Enter to win a $1,000 Cottage Vibes shopping spree 🎉 – Sign up today!
0
close
  • No products in the cart.
0
close
  • No products in the cart.

3 Mistakes First Time Buyers Make When Purchasing Waterfront In Muskoka

The opportunity to own a slice of waterfront heaven is one that few get to experience; and whether you have grown up cottaging in Muskoka or you are looking for an escape from the daily hustle and bustle, purchasing a waterfront property in Muskoka is a major investment that requires careful consideration, research, and planning. It is important to avoid making some common mistakes when it comes to buying your first waterfront property in Muskoka.
Author picture

3 Major Mistakes before buying a Waterfront Property.

1) Not Knowing What You Want 

A common mistake first-time waterfront buyers make is simply not knowing what they want! The Muskoka real estate market differs drastically from the typical city market; no two properties are alike, and there are many variables to consider. It is key to know what you are looking for and what your goals are when purchasing a waterfront property. 

Budget is a main concern for first-time waterfront buyers, and there are a few factors that can affect someone’s purchasing budget. 

The distance from where you live – the further north you go typically allows for more options within your budget, but it can also mean more seclusion and being further away from a main hub. 

You may get exactly what you want within your budget, but if it takes 4 hours (closer to 5 in summer traffic), is it worth it if you aren’t going to commit to the travel time to get there? Another factor to be sure of is knowing if you are looking for a 3-season vs. 4-season cottage – being able to use the cottage all year round vs. from the spring until the fall of the property is accessible via a year-round, private, or seasonal road. 

Lastly, many first-time waterfront buyers consider renting out the cottage to offset costs. The short-term rental market has been a lucrative business for many in Muskoka, but with so many short-term rentals on the market, it has become saturated, and townships have become more strict, either requiring short-term rentals to be registered and licensed or some townships not allowing short term rentals at all.

2) Not Being Familiar With Rural Properties

 A second major mistake is not being familiar with rural properties. Many first-time waterfront buyers are used to dealing with urban properties and may not realize the unique challenges that come with owning a rural property. Septic systems, wells, and shoreline ownership are just a few examples of things that may be different from what you are used to. It is important to become familiar with how septic systems, wells, and lake water work and what is involved in the continuous and sometimes costly upkeep of these main functioning systems on a rural property.

3) Not Working With a Local Expert

The biggest and most common mistake first-time waterfront buyers make is not working with a local realtor. When you work with a local realtor in any market, they are in the know of the area they serve as a whole – what lakes are having year after year algae blooms, what the latest zoning and bylaws are, plans for future development, and they have connections within the community to help you service and maintain your waterfront property after the purchase. Working with a realtor who you’ve worked with to purchase your downtown condo is like asking your dentist to do your taxes – it just doesn’t work. 

Plain and simple real estate is different in Muskoka. Working with a local realtor can not only make you more knowledgeable about the waterfront purchase process, but it can also protect you when it comes to offering on waterfront property.

Whether you are familiar with Muskoka and have spent your summers at your family cottage and are looking to purchase your own, or you are completely new to the waterfront experience; buying a waterfront property in Muskoka can be both exciting and overwhelming. Avoid these common mistakes to start experiencing Muskoka Lake life!

Staff Picks

SHOP All

Frequently asked questions we see from first time buyers:

The buying process for waterfront properties in Muskoka is different due to factors such as different bylaws, environmental considerations, access to the property throughout the year, and services such as sewage and water which are typically managed differently than in urban areas. Moreover, factors such as the quality of the shoreline, water depth, and lake characteristics can impact property value and usability.

When budgeting for a waterfront property, you should consider factors beyond just the property price. Other factors such as property taxes, insurance, utilities, and maintenance costs should also be included. The cost for upkeep of rural utilities like septic systems, wells, and boat docks, as well as winterizing for the off-season, should also be accounted for.

There are several regulations related to shoreline development, septic systems, water usage, and even boat dock sizes. Some properties may also have restrictions related to short-term rentals. It’s important to check with the local township and understand these regulations before purchasing.

It’s essential to consider factors like road access throughout the year, heating and insulation, and the availability of winter services. For example, some properties might be only accessible via private or seasonal roads which are not maintained during the winter. Similarly, not all properties are built for year-round living and might lack necessary insulation or heating for the colder months. A local realtor can help guide you through these considerations.

Renting out the property can be a great way to offset some costs, but there are factors to consider. The demand for rentals can vary, and there’s also maintenance, cleaning, and potential damage to think about. Additionally, some townships in Muskoka have specific rules and regulations about short-term rentals. You’ll need to check local rules and consider if you’re willing to take on the responsibilities of being a landlord.

Cool hats from Cottage Vibes