Nisha Muire

If you live in the bustling Toronto metropolis, then it is normal to imagine escaping to your own island on weekends or holidays. Such dreams are much more attainable as you might think, but you must be prepared for the costs that come along with island living.
 
First finding the island – there are hundreds of island available for purchase from under $100,000 to nearly 5 million dollars. The cost really depends on location, size, accessibility and amenities. If the island already has some infrastructure in place, then it will naturally be more expensive than an island that is bare-bones. Likewise, an island off the coast of the Bahamas will be far more expensive than an island in a remote part of Nova Scotia.
 
If you are serious about looking for an island to develop, then it is necessary to deal with a broker who specializes in island purchases. You will also need a very good lawyer as there are many different scenarios involving lease and freehold islands and only an experience legal professional will be able to help you navigate those intricacies. Occasionally, island buyers have run up against squatter’s rights where someone contests the sales because they have been using the land for years. Some sales have fallen through due to such claims. Then you also have to be aware of what the expectations of your island include – will you have to allow access to your beach, your dock, etc…? Those questions can all be answered by a lawyer who can ascertain these facts prior to your purchase.
 
Accessibility is another very important aspect of owning an island. It is best to look for something that is about one km or less away from shore – otherwise, you will be forced to commute a long way to get to your island every time you want some peace and quiet. However, if you are wanting that kind of seclusion and want to be away from everyone and everything, then the island you purchase can really be anywhere – just remember that if it is undeveloped then you will have to factor in getting your materials and work crews to the island in the cost of your build.
 
Lastly, depending on your budget, you might want to shell out a bit more for something that is already developed over something that you have to develop from scratch. While there is something very appealing about customizing your island, unless you are ready for the hassle and expense of starting from nothing, then looking for something that won’t require as much work might be a good idea.

The answer to the question of whether to buy or rent a cottage in Toronto is one that will always be a very personal one. The decision to either purchase your own country place or rent one every year will come down to several factors including your financial situation, your lifestyle, and your goals. Building memories, putting down roots in a community, and knowing your area are a few of the reasons for which people tend to prefer buying their own place, but the financial costs to carrying two properties must be factored into any financial plan.
 
The idea of owning a cottage is very tantalising – escaping on the weekends to a quiet place on a lake where you can forget about the workweek is something that is definitely alluring. But, what will happen to the cottage during the winter and during the week? Will someone still be using it? If not, you will have to ensure that it is properly winterized so that pipes don’t burst and critters don’t enter. If you plan on using it as a part-time rental, then you will also have to budget for a cleaning service and monthly maintenance. The other costs to consider are utilities, cable/satellite, phone service, septic maintenance, snow clearing, taxes and insurance. Then there is the actual maintenance of cleaning the place, moving the lawn, cleaning the gutters, etc… that you will eat into your downtime.
 
Renting a cottage means only paying the rental fees for the time you wish to use it. While such a no-fuss arrangement means that you simply show up and enjoy the property, it also means you share a place that many families use, that you are limited to the time it is available and if someone rents it before you, then you might miss out on your preferred dates. However, the cottage isn’t yours and you can’t decorate it as you want, and you won’t be able to truly make it your own or build the kind of affinity with the community as you would as an owner. On the plus side, you really don’t have to worry about any kind of upkeep.
 
Whether you rent or own a cottage the one thing both options have in common is that you will build beautiful memories with your family that will last a lifetime.

In Toronto buying a new build-home is always exciting – and increasingly the only way to get an affordable place. While new-build homes provide buyers with a way of customizing their residence, they also require a much higher level of supervision and diligence on your part to ensure you get what you paid for. Let’s take a look at some of the key elements to keep in mind when eyeing a new build home.
 
Upgrade smartly
Many people look at a show home and simply fall in love and are ready to sign right away. However, this is a mistake that should be avoided. Why? Because show homes are full of upgrades that won’t be there in the house you actually move into unless you are willing to pay those enormous upgrade fees. If you do want to spring for the upgrades, remember that it is through those upgrades that builders add to their profit margins. The base price of a new home or condo is never negotiable, but any of the upgrades you request definitely are negotiable – especially if you are asking for a lot of upgrades. Usually the greater the number of upgrades, the higher percentage off you can get. The reason behind this is very simple – any upgrade will be charged to you at double the cost that the builder can acquire it for.
 
Get all details in writing
You cannot take for granted that the what you see on an artist’s rendition or on your floor plan is actually what you are going to get. Ask to see the builder’s blueprints and plans with the exact interior dimensions of the unit or home you are looking to buy. Many new-home sales people will actually include the exterior wall dimension and/or the balconies in the total square footage, which can seriously skew what you get as actual living space. The other reasons to get everything in writing is to avoid hidden closing costs that can really spike the price you pay. Many builders will tack on all manner of closing costs from charging to have gas or sewage hooked up to having to pay for public art fixtures. Make sure you know what you are on the hook for up front – and then get your contract looked over by a lawyer to make sure that you are getting what you the sellers says you are getting. If the seller doesn’t want to give you time to take the contract to a lawyer, make sure to put in a clause that the contract is subject to review by your lawyer.
 
Make sure to have inspections done
Don’t pass up the inspection! Although it is a new home, it is still necessary to have an inspector go over it halfway through the build, at the end of the build and at the end of the first year. Those are the crucial times at which you will be able to catch inconsistencies and/or anything that is not up to code or part of the plan. You can then have those things corrected while it is being built or still under warranty.
 
Buying new is a great way to build as much equity in a property as possible – however, you have to protect yourself and understand that there are pitfalls to watch for. However, if you are wise and do things properly, you can definitely come out way ahead of the game.

Off-grid living in Toronto is something that can be your reality. Although there are few examples of successful off-grid properties at the moment, the movement is growing and more people are slowly becoming interested in a greener way of life. For some the choice to move to an off-grid lifestyle was made due to the exorbitantly high costs of hooking up a new property to the electrical grid. Others made a more conscious choice to switch to greener forms of electricity for ethical reasons. Regardless of why you might be wanting to switch to an off-grid life, there are certain realities to keep in mind.
 
To live off-grid requires a certain amount of tenacity and willingness to give up certain assurances we would normally take for granted. For instance living off-grid will mean limiting the number of electrical devices you are using at a time at home. While most of us take for granted that we can have our appliances plugged in and running all the time and that we can use our television, computers, air conditioners and other electrically driven devices whenever we want, the reality of relying on your own sources of electricity will force you to limit or choose those items you use. You might have to decide whether you will run all of your appliances together or select those you absolutely want to use.
 
If you want to go off-grid, then you will need to figure out just how you will power those necessities of life that require energy. Some people use different types of energy in combinations – for instance solar and propane, or geothermal and wind. Solar is probably one of the more common ways of producing alternative energy. If you choose to go this route, then you will need a minimum of 2300 watts of solar panelling in order to properly power the majority of your appliances excluding a dryer and air conditioner – which are both power hogs. You may even be able to cook using electricity instead of propane.
 
A tip to solar living is to buy panels whenever they go on sale so that you create a bank of needed energy sources and to mount them on light tracking panels so that they follow the sun. By rigging your panels to follow the sun, you can produce about 20% more energy than if you have them in a static position.
 
Having good batteries to store the energy you need for cloudy days is also imperative is you don’t have a hook-up to an electrical grid. Batteries have truly innovated since they were first introduced. However, that is another article for another day as there is plenty to know on batteries used for solar stowage!
 
If you are truly interested in off-grid living, it is best to do your research and to attend home shows where you will be able to talk to the experts about what you will need all in one place.

You now have a wonderful Toronto cottage to get-away to every weekend. But what happens to your natural paradise the rest of the time? During the downtime, you can monetize your cottage and earn extra money. It can help pay off your mortgage sooner, build up your savings or help with the planning of a vacation.
 
With the rise of Airbnb, making your Toronto cottage a part-time rental has never been easier. Creating the right listing is key to getting people interested in your place. Along with the number of rooms and amenities contained in the cottage, the description should encompass:
 
Key highlights of the neighbourhood
Any accessories that it contains
Nearby attractions
 
It is also a good thing to offer extra incentives that will add to the experience of renting your cottage. For Instance, if you live on a lake, have a canoe or paddle boat handy or some inflatables and life jackets. Or you can include a firepit and adirondack chairs for cookouts. Bicycles are also always appreciated and if you live near ski hills, then having skis available is a great idea.
 
Just remember that if you do decide to monetize your rental, you will have to look into any tax implications that it will have. After enjoying the fruits of your rental – facing the tax man at the end of the year is the last thing you need.

Toronto chalets are hot and heating up further. Moving to cottage country has mot only become fashionable, but is one of the feasible ways for younger people to own property without the massive price of what a place in the city would cost. However, if you have children and you plan on keeping your cottage to pass on to them, it is wise to consider certain very important things first.
 
Do your children even want the cottage?
Are they willing to put in the work and pay for the maintenance that it will require?
Are their spouses willing partners in this enterprise?
 
The best way to determine whether passing on the family cottage is worth the trouble it will take is by having an open and honest conversation with your children. It could very well be that they live out of town and may not foresee trekking out to use a country place after you are gone. It could be that only one of your children is even interested in assuming the responsibility of the cottage at all. It could also very well be that none of your children want to put in the time and effort of taking it over.
 
However, if there is a child who wants to take it over, then it is necessary to make the inheritance fair. Ensuring an equitable inheritance would require an evaluation of the property and then getting an evaluation done of your entire estate. If your cottage is worth more than your estate, then the child who gets the cottage will have to pay your other child the difference in value. For instance, if the cottage is worth $800K but your estate is only valued at $720K, then the child who inherits the cottage would need to pay $80K to their sibling to make the inheritance fair. But, what if the child with the cottage doesn’t have the money to pay their sibling back? Will the other sibling be okay with a payment plan? Would the sibling inheriting the cottage even want to go into debt to keep the cottage?
 
Then there is the transfer tax that will have to be paid on the appreciation of the cottage from when you purchased it to when it is transferred to your children. If you bought the cottage for $100K and it now worth $800K, then there will be nearly $250K in tax to pay out.
 
As you can see inheritances can get very tricky. However, a good tax accountant can help you sort through the red tape if you do choose to go the route of willing the cottage to your children.
 
Otherwise, you can always sell it and divide the money equally between all of your children, with little fuss.

Nothing says summer better than sitting in a lawn chair on a dock overlooking a lake while sipping a cool drink. Lakeside living in Toronto is actually easy to find given the number of superb lakes that the province boasts. If you are thinking about moving to cottage country and want the ultimate lakeside cottage, then you are not alone. Lakeside living is gaining momentum as a younger generation of adults are opting to live rurally on their off-time and rent in urban centers for their daily living.
 
Lakeside cottages require slightly more care than those found on a on-waterfront site. The presence of a shoreline means that the activity of your household will directly affect the quality of the water and the integrity of the shore. In order to maintain your shoreline and prevent costly repairs that might be necessitated by improper use, it is best to take care when developing your property. Hiring a certified contractor who is familiar with building along shorelines is a must if you need to install or replace a dock. You must hire someone who will minimize the impact of the work done to the shoreline in order to spare the environment as much damage as possible
 
If your water system empties into the lake you will have to change the kind of soaps and cleansers you use inside your cabin. Direct draining into the lake of commercial cleanser can significantly raise the levels of phosphorus and nitrogen in the water, which in turn will contribute to the aging process and lead to the death of the lake. Even if your water system doesn’t drain into the lake, to minimize the effects of leaching into the lake it is best to use low-impact cleansers. It is also recommended to keep your septic system up-to-spec.
 
When looking for the right lakeside home in Toronto for your needs, it is best to consider the kind of lake you want to live near as well. Some lake allow motorized watercraft while others don’t. Motorized watercraft will come with noise and water disturbance. If this is not something you are into, then it is best to look for a lake where these are not permitted.
 
The right lakefront property is out there – as long as you know what you want and how to care for it, lakeside living is a dream that is definitely attainable!

Looking for a Toronto weekend getaway place? A little cottage by a lake where you can wile away your free time? You are not alone. Cottage country has become big business of late in the GTA fuelled mainly by the skyrocketing urban market and the unaffordable cost of owning property in the city. However, given the popularity of lakeside living, the prices of country places have also started to rise, and where you might have been able to find a great place for under $200K in the recent past, such deals are becoming fewer and much farther between – and those with attractive price tags are usually little more than shacks requiring extensive work to be viable.
 
If you want to find a good place and a good price, then knowing your cottage country and what you want are key. Do you want to be beside a lake? How rural do you want it? How many bedrooms? What state of completion? What is your budget? Will you use it as a short-term rental? How much land do you want? All of these are crucial questions that need answering. They will determine the location of where you will buy, the price point you can afford and the type of property your agent needs to find for you.
 
Finding a good realtor who is familiar with the cottage country real estate market is crucial to getting what you want. A good agent will be able to direct you to those gems that might not be most visible, but have the right elements for what you want/need. Next, securing financing is in order. Your financial institution will be able to walk you through the process of securing a loan for your cottage property. Just be aware that it might be a little tougher than it would be if you were buying in the city.
 
Once you have your questions answered, you’ve found your realtor and secured your financing, it is time to hit the market! And, the minute you find your place and sign on the dotted line, you will become part of an exclusive but growing club of people opting for the comforts of the country over the city for their property purchase