Important things to know when buying a waterfront property

Introduction to buying a Waterfront Property?

Searches for waterfront properties are at an all-time high, with homebuyers yearning for an escape from the city, and a staycation destination they can call their own. Having gone through this process a few years ago, here are a few things to consider before purchasing your own piece of paradise that is a waterfront property.

1) Location, location, location

You can change many things about the home or cottage, but you can’t change the location.
• Is the property flat to the water or more of an escarpment lot? Escarpment lots offer beautiful views, but lots of stairs down to your waterfront will make it less accessible.
• How close are you to essential services? If you plan on spending lots of time at your property, make sure you’re comfortable with the distance to hospitals and grocery stores.
• How close are the neighbours’ docks? If a scenic feel is important to you, make sure your lot offers the privacy you’re looking for.
• Is there year-round access? If your cottage is on an island, you may have limited to no access to your cottage during the winter months. Some cottages are also on private roads where winter access is very limited.
• Does the neighbourhood have any restrictions on short term rentals? If you purchase a property and plan to rent it out for most of the year, you want to know if you’re going to get any flack from the neighbours.

2) Determine what can be done to improve the property prior to purchasing.

• Is the cottage winterized? In Ontario, a non-winterized cottage is restrictive. It’s not cheap to winterize, so understand your options.
• Will you have difficulty getting the permits you need? Find out from the township what you can do with the lot – often townships have restrictions you might not have considered.
• Does is have a boathouse? Don’t assume that because your neighbour has a beautiful boathouse that you can get it approved on your lot. In many areas, existing boathouses are grandfathered, but lots without them won’t qualify to build one.

3) Not all offers are created equal.

• Do you really know the market? Chances are, the waterfront property you’re looking has very different market conditions than your current home. Make sure you’re working with an agent that understands the market.
• Do you feel prepared to move quickly? Waterfront properties are in demand and the good ones do move quickly. You still need to include an inspection of both your well and septic as they can be costly to replace if they are not adequate for your intended use of the property.