How to Buy Your First Cottage (Part Two)

Do you dream of having your own summer house?

For many of us the thought of spending the summer months in your own four walls is highly appealing. So how to make a dream reality?

Remember that investing in a cottage is just as important as when you bought your first home. Money, budget, taxes, insurance - all these things apply. In part two, here is the path to buying a cottage.

What to know when you start combing the listings for the cottage or cabin of your dreams?

Start with making a list of what you want, and then give yourself a dose of reality - do you have the money to do this?Can you afford a second home? A cottage is an additional investment, another property that will cost you a mortage, maintenance, taxes and insurance - so know that you can afford to take on this financial responsibility by visiting the bank and consulting your investment advisor.

Where should the cottage be located? Although another province may be the dream, the reality may be better served to have the summer home located less than three hours from where you currently reside, to make it easier to benefit from its offerings.

What's on your must-have list? Make a list of what is the ideal for the summer home - do you want to be near or on a lake or mountain? year-round access? neighbours? shade or sun? close to a town? Other things to consider - source(s) of water and sewage.

Did you check the zoning? Know what's possible in the area - whether its easy to get permits to update or renovate the structure to what laws apply to use of the surrounding land, ie. if its used as recreation area in different seasons for skiing or hiking, or if power boats or fishing is permitted.

How to find the best option? Consult with a local real estate agent - who will know the answers to all these questions and be able to guide you to the dream summer home.