Is Recreational Property Right For You?
More and more people - especially "Baby Boomers" - are looking at
recreation property ownership as a perfect way of finding peace and
tranquility. Studies show that boomers are the fastest-growing
group of recreation property owners. The need to find that special
spot away from it all - plus today's interest rates - have fueled
demand. Is this the right time to buy that hideaway you have been
dreaming of, and is it the right buy for you?
Owning your primary residence does not completely prepare you for
owning vacation property. In many ways buying recreational
property is like buying any other form of real estate but some of the
details are quite unique. Like owning a home, there are benefits
and challenges to owning recreation property and our REALTORS® who
specialize in this particular area of "cottage country" will be of
tremendous help in making your purchase a success.
Things To Consider
Whether in a city or small town, most homes are located in a subdivision
that stipulates building scheme; supplies water, sewer and other
utilities and provides an established layout of roads and sidewalks.
Cottage development, on the other hand, rarely follows this
established pattern. Most cottages that border waterfront have
been developed over the course of many years and often regional planning
involvement has been limited and most day-to-day concerns are handled by
local associations.
Legal Issues
Waterfront properties are often subject to the rules of regulatory
bodies that control what can be done with beach and shoreline.
These regulations may prevent cottage owners from making additions or
installing new structures. They may also prevent an owner from
altering the slope of the land.
Generally, docks, boathouses, retaining walls and other structures
require permission from the appropriate government authorities.
Before purchasing a cottage property, you should check on the legality
of the current structures and ensure that any changes can be undertaken
in the future.
Road Access
Not all cottages are located on public roadways. The access road
is not always public and may involve a private right-of-way. A
buyer needs to investigate who it responsible for the upkeep of the road
and whether it is open year-round. Some cottages are accessed only
by boat, which means you will require water transportation as well as
parking on the mainland.
Water and Sewer
Seldom are cottage properties served by municipal sewer and water
systems. Domestic water can come from wells, lakes or rivers, or
private utilities. Septic systems are often used for waste
disposal. These are government regulated and cottagers must comply
with the requirements.
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