Buying a Cottage in a "Hot" Area

The Phillips Team, Cottage Real Estate Blog

The Phillips Team, Cottage Real Estate

There are areas of cottage country that are “hot”because properties do not become available often and there are buyers wanting to purchase in a particular area.  It is not uncommon to be working with buyers who have been waiting for years to purchase on a particular lake. Many of these folks have family cottages on the lake and have been dreaming of their own, close to family, friends, but a place where they can begin to create their own memories.

And, of course, if you know the area that you want to purchase in, it is very important to be working with a Realtor who knows the area well.  A know

ledgable Realtor will be sure to watch the market “like a hawk”in order to provide you with information about properties that become available as soon as possible (and perhaps before they hit the MLS). This may give you the best opportunity to consider property in a hot area before others, potentially avoiding a multiple offer situation.

Working with a real estate professional will help to ensure that you have all of the information your need to make a good decision.  Buying a cottage or recreational property, especially when you have been waiting for years for the opportunity, can become very emotional.  It is important that you have an objective, professional and knowledgable Realtor working with you to point out all aspects of the property and buildings (Is the septic system working properly, and where is it? If there is a lane way, is there deeded access and if so, is there a survey to verify the correct position of it?  Is there deep, clear water? Was the electrical done professionally or by the previous owner?) You get my point.  When we get excited, we sometimes overlook these important facts, turning what seems like a good purchase into a less than ideal scenario.  A trusted Realtor will be able to walk you through the realities and possibilities of your potential purchase.