Cottages and Rental Properties

Cottages and Rental Properties

Cottage in your future?

The process of a cottage purchase can differ from a traditional purchase in quite a few ways. Whether you’re just starting to look, or have narrowed it down to the spot on the deck where your Muskoka chair goes, the key to an approval is in the details!

Ask more specific questions about the home and the systems that support it:

  • Get up to date info on the well and septic.
  •  Is it habitable year round, even if you’re planning on only using it on sunny long weekends?
  • Ask about water access, frontage, and surveys.

Don’t forget – the regular rules still apply even though you likely already own a home: do you have sufficient down payment, and can you afford the mortgage? Planning on renting the cottage? Any ‘income’ you earn generally won’t be considered. If you still have a mortgage on your home, you’ll need to be able to qualify to afford both.

Investment Properties

The key to a successful approval with an income generating/investment property differs most in this way: will your ‘business’ plan carry the strength a lender needs to see?

You need to know what your operating expenses are, your rental income, etc. Is there a lease agreement already in place? What if a tenant vacates or defaults? How do you plan to show that you can afford repairs?

Any type of property purchase above and beyond your principal residence will require some extra attention. Let me help put you in touch with the right lender and mortgage program that best suits your plans for the future.

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Did you know:

45% of first time buyers and 33% of repeat buyers use a mortgage broker for their mortgage needs.

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Use this handy tool from CMHC to explore your options. Nothing beats expert advice - be sure to contact me to discuss strategies that will save you money and pay off your mortgage faster! Try it today >