Buying Lake of the Woods Waterfront and Recreational Property

There are a lot of considerations when purchasing a recreational or waterfront property in Lake of the Woods, Ontario, Canada. Fortunately you've come to the right place. Terry Halvorsen has been selling real estate in this neck of the woods for more than 30 years, and has the airplane and boats to help you find that dream home for sale.

Recreational real estate in this area requires considerations not necessarily apparent at first glance. There are variables that effect the values of real estate that are not the same as real estate, say in the suburbs of Toronto. Things like seasonal accessibility, road and water accessibility, terrain, water depths, frontage and acreage dimensions, services, building restrictions are some to name a few. Terry and his team have the knowledge to guide you through your Lake of the Woods recreational property purchase. Here are some things you should know:

Water
Most cabins, cottages and recreational real estate in Lake of the Woods, draw their water from lakes or wells, and most use a septic system for wastewater. Regulations need to be considered when purchasing any real estate to ensure you don't have troubles in this area. You can consult the Northwestern Health Unit for regulations, inspections and information.

Taxes
Newly created lots and new cottages, cabins and homes have a 5% GST applicable. Ontario land transfer tax is payable on all property sales. PST is payable on chattels included in the sale.

Insurance
Recreational properties can be insured locally or with existing insurers.

Financing
In most cases, a 25% down payment is required on recreational properties.

Legals
Both buyers and sellers of recreational properties should be represented by independent legal counsel, as with any real estate transaction.

Telephone and Hydro
Get the account number/phone number of the previous owners, it will make the transfer of the recreational property to you much easier. Many recreational properties don't have a street address as you know one, so you will likely need the legal property description.