HOW TO PREPARE YOUR COTTAGE FOR SALE IN ONTARIO

Dated: March 1 2024

Views: 173

Lake of Bays

         Summer Day at Green Point on Lake of Bays

The Cottage Life Show in Toronto is the traditional launch of our recreational property sales season here in Muskoka. With feedback from our past lakeside Buyers we have prepared 6 helpful tips, sure to give potential Buyers more confidence that your property is right for them. And, that means a better price for you, the Seller. 

What Information Should You Have Handy to Support the Sale of Your Lakeside Home or Cottage?

SHOWCASE DEVELOPMENT POTENTIAL

Your property may have renovation or rebuilding potential that is worth more to buyers, so don’t leave money on the table. Make sure the realtor you choose to list your lakeside property is familiar with the Official Plans and Bylaws and Municipal/District officials that guide property development and redevelopment - especially at or near the waterfront where rules are most strict.  With 1400+ lakes, 6 Municipalities and 1 District, your waterfront property could fall into one of at least 7 different sets of local planning rules within our region.

HAVE BUILDING PERMITS HANDY

If you have made improvements to your cottage property, make sure you have any required permits available for a buyer to see upon request.   No buyer wants to have a surprise non-compliance planning issue and no seller wants to risk a potential lawsuit, protracted closing, a last minute renegotiation of price - or all three - resulting from non-compliance that is discovered later in the selling process. And before you ask, Title Insurance only goes so far!

EXPLAIN YOUR RENTAL INCOME

Short Term Rental Income can be a helpful benefit to market to potential buyers but misleading claims can lead directly to trouble. Be sure to ask your realtor for guidance on this point so that any claims remain consistent with current bylaws and other regulations. (read here for more short term rental tips)

SHOW YOUR RECEIPTS 

Receipts for any waterfront and cottage improvements (or inclusions such as new docks, new furniture) can help support your asking price so we recommend that you keep these ready to share with highly qualified buyers. 

SHARE TRANSFERABLE WARRANTIES

Buyers are generally willing to pay more for properties that reflect quality and won’t require a lot of extra time/money to maintain. Warranties for roof updates, windows, siding, heating systems, appliances and other improvements give potential buyers an extra layer of reassurance.

DISCLOSE LATENT DEFECTS

Water damage is the most common form of latent defect in our region. If you know about any defects that aren’t easy to spot during a showing - disclose them.  Not only is this a legal requirement, being up front will give added reassurance to interested Buyers regarding the status of the property, while avoiding a potentially costly lawsuit if you don’t. 

THINKING ABOUT MAKING A MOVE AND WANT TO FIND OUT MORE? Email Susan now at susan@markbenson.ca 

©Copyright 2024 Susan Benson, Broker  | Mark Benson, REALTOR | Royal LePage Lakes of Muskoka Brokerage

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Susan Benson

Put competent experience to work for your Muskoka and Ontario Cottage Country real estate investments with Susan & Mark Benson. Susan is a graduate of Havergal College and Queen's University and brin....

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