More and more Canadians are taking a close look at the investment and lifestyle benefits of a vacation home. While purchasing a cottage or similar property is not as cumbersome as commonly believed, there are unique criteria and considerations that can impact the eligibility for financing, including:

Road vs. water access - Almost all cottage buyers want road access, but prices can be significantly lower for a water-access cottage. Find out if the road you need to take is public or private, and if a legal agreement exists for you to use it.
Water - The main sources of water to cottages are wells and lakes. If the water is drawn from a lake, you will need a filtration system. If it’s from a well, find out whether it sits on higher ground than the sewage system, how fast it reaches the cottage and if it has ever run dry.
Septic systems - It is vital to make sure there is a current certificate of approval, a permit to use the system, and that the system works.
Municipal regulations - Ask about local laws concerning hunters, snowmobilers and others crossing private property, motorized watercraft, water exclusivity and rights of way for utility companies and neighbours. Also, check the zoning - some cottages may not allow for year-round residency.
Municipal services - Check to see if the road to your cottage is maintained by the municipality including snow removal in the winter and if there is garbage pick-up or if you must drop it off at a designated dumpsite.

If you dream of your very own place in the country the good news is just how aggressive lenders will be to get your mortgage business.
Here are some tips on entering the vacation property market:

Explore getting a mortgage with less than the traditional 25% down.
Buy a property that can be rented out easily when you are not using it.
Become informed about possible seasonal slumps in real estate prices in recreational areas.
Buy a property with other families and share its use.
Look at more distant places. Typically, the longer the journey from a major city the lower the price.

Linda Renaud is an Accredited Mortgage Professional and can be reached in Kelowna at 878-6706.