least for the first couple of years, this allows you to enjoy the cottage right away without having to shell out a lot of money on furniture and other stuff.
• Older cottages are usually easy to carry financially as the taxes are low.
• New cottages never give you that old cottage feeling that a lot of people dream about when they want a cottage, some unique and rustic, not a new modern home.
• An older cottage has usually been around longer then the last time the water in the great lakes has been at its peak in the 80's/90's. That means that even at its highest point the cottage was positioned in a place that it wasn't affected or at least survived. That means that your cottage should be fine in the future from the rising water.
• Older cottages have an established flora/fiona, this means that you will see lots of animals because they are use too the cottage being there and are comfortable around humans.
• Older cottages have neighbours, which means you will have friends as soon as you move in.

Con's

• Buying an older cottage you could be getting yourself into something that needs a lot more renovating then you ever thought.
• If you don't want to hire someone to do the repairs and renovations then you could be buying yourself a second job (renovating the cottage) instead of a place to get away from your job.
• Be careful that you don't have to replace the septic or the well as these are two big ticket items.
• When buying an older cottage don't fool yourself, you are buying an older cottage, they come with a lot more interesting flaws then older homes built in town. Usually older cottages are built to be used only in the warmer months, thinking your going to use them in the winter will probably be a mistake.
• Older cottages will have higher utility bills then you are used too, electricity is more expensive in cottage country then in town.
• Get used to fixing things or having things fixed, older cottages are always in need of repair.
• Older cottages can have unwanted guests (bugs and rodents). Its something you might have to get use too dealing with.
• Most older cottages have room to sleep a lot of people but are usually short on bathrooms, usually just a single one, learn to share.
• Most older cottages are sold because the owners do not use them like they use too, this means that the outside maintenance of cutting back the tree's and vegetation has not been kept up. Unlike the city you will have to get used to cutting trees. If you want to be able to see the water from your waterfront cottage then tree cutting and tree removal will be essential.
• Old cottages can have foundation problems if they haven't been constructed correctly or haven't been maintained.
• One thing its hard to do up on the Bruce Peninsula is grow a lawn, you probably will have to give up the dream of having a nice lawn at the cottage unless you really want to put in the effort.
• With older cottages there are perceived ownership of things, like waterfront, lot lines, fences. Sometimes it can be trouble figuring out what they are at first without offending your neighbours.

The one thing that you have to remember when you are buying an older existing cottage on the Bruce Peninsula is that you are buying someone else's idea of what a cottage is and over the years they have become comfortable in that space. That means that they become blind to obvious problems in and around the cottage, some of these problems are easy to fix and some are more of a financial commitment. These issues don't mean that the cottage wasn't taken care of its just means that they didn't bother the owner enough for them to do anything about.

Remember to always talk to your neighbours when you are planning to do major construction or tree cutting then you won't be surprised if they have objections to what you are doing, you don't need their permission but everyone likes to be kept informed.

Pro's and Con's of building a new cottage....in part two

Rob Abbott

Great Lakes Custom Homes Inc.