With the start of summer just around the corner, many people are looking forward to spending time in cottage country and enjoying the great outdoors. There are plenty of beautiful parks and lakefronts scattered throughout Ontario, so narrowing down your next cottage destination will be tough!
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Popular cottage areas in Ontario:
Here are a few favourite lakeside destinations that people flock to during the summer months:
Muskoka (Huntsville, Gravenhurst & Bracebridge)
Muskoka is a hugely popular area and therefore on the pricier side. There is a lot to do in the region and it’s well known for The Big 3: Lake Rosseau, Lake Joseph and Lake Muskoka. From golf to spa amenities, to amazing dining experiences, there is an abundance of things that attracts buyers to this area.
The area has some year-round residents, so even if buyers don’t want to be there full time, they know they can access things like a grocery store, pharmacy and healthcare any time of the year. Access to these modern-day amenities adds value to the area.
Kawartha Lakes
The Kawarthas is another popular area consisting of over 250 lakes and rivers. Visitors can enjoy numerous exciting activities such as fishing, boating, canoeing, and kayaking along various scenic routes. It is a cheaper area for investors looking to buy a cottage, and its proximity to the city makes it a more appealing option.
Haliburton
Haliburton has some of the most beautiful scenery in the province. It is rugged and beautiful, like the Muskoka area, but quieter with fewer resorts so you won’t hear the power boats and jet skis zooming by. It’s the perfect location for people who want to enjoy the natural beauty of cottage living without a huge tourist hub downtown.
Despite what you choose you will need to get insurance for your cottage – whether you live there year-round, or just keep it as a vacation house.
Do your research
Buying a cottage is a big investment so you want to ensure you know exactly what you’re getting when it comes to shoreline ownership and the local rules.
For example, some places do not allow rentals, so being aware that you will not be able to make extra income on your cottage may help with your decision of which area you are looking at. And do you prefer the waterfront or not? Knowing how you will use the property will help with your decision.
Buyers of lakefront properties may want to check if ownership of the land extends to the waterfront, and if any part of the cottage, dock or boathouse is sitting on public land. Getting a land survey done would help clarify that for you.
What is cottage insurance?
Cottage insurance, also known as seasonal home insurance, protects your property and the contents inside from insured perils, as well as personal liability coverage if someone were to be injured on your property. It is not related to your home or renters’ insurance policy because the properties are separate from each other.
Cottage insurance applies to cottages, cabins, lodges, vacation homes, chalets, lake houses and other seasonal properties. Basically, any secondary property that you visit part-time that is not registered as your primary residence in Canada.
There are more optional coverages you can get based on your specific needs. For example, you can get overland flooding insurance depending on how close you are to a lake. Add extra insurance to protect your bunkies and docks from risks like sewer backup, power outages, and water damage.
Renting it out for extra income is another area of insurance you will have to talk to your advisor about. Same if you have a motorized boat, which will require separate boat insurance.
Winterizing your cottage
If you want to use your cottage year-round, then having it winterized is important. The act of “winterizing” a house means you are modifying particular objects or features in order to protect them from the elements and freezing temperatures.
Knowing what to do to successfully winterize your cottage is necessary to safeguard your property and belongings during the winter months and can even help you save money on insurance.
Just like home insurance, getting the right amount of protection gives you peace of mind for your investment property. Having a seasonal property is a great way to enjoy the time you have off away from home, so taking the steps necessary to protect your investment is key.
