The fall is typically a busy time in the real estate industry, with one final flurry of activity before the holiday season is upon us. While many recreation property hunters choose the springtime to search for the perfect cottage, recent research by the Ontario Real Estate Association (OREA) shows that the fall season is also proving to be a popular time for those on the hunt for a spectacular summer home.
OREA found that 7 out of 10 Ontario Realtors (67 percent) say cottage buyers are more likely to be actively looking to buy cottages in the fall. It was also noted that nearly 8 in 10 Realtors said that the market trend for buying four-season cottages is increasing. To clarify, 'cottage' is simply defined as a recreational house, typically in a rural or semi-rural location, near a lake or beach. A four-season cottage on the other hand, is a winterized cottage that is accessible year-round.
With winter weather in most of Ontario taking up a large chunk of the year, four-season cottage owners are able to maximize rest and relaxation by enjoying their second properties all year long. Four-season cottages are insulated, have running water and roadway snow removal.
Nearly all Ontario Realtors (96 percent) say that buyers of four-season cottages are looking for a vacation home to enjoy with family and friends. Three quarters (74 percent) say buyers are purchasing four-season cottages to serve as their retirement home. Other reasons include, 'to get away from it all' (56 percent), 'for rental purposes' (45 percent), 'for the outdoor lifestyle' (42 percent) and 'for investment purposes' (37 percent).
If you're thinking of purchasing a cottage, be sure to seek the advice of an experienced realtor. Do your research about the property including looking into its amenities and utilities, as well as possible issues with shoreline, water and wildlife. Check for things you may need to be aware of like cottage and property boundary line issues, survey issues, zoning, septic systems and the water well supply.
For more information, visit www.orea.com.
Century 21 Aberwin Realty Inc., Brokerage