Rob Heming
Sales Representative
Realty Executives Plus Ltd.
The end of summer signals the end of the cottaging season for many. It is also the time when hard decisions are often made, including whether to keep your recreational property for another year or to get ready to sell. The market is always fluctuating so you may decide to hang the For Sale sign now or wait until the spring, which is typically a busier season for cottage sales. Whichever season you choose, we have put together a list of things to do to get your vacation property ready to go on the market.
Your first call should be to a real estate professional who specializes in cottages or luxury waterfront homes in your area. Having been an authority in this market for quite some time, I have seen firsthand the issues that sellers have come across by not hiring the appropriate, knowledgeable agent, one who knows the cottage market inside and out and will guide you through every step of the process.
It is also wise to consult with a lawyer and an accountant when putting your vacation property up for sale. Whether you are the sole owner or part of a joint partnership, there will be financial and legal issues to consider. You want to be sure that you will reap the most benefits from the sale and try to avoid paying them all back in capital gains or taxes.
Nobody wants a surprise on the closing day, so now is the time to make sure everything is in tip-top shape. Septic system, furnace, well pump, heating, plumbing … even if you aren’t planning on repairing or replacing any faulty equipment, it is only fair to have any issues documented for potential buyers. Keep a record of all tests and results on hand for the new owners.
The boundaries or zoning of your property may have changed over the years. Now is the time to make sure all property lines and rights of access for the waterfront, etc. are properly defined to avoid any issues down the road.
Your vacation property has been the birthplace of so many memories, but now it is time for someone else to make their own. Since just about everything ends up at the cottage eventually, prepare for a massive purging and cleaning. No buyer wants to inherit 40 years of rock collections and unfinished projects. As difficult as it may be, it has to go. Organize a garage sale, split the goods amongst relatives or donate to a worthy cause.
Again, there is no perfect time to sell your cottage but, with a little preparation, I can help make the whole process go smoothly. Give me a call today at 705-321-4924.
Rob Heming at Realty Executives on the Bay specializes in tourism accommodation, recreational and multi-residential properties, as well as fine homes and waterfront cottages.
