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Everyone knows the best time of year to spend time at a cottage in Ottawa is the summer when the lakes are warm, the sun is shining, and the fresh, local produce is plentiful and delicious. But can the same be said for timing the purchase of a cottage in Ottawa?
The answer is… not necessarily. Buying a cottage in Ottawa is much like buying any other type of property in Ottawa, which depends on a number of factors to determine the optimal time for you, the buyer, to complete your purchase.
So, if buying a cottage in Ottawa is something you’ve got on your horizon ahead of prime cottage season this summer, then here are a few things to keep in mind.
Preparing For Your Purchase
Any type of real estate purchase is bound to be one of the largest transactions a person will make in their lifetime, cottages included. Therefore, it’s going to take a fair bit of preparation to ensure you do it properly.
The first step here is to make sure your finances are in place so that you can comfortably afford to fund the purchase of your new cottage in Ottawa. If you’ve got the cash-in-hand available to purchase a cottage outright, that’s another story, but if you’re like many of us and will depend on external sources for financing, here are a few considerations.
First, you can look to the traditional route and take out a mortgage. Just like a regular home purchase, in order to get a mortgage for a cottage in Ottawa, you’ll need to get in touch with a lender, whether that’s your banking institution or a private mortgage lender.
Not entirely sure what your mortgage for a new cottage in Ottawa will look like? Use our Mortgage Calculator here to get a better idea.
If you plan on relocating to your new cottage in Ottawa more permanently and already own a home that you plan to sell first, you can take its current market value into consideration when thinking about your new cottage budget.
Do you plan on selling your current home to fund the purchase of your new cottage in Ottawa? Step one is to find out the market value of your current home. To get our professional insight, simply click What’s Your Home Worth? here.
Where To Start Looking
Once you’ve got a good idea of what you can afford to spend on your new cottage in Ottawa, it’s safe to start out on your new cottage search. But before you start looking through listing pages, it’s always useful to jot down a thorough list of criteria you’d like to have in your new cottage.
Start with which features are most important to you. How do you envision spending time at your cottage in Ottawa throughout the year; would it be a gathering place for friends and family? Consider the number of bedrooms, bathrooms, and your preferred overall layout to accommodate your plans.
Location is important to consider, as not every lake or cottage community will tout the same amenities as others. For instance, if you plan on working from your cottage, it’s worth doing some research on which areas have the best access to Wi-Fi. Other items to consider are whether you would prefer a cabin in the woods or a lakefront property. Depending on your unique pastimes and interests, one might be more appealing than the other.
Proximity to your current home is also an important factor to consider. Think about whether you’d like to be close to home or further away. If you plan on commuting to the cottage every weekend, it might be better to choose one that is an easy drive.
Ottawa is full of a diverse set of different types of properties, ranging between urban, suburban, rural, and cottage-style homes. Learn more about the types of properties you can find here (and where to find them) through our useful resources below:
- The Different Types Of Waterfront Properties In Ottawa
- Everything You Need To Know About Rural Living In Ottawa
- All Our Communities
When To Speak With An Agent
Whatever your new cottage in Ottawa priorities are, the best way to find the properties that will best suit your needs is to speak with a local real estate agent that has comprehensive experience working in Ottawa’s cottage markets.
The sooner you can find a real estate agent to help you with your search, the more chance you’ll have of finding the best property for you in the shortest amount of time possible. Real estate agents have access to a much wider network of listings than the general public does, might even be aware of off-market opportunities like exclusive or “coming soon” listings that have yet to hit the market
Finding a real estate agent to help you with your search as soon as possible will typically yield the best results for you. Contacting an agent should be one of the first steps in your search for a cottage property.
Eager to start looking through listings for your dream cottage in Ottawa? Start with reach out to our team today to get the conversation started.
Making Your Move
Once you’ve purchased your ideal cottage in Ottawa and are ready to move in, it’s ideal to have your move timed so that you can enjoy your new cottage ahead of prime cottage season, which can start anywhere between the end of May and early June.
However, if you plan on making any repairs or renovations immediately, you may choose to push back your move-in date until they’re finished. If this is the case, then it’s most optimal to make sure your agent is aware of your plans before signing your Agreement of Purchase and Sale, this way they can negotiate an earlier closing date to accommodate for the amount of time you are budgeting for your renovations.
Ensuring you get to make the most of cottage season in Ottawa is our top priority – especially during your first year of cottage ownership!
Ready to get started on your upcoming buying journey? Let us help connect you with the perfect cottage in Ottawa for your lifestyle. Read through our buyer-specific pages here for more information on how we can help: