The Advantages of Cottage-Shopping in the Cold-Weather Months
Date: 12/23/2014
The cottage market awakens in April when the last of the snow disappears, and the cottage season is all ahead of us. Buyer demand for cottages reaches its height in April, May, and June. Tapping into the market in the spring usually allows buyers to receive the keys to their new cottage in time for a full summer of enjoyment.
In the spring, sellers are also motivated to list to capitalize on the strong demand. As a result, there is a considerable supply of waterfront properties in the spring. In fact, inventory usually peaks at this time of the year.
As the autumn draws near, buyer interest in cottages recedes in tandem with the warm, languid summer days. Indeed, next July and August seem like a remote prospect for would-be cottage buyers.
By the winter solstice, the cottage market has slowed considerably. In fact, the winter season coincides with the bottom of the market demand cycle. Prospective buyers can sometimes access properties by road and arrange showings. Nonetheless, buyers are often reticent to commit to a cottage purchase in the winter when the cottage property is under wraps or veiled in snow.
Every point within the market demand cycle has an upside and a downside when it comes to buying a cottage. Perhaps you’re wondering about the advantages and the disadvantages of shopping for a waterfront cottage in the Kawarthas in the winter.
“Very few people are cottage-shopping in the winter, which can be a distinct advantage for the buyer,” says Gail McCormack, broker and owner of Kawartha Waterfront Realty. “The market is quiet, and your chances of securing a good deal are better now than at any other time of the year,” she adds. Competition from other cottage buyers has virtually disappeared, and you can often negotiate an advantageous price.
Sellers are also keen to divest themselves of their recreational properties in the winter. “By selling their cottages now they can pass on the burden of winter operating and heating expenses to someone else,” notes McCormack.
Although it can be expensive to heat a cottage in the winter, the upside is you can enjoy your new getaway over the cold-weather months if you break into the market at this time of the year. In fact, you can bundle up and hike, skate, ski, snowshoe, snowmobile, toboggan, and ice fish in the Kawarthas. There are lots of ways to commune with nature and celebrate the cold season in cottage country.
Indeed, buying a cottage off-season has its challenges. If you cottage-shop now, you won’t be touring properties in prime cottage season. And, if there’s a blanket of snow, it may be difficult to leave the showing with an accurate sense of the appearance of the waterfront and the surrounding landscape in the summer.
You also don’t have a chance to observe directly how other cottagers use the lake at the height of the recreational season. And it is more challenging to discern the lake’s character if you’re mostly unfamiliar with it. However, the waterfront is typically the focal point of a recreational property in cottage country. Hence, it is important to be as knowledgeable as possible. In the winter, you will have to do homework to gather information about factors such as these:
the kinds of boats people drive on the lake
the volume of boat traffic
swimming conditions, water temperatures, and water levels
the path of the sun and the extent of sunlight
the lifestyle and recreational inclinations of your would-be neighbours
Of course, the best way to answer these questions is to visit the property on a Saturday in July or August. Nonetheless, you don’t have this opportunity if you’re poised to table an offer in January.
That’s why you need to be a dogged researcher when you buy a cottage in the winter. You have to ask lots of questions and look at images of the property in the summer. Your real estate representative may know people who cottage in the same part of the lake and can answer your questions. Also, don’t hesitate to ask the seller to show you photos of the cottage property in the summer.
Those who are familiar with the look and feel of the cottage property in the summer months and wish to table an offer have a decided advantage.
Many owners of traditional May-to-October cottages have “mothballed” their recreational getaways for the off-season. In addition, cottages on unplowed private roads may be inaccessible to potential buyers in the winter. As a result, inventory is predominately comprised of four-season cottages or fully serviced homes at this time of the year, which are growing in popularity.
“Interestingly, we’ve noticed that more and more cottages come on the market in January and February as opposed to just April,” points out McCormack.
“We suggest that you look at the property listings on our website if you’re thinking of buying in 2015. Although these are active listings, they have been removed from MLS for the off-season,” says McCormack. “You’ll be able to view properties on our website that aren’t accessible on Realtor.ca, and hence not widely advertised right now,” she adds.
Buyers who commit to some research and are comfortable tabling an offer can land a great deal at this time of the year.
Photo courtesy of awhite No Alterations Made - Creative Commons
