The Good Life, Wealth
If this is the year you want to take the plunge and buy a vacation property, you could be in for sticker shock. And if you think you can do it with a small down-payment like five or ten percent think again.
You’re going to need a minimum of 25 per cent down before a bank will even talk to you about a mortgage. That’s a lot of cash when you consider that nationwide, the average waterfront property topped $425,000 last year, according to Royal LePage.
Once you have that, there are extra costs over and above what you’d find in the city, for things like water quantity and quality certifications, and local improvements. Add in the usual closing costs, and real estate agents say you could be into $5,000 to $10,000 on the average property. And don’t forget the cost of getting there. If you were coming from
The bottom line – so far none of this has put a damper on the market for cottage country real estate.