5 Things You’ll Wish You Knew Before Buying Your First Cottage
We know that the home buying process can be daunting, and it might seem like you have a million tasks on your plate. Everyone is giving you advice, but what should you really spend your time worrying about? We asked a recent homebuyer what she wishes she knew before she bought her first cottage. Here are the 5 pieces of advice she thought were worth sharing.
Don't forget... I'm here for you guiding you through every step of your journey.
Discover the Lifestyle that Suits You
I’m not just here to help you find a cottage that fits all your bullet points, I’m also here to help you find a lifestyle around that cottage. Maybe you’re a boat enthusiast with tons of water toys or perhaps you have a favorite bakery that you love to spend your mornings at. Whatever it may be, we’ll take your style of living into account when searching for your forever home.
Budget For Unexpected Costs
This may sound obvious, but plenty of buyers do not fully comprehend the amount of money that is spent before getting the keys to their future homes. While it’s essential to determine your future mortgage allowances, it is equally imperative to save an emergency fund. If your current living situation does not allow a month to month lease agreement or you find the home you can’t live without prior to your planned moving timeline, you will need a financial buffer.
More often than not, buyers find themselves stuck between their current living expenses and those of their new mortgage agreement. Moving costs and the possible use of a storage facility can become very costly even over a relatively short period. Buyers will also be responsible for paying all inspection fees for each home they intend to make an offer on. For direction on how much to set aside for these extra costs, let's talk one-on-one.
There Is No Such Thing As The “Perfect Home”
According to real estate mogul Barbara Corcoran, “Buyers decide in the first eight seconds of seeing a home if they’re interested in buying it.” While following your gut is important, too often buyers tend to make rash judgments. Before starting your home search, I find it extremely helpful to have an open and honest conversation together. I love getting to know you, your wants, your needs, and your desires. I want to understand what your innermost wishes would be if you were to picture your dream home in your mind so that I can help make your dream come true.
It might be impossible to find a home that checks off all of the boxes upfront. But as time goes on, you can check the rest of the boxes off.
Always Consider Return On Investment
It’s relatively easy to factor which type of home and location suits your current lifestyle needs. A townhouse or an apartment may offer a cheaper mortgage upfront… it might even within walking distance to your favorite coffee shop or gym! While these are all things to consider, do not lose sight of the long-term investment. If and when you decide to rent or sell your first home, it is extremely valuable to consider your future buyer. One key factor to consider is the area’s school district. Would your home be attractive to a family? If the answer is yes, there is a good chance you’ll have a more successful selling experience when the time comes.
Pay Close Attention To The Home Inspection
Once you’ve chosen the home you want to make an offer on, and the seller has agreed to terms, you will need to hire a licensed home inspector (or sometimes multiple home inspectors) to evaluate the home's condition. Keep this in mind: no home, no matter the age, is in perfect condition.
A good inspector will point out all the issues about the four main inspection points: HVAC, electrical wiring/panels, plumbing, and roofing. These four areas of concern will directly affect your home insurance coverage and more costly short and long-term repairs. The status of the inspection report will also play a role in the negotiation process between the buyer and seller. An experienced realtor will know exactly how to advise your next steps. Because Muskoka is on the water, there are additional pieces of the inspection that will be important as well.
I know, it sounds too good to be true, but this part of the process can be done completely remotely. I will keep you in the loop through inspections and visits with other consulting professionals. I will even video the entire process so you can feel as if you’re here with me. All documents can be signed virtually through software called DocuSign.
While not every scenario is highlighted here we are happy to answer any questions you have during your home buying experience. We even have a well-rounded list of vendors if you are in need of a referral.