Learn The Three Most Common Mistakes Cottage Buyers are Making Right Now. A definitive guide to nourishing your cottage buying journey. A preview of what's inside: Let’s face it, with the low supply of cottage properties across Canada, it’s more important than ever before to take a wise investment-view of your cottage purchase. New construction offers more attractive pricing, the chance to customize your own build, and modern amenities that you won’t find with many existing cottage properties. In fact, prefabricated construction methods offer a far more cost-efficient way of producing high quality construction projects – and at a significantly lower price range if done properly. Existing properties tend to offer more risk in certain areas. A poisoned building for example, might have mold mildew within its walls. This not only poses a risk to any potential investment in the property, but it can also seriously harm your health and general wellbeing. New Construction Vs Existing - Some key factors to consider when deciding between new construction or an existing property: • Review recent surveys, appraisal reports, or even deeds for existent properties. • Review the company’s reputation and past construction projects for new-build properties. • Consider any monthly dues, maintenance costs, taxes, and any other considerations that might impact your overall cash flow. • Perform a “quality check” on any items that are to be included in a given sale (any equipment, furniture or fixtures). Surprisingly, even today many people fail to do their research. With so much information available online, you would think that finding experienced professionals wouldn’t be so challenging. The simple truth is that most information can be gained for free. That means learning valuable insights about the cottage markets from realtors, or even having access to a custom cottage construction company. Resources such as these can help inform your decision-making process. You can find the best deals and consider them carefully on your own, without any real risk. It just takes time to do it right. Letting your emotions guide you in almost any buying process is a mistake. Remember to stay level-headed and understand that this is a serious commitment that you’ll have to live with for years to come. Buyers’ remorse is a real thing – and entirely avoidable. Not Seeking Advice is the cause of this. Instead, avoid this pitfall by seeking out a contrast of guidance. Experienced professionals who know the industry inside-and-out can help you find exactly what you’re looking for. In fact, if they can’t provide what you want, they’ll know someone who can.

1. The Three
Most Common Mistakes
Cottage Buyers are Making
Right Now
A definitive guide
to nourishing your
cottage buying journey
https:/
/myowncottage.ca
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2. Table of Contents
Table
of
Contents
01
Property Location
Means Valuation
02
New Construction Vs.
Existing Property
Not Seeking Advice
From Experienced
Professionals
03 04
The 2 "Magic
Questions" You Need
To Answer About The
Cottage You Want
05
The Most Important
(But Most Often
Mishandled) Element
06
The Cottage Buyer's
Secret Weapon
07 08
Little-Known
Negotiation Tips And
Tricks
Why Building Equity Is
More Important Than
Ever
Organized By Chapters
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3. The age-old adage “location, location, location” is still king today.
Location will always continue to be the most important factor in effectively investing in -
and ultimately enjoying- a cottage property.
In the case of a vacation estate, you will want to be relatively close to a small town for the
sake of access to amenities and the conveniences of your local community.
While entertaining, a quick jaunt to the grocery store or the LCBO comes to mind as an
all-too-common affair.
After all, you’ll want to keep friends and family happily entertained.
Of course, local scenery also plays a key part in the merit of your cottage location.
A beauteous green space with scenic views, won’t only mean that you’ll get more out of
your vacationing time, but you’ll also add to your property’s valuation as prices continue
to rise over time.
01. Property Location Means
Valuation
Email:
info@myowncottage.ca
Property
Locations
=
Valuation
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Let’s face it, with the low supply of cottage properties across Canada, it’s more important
than ever before to take a wise investment-view of your cottage purchase.
To this end, try to take a mid-to-long-term (time) view of how the area you’re buying in is
expected to evolve in the coming years.
Also, consider a waterfront property if it is available – as you can almost never go wrong
by investing in a shoreline with a cute cottage propped atop its land!
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4. 02. New Construction Vs.
Existing Property
The importance of this consideration cannot be overstated.
New construction offers more attractive pricing, the chance to customize your own build,
and modern amenities that you won’t find with many existing cottage properties.
In fact, prefabricated construction methods offer a far more cost-efficient way of
producing high quality construction projects – and at a significantly lower price range if
done properly.
Existing properties tend to offer more risk in certain areas.
A poisoned building for example, might have mold mildew within its walls.
This not only poses a risk to any potential investment in the property, but it can also
seriously harm your health and general wellbeing.
New
Construction
Vs
Existing
Some key factors to consider when deciding between new construction or an existing
property:
• ·Review recent surveys, appraisal reports, or even deeds for existent properties.
• ·Review the company’s reputation and past construction projects for new-build
properties.
• ·Consider any monthly dues, maintenance costs, taxes, and any other considerations that
might impact your overall cash flow.
• ·Perform a “quality check” on any items that are to be included in a given sale (any
equipment, furniture or fixtures).
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5. 03. Not Seeking Advice from
Experienced Professionals
Surprisingly, even today many people fail to do their research. With so much information
available online, you would think that finding experienced professionals wouldn’t be so
challenging.
The simple truth is that most information can be gained for free. That means learning
valuable insights about the cottage markets from realtors, or even having access to a
custom cottage construction company.
Resources such as these can help inform your decision-making process. You can find the
best deals and consider them carefully on your own, without any real risk. It just takes
time to do it right.
Letting your emotions guide you in almost any buying process is a mistake.
Remember to stay level-headed and understand that this is a serious commitment that
you’ll have to live with for years to come. Buyers’ remorse is a real thing – and entirely
avoidable.
Not
Seeking
Advice
Instead, avoid this pitfall by seeking out a contrast of guidance.
Experienced professionals who know the industry inside-and-out can help you find
exactlywhat you’re looking for.
In fact, if they can’t provide what you want, they’ll know someone who can.
That’s the beauty of dealing with actual professionals.
They aren’t trying to sell you. They first and foremost want to inform you, so that you
can make your own decision.
This allows you to move forward in a meaningful and productive way, without getting
blindsided by someone who is just trying to take advantage of your situation.
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6. 04. The 2 “Magic Questions”
You Need To Answer About
The Cottage You Want
Question 1: “How Much Downpayment Can I Really Afford – And What’s My Credit
Score?”
The
2
"Magic
Questions"
A recent LendingTree study found that many buyers have to work harder than ever to set
themselves apart in many realty markets - and “win out” against the competition they
face…
In Ontario, this is doubly true when it comes to the low supply of cottage estates available.
Our markets were completely unprepared for COVID – and the resultant demand has far
outpaced what anyone could have foreseen.
If you’re currently in the market for a new cottage, you most likely already grasp the
importance of having a solid credit score and a decent down payment. In order to qualify
for a mortgage and ultimately close your desired purchase, you can’t forego these.
But do you understand just how competitive the market has become in recent years?
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7. In today’s flaming-hot Ontario marketplace, bidding wars can occur within mere hours
of a cottage going up for sale.
That’s right. As a prospective buyer, you need to distance yourself from the competition
as much as possible. This means:
• Offering favorable terms (within reason) to the seller.
• Trying to match their timeframes for sale execution.
• Being transparent, but also negotiating for good position.
• Putting down a sizeable downpayment to show you’re serious.
Any of these examples will help you distance yourself from potential competition on the
cottage property you want.
The caveat is that you cannot sacrifice too much in your pursuits.
A key example of this is foregoing a reasonable home inspection by a hired professional.
That is simply not something worthwhile to commit to.
It can ultimately leave you vulnerable if there is something seriously wrong with the
property you’re going after.
It’s most important to understand that in a hyper-competitive market (like the one that
exists today), the buyer must compete for existent properties that interest them.
The only way around this trend is to consider buying a reasonably priced plot of land and
building a new cottage through a construction company.
This can be a very viable way to circumvent a red-hot cottage estate market like the one
happening in Ontario now.
The
2
"Magic
Questions"
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8. Question 2: “Is Now a Good Time to Buy a Cottage?”
Many aspiring cottage owners are struggling with their next step.
Some feel that the current market appears treacherous. Others that a good deal might
just be around the corner.
So, with prices appearing sky-high in many regions of Ontario, is now a good time to
purchase a cottage property?
For one, the idea of jumping into property ownership of any kind without having an
emergency fund handy, is simply unwise.
Something always breaks down when buying a new property of any kind. It’s almost
inevitable.
However, there is nothing wrong with kicking the tires, doing your own careful research,
and seeking out a good team of experts for advice.
Ensuring that you have a good team of experts for advice, can help guide you through
your buying journey.
They can help you make sure you’re following a good process that ensures you’ll make the
right decision when the time comes.
After all, one of the largest purchases that people make, is inevitably the vacation estate
that they choose to invest in.
Whether for recreational purposes, or a long-term money-making asset, you must make
certain that you are considering everything you can before you press forward.
The
2
"Magic
Questions"
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9. 05. The Most Important
(But Most Often Mishandled)
Element
Negotiating.
Just the word alone often brings dread to introverts, and insecurity to extroverts.
Yet, this is often the single most stressful aspect of buying a cottage.
It can be tempting to fall into a bidding war for the perfect property you’ve always wanted
- or haggling over price on a custom dream-build you’ve been carefully cultivating in your
mind.
The reality is that most often people either haggle too much, or far too little.
They fail to find that middle ground that offers the serenity of a well-structured
agreement between two parties.
While it’s no secret that affordability is one of the biggest concerns for cottage buyers in
Canada today, it is also a reality that sellers too, wish to make good on their concerns.
So how to find the appropriate middle ground that both parties will ultimately consent to
– and win by?
The
Most
Important
Element
Depending on the circumstances, the answer is probably far simpler than you might
think.
For example, if you’re seeking to buy a custom cottage and have it purpose-built for
your lifestyle, it’s highly likely that the builder you’re dealing with will have a plethora of
options for you to choose from.
Surprisingly, many buyers are reluctant to really engage with their builders.
They waste so much time on frivolous matters and stressing about their end-goals that
they forget to be present and active in the moment.
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10. Going through a piece-by-piece checklist of concerns with your builder alone, can easily
dredge up solutions that you would never have known about otherwise.
In fact, any cottage builder worth their salt, will be able to offer tons of different materials
and customizability – much of which can save you significant amounts of money without
compromising the overall quality of your project.
Again, this is where creating your own interview “script” and following through on a series
of carefully thought-out questions can yield you veritable gold through negotiation.
In the case of existent properties, the same truth applies.
Many (I daresay most) sellers are not opposed to sitting down with a reasonable buyer and
discussing their ideal terms.
By showing yourself to be able to listen and cooperate, they’ll very likely be able to give
you quick insights as to what they’re willing to do for you as the potential purchaser of
their property (in fact, it’s in their best interests to do so).
It cannot be overstated how important this negotiation process is.
You can learn massive amounts of information from even a short conversation.
Their mannerism, speech, terms, and even the state of the property itself, will all give you
insight into their motivation to sell.
In some cases, you may find the seller is simply eager to “sell and walk away” as soon as
they can. This scenario obviously offers huge potential to a prospective buyer for
negotiating favorable terms.
To ensure you get the most out of your own situation, commit to the following:
Always try to remember that expenses and other factors can be negotiated.
If you are clear, concise, and willing to negotiate, there will always be some kind of deal
to be had from someone!
• Don’t get emotional.
• Stick to the facts.
• Try to understand the seller’s motivation.
• Learn about the build methods available.
• Never be afraid to ask questions – in fact prepare them beforehand!
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The
Most
Important
Element
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11. 06. The Cottage Buyer’s
Secret Weapon
Awareness, consideration, and decision (or ACD for short).
These are the processes that will ultimately give you the clear advantage in your buying
journey.
Learning as much as you can about the cottage market frameworks, will help you drive up
your awareness. This leads to:
It may sound cliché, but awareness is a form of knowledge.
By learning and better understanding the resources available to you, there can be a far
more effective implementation of action towards achieving your goals.
In considering a cottage estate, you’ll need to employ professional services.
These services can save you from massive pitfalls during the course of your journey
toward owning a cottage property.
• Better decision-making capabilities.
• A heightened understanding of the options available to you.
• The means to format the exact features you’re looking for – and what you can
compromise on.
Cottage
Buyer's
Secret
Weapon
A great example of this is consulting with realty professionals who are well-versed in
the area.
Before putting down any kind of offer, you can carefully consider the merits of a
property, and utilize the resources of a professional agent.
A personable professional will not only offer you advice, but they’ll also point you in the
direction of other professional service people, who can deepen your understanding of
the intrinsic value within a particular property.
This is especially important when you consider latent material defects that might exist
in a cottage estate.
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12. These are defects that are not necessarily “visible” to the casual observer. Some examples
of this include:
And these are only a few of the considerations that might pop up during your exploratory
phase.
Careful consideration involves gathering all the relevant facts and information, so that you
can make the best decision possible – on what may well be the largest purchase you ever
make.
With the consideration phase complete, you now have everything to make your decision.
This is the final part of your buyer’s journey before you, well, move in (potentially!).
The key to making a final decision rests with identifying any serious hurdles, considering
alternatives that are available, and organizing relevant information.
Taking a careful step-by-step analytical approach can help you make a more deliberate
and thoughtful final decision on whether or not to buy.
• Roof damage.
• Structural problems.
• Improper electrical wiring.
• Improper surface grading / drainage.
• Heating system malfunctions.
• Underground storage tanks.
To ensure your decision is the right one -before you make
it- consider the following steps:
By following a planned process for decision-making, you will be setting yourself up for
success.
As they say, those who fail to plan, plan to fail.
1. Identify if this purchase would match your goal(s).
2. Gather additional information if needed, so that you can weigh all of your options.
3. Consider the consequences of buying or passing on the offer.
4. Communicate any concerns openly – and seek real feedback.
5. Make a decision based on all the facts and information you’ve gathered.
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Cottage
Buyer's
Secret
Weapon
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13. 07. Why Building Your Cottage
Estate Equity (Once You Buy) Is
More Important Now Than Ever
It goes without saying that Ontario cottage prices have skyrocketed.
According to various real estate reports and polls some regions report an average listing
price of nearly $800,000 CAD.
In short, much of what we see in Ontario cottage estate prices would easily represent a
seller’s market.
Despite this, for the prospective buyer, there is always opportunity.
Building equity in a cottage property (once you’ve found it) has never been easier. Here
are just a few of the ways you can maximize your investment and build equity almost
immediately:
There are entire books written on each of these subjects.
The reality is that all of this is doable by any prospective cottage owner.
As long as you are willing to put in the time, effort, and learning required, you can easily
enhance the equity of your vacation estate.
Especially over the longer-term, cottage equity can become a substantial asset to anyone
who is serious about improving their key assets.
1. Make a big downpayment.
2. Avoid mortgage insurance.
3. Pay closing costs out of pocket.
4. Pay more on your mortgage when you can.
5. Commit to landscaping projects.
6. Renovate and improve your cottage structure.
7. Avoid a cash-out refinance.
And 7 Effective Ways You Can Do Just That
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Building
Equity
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14. 08. Little-Known Negotiation Tips
That Will Delight You and Help
Keep Your Competition At Bay
There are two primal urges that all people share.
For effective negotiation of any kind, these can easily be exploited.
People want to be understood and accepted.
This takes the form of their need to feel in control, safe, and secure.
If you listen intently to the person you are negotiating with, you can demonstrate
empathy for their situation.
Showing them a sincere desire to better understand what they are experiencing is actually
a huge asset in any negotiation.
This is because they will do all the talking. You merely need to follow along, smiling and
nodding at them, until you can learn the information you need to get things rolling in the
right direction.
In short, try to uncover as much relevant information as possible, while steering the
conversation towards the logical outcome that you’re pining for.
By listening in this way, you can also test the hypotheses you’ll develop from what your
negotiating counterpart is saying. Learn about what they need (money, emotional,
or otherwise) and get them feeling safe so that they talk more about those concerns.
You can then offer solutions to these problems that are within your power to solve.
Negotiation
Tips
/
Tricks
And Lead You To The Exact Results You
Want! Effective Cottage Buying Ahead!
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15. This effect creates trust in the mind of the person you are negotiating with. They will be
more willing to deal with you, and you can form a relationship on that basis.
Also remember, you want to slow things down and keep things as light and calm as you
can.
A positive and playful tone is extremely helpful in disarming people. Also, try to mirror
their mannerisms and behavior where you can – as this will make them feel as if you are
“like them.”
Using tactical empathy in this way, you should be able to try and imagine yourself in their
situation.
Recognize their perspective and vocalize your recognition. Then bring attention to the
obstacles that are in the way of getting an agreement done in a timely fashion.
Validate any emotions by acknowledging them outright. Use that to help clear any
objections.
Labelling fears and concerns creates an open forum. You can then use that open forum to
replace any negatives with a positive, compassionate, solution-based thought process.
Never say I understand. Instead, try to repeat the last words they use, and involve their
language in your own.
Some of this may sound underhanded. In honesty, its actually just human psychology.
We all yearn to be understood and to find solutions together.
Consider this as a way to put others at ease, and to better discover ways in which you can
help them.
After all, buying a cottage is really a journey of negotiation – much like life.
Thanks for taking the time to read this guide. We hope you found value in its pages
– and we look forward to providing more free resources in the future!
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Negotiation
Tips
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Tricks
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