After all, your needs and wants (and those of each member of your family) will evolve over time. Our shifting needs, wants, and priorities shape our preferences for vehicles, homes, residential communities, leisure activities, and vacation spots. The vintage two-seat Volvo you drove in your twenties may be at odds with your lifestyle ten years later when you have children. In your thirties you may have to replace that sports car with a practical minivan that can accommodate three children, their car seats, and lacrosse gear. And once your kids have gone to university, you way want to switch to an Acura.

Similarly, you may find a particular area in Toronto desirable for its stores, restaurants, and architecture, but decide against living there - at least for now - as the area's elementary schools have poor ratings and you have young children. Later in life, it may be more important to you to live in close proximity to a hospital and to shopping areas.

When you start looking for a cottage in the Kawarthas, you should approach the search with the same understanding that your needs and wants will evolve over time as you move through various life stages. If you have young children, safety considerations and swimming conditions may drive your search for a recreational property with shallow waterfront, a sandy lake bottom, and a gently sloping shoreline.

However, don't approach your property shopping with the determination to find a cottage that you anticipate will meet your children's needs when they are teenagers or yours when you retire. Although you may find a cottage that works for you at every stage of your life, it shouldn't be an absolute goal.

"Buyers in their thirties with young children are often thinking in the backs of their minds about cottages that would also serve as ideal places to retire. This is a mistake as retirement properties are a distinct category. And your needs and wants for a retirement property in thirty years may not necessarily align with your needs and wants for a cottage when you have young children," points out McCormack. "The cardinal rule is this: you should buy a cottage that suits your needs right now."