Our insights go beyond the listings—we help you live the Muskoka dream.
Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide created by our team will help reduce the stress of buying a home and help you enjoy the journey as much as possible.
Before starting your property search, it’s important to evaluate your financial situation, confirm your budget, familiarize yourself with mortgage options, and secure pre-approval from your lender.
A REALTOR® represents your interests when purchasing a cottage. It’s essential to select an advisor with in-depth knowledge of the local real estate market and specialized experience in the property types you are interested in.
In close collaboration, we’ll help you create an enticing offer, ensuring competitive pricing, precise terms, and skilled negotiation.
It’s important that we sit down together to prepare your offer. We direct you through the process using your goals and our knowledge of the current cottage market.
After submitting an offer, you should be prepared to negotiate. In high-demand, low-inventory areas, you may find yourself bidding against other buyers – let us be your advantage.
On the closing day itself, legal property ownership is transferred to your name. It’s time to move. into your new property!
We will draft an offer to protect your interests. You will have every opportunity to review and ask questions about your offer prior to submitting to the listing brokerage.
WATERFRONT
Are you interested in a waterfront property or are you open to
non-waterfront? Would you consider a private island? How long are
you willing to travel?
CONSIDER YOUR ACCESS
Are you looking to live in your property year-round or seasonally? How
close do you want to be to golf, trails, tennis, dock, hiking, marina? Do
you desire private or municipally maintained or water access?
COMMUNITY
What would you like to see in your new community? Is it more coffee shops?
Events? Closer to the water? Do you desire privacy, or prioritize being remote?
TERRAIN
Sunset or sunrise view is all about which way you are facing and tree
density. Topography may determine stairs, and ease of access for elders
and young children.
TAXES
Property taxes are a major source of income and are used to help pay for town services. Each municipality determines their own tax rate every year.
UTILITIES
Utilities are the services required to run your cottage including power, water, sewer, and heating costs. The cost of utilities can vary widely across properties and from season to season. They can also vary with year-round usage.
INSURANCE
Insurance can protect you against all types of damage to your property, such as flooding, vandalism, and theft. Most lenders require you to have insurance to get a mortgage so they can protect the asset they are lending on.
OTHER CONSIDERATIONS
Exterior maintenance, snow and leaf maintenance, tree removal, private road maintenance, marina docking need to be considered for long-term care commitments of the property.
As Canada’s premier residential real estate brokerage, Sotheby’s International Realty Canada offers unparalleled expertise in key markets across the country. Our sales associates advise on property and new developments with the best return on investment, as well as insight into properties and areas that best fit your lifestyle. In certain areas, cottages are sold within hours and days of being listed on The MLS® Systems. Additionally, properties may be marketed exclusively and privately within the Sotheby’s International Realty Canada network. Through our exclusive brand
network of over 26,000+ associates worldwide, we provide direct and
priority access to real estate opportunities that may otherwise be difficult to view. If buying a property depends on the sale of your current one, we make the process efficient and seamless. Our marketing program reaches the most targeted and qualified buyers through exclusive international, national, and local publications, as well as social media platforms designed to connect property and people.
UPON ACCEPTED OFFER
• Deposit
BEFORE REMOVAL OF CONDITIONS
• Property Appraisal
• Home Inspection
• Zoning Review
• Lawyer Review
ON CLOSING
• Land Transfer Tax
• Mortgage Insurance
• Down-Payment
• Legal Fees
AFTER CLOSING
• Moving Expenses
• Utility Connections
• Renovations
• Immediate Repairs
• Maintenance
After signing the final paperwork to complete the purchase, you are now the owner of a new house. It may take a few days for your loan to be funded once the paperwork has been returned to the lender, but once that check is delivered to the seller, you’ll be all set to move into the cottage of your dreams.
Ready to buy or sell your dream cottage? We’re here to make it seamless. Whether it’s determining market value, tailoring competitive strategies, or negotiating with expertise, our team is dedicated to delivering exceptional results every time.
