If you’re looking to invest in a cottage or waterfront getaway, there are three key things to keep in mind throughout your search.

How’s The House?

Even if the lake is the highlight of a property you’re considering, it is important to make sure that the home is equally as great as the beautiful body of water it borders.

How’s its orientation? Is it built on the ideal angle to take full advantage of the sun? Does the deck or large windows face another house directly? The orientation is an important factor to consider as it can make or break the comfort of the property.

You’ll also want to consider the lot itself, as many waterfront properties are not built on level lots, but rather on sloping hills. If this is the case with a cottage you are looking to buy, it is important to have the land inspected to uncover any potential dangers or deficiencies. This is especially significant if you want to pursue further construction on the property in the future.

The waste system is another factor to consider, as many lakefront properties utilize a septic tank or public sewer system, which may differ from what you are used to and could cause more hassle than the home is worth.

Just How Lakefront Is It?

It is also important to consider the proximity of a house to the water, as there are unique risks that come along with bordering on a body of water. If the home is very close to the lake, research the typical rise and fall of water levels throughout the year as well as whether ice or frost develops in winter.

Make sure you have a thorough understanding of the lake specifics as well. Know the lake rules, what types of water crafts are permitted for use, how deep it is, and how busy it is throughout the year. A lake may look beautiful, but it’s equally important to ensure it will provide the experience you are looking for as well.

Protect Your Privacy

Lake front getaway homes often come with limited privacy as many properties may face each other across the water. Additionally, since space is limited around a lake, properties may be squished together to make the most of the land that’s available, and that can also compromise your privacy. Be sure to check out who you can see and who can see you, and take note of whether or not there are substantial tree barriers between you and your potential neighbors.

House, land and foreclosure auctions can be one of the most nerve-wracking ways to buy a property. However, if you prepare yourself with proven bidding tactics, auctions can be a great way to purchase your dream home at a competitive price.

If you’re in-it-to-win-it, familiarize yourself with these top three tips and tricks before attending a real estate auction.

Give The Right Impression

While you may not have control over what other bidders are willing to pay for a property, you do have some control over their perception of whether or not bidding against you is worthwhile. Come well-dressed and maintain a confident demeanour to give the appearance that you are a serious buyer, one whom ‘the other guy’ likely can’t out-bid.

To enhance this appearance, do not make an offer right away. Wait until the bids have reached approximate 80% of your maximum price and then join in, as it will knock out the bargain hunters. A big first bid can be intimidating to others, making them question whether they stand a chance against you. Following bids should be made quickly and confidently to send the message that you are the person who will be closing this deal.

If you are extremely anxious to place bids, consider hiring a professional bidder to do the work for you. A seasoned pro will be able to maintain their cool while placing bids strategically to maximize your chances of getting the property you want at the price you want.

Know Your Limit

Never go into an auction without knowing your absolute limit. If you are emotionally invested in the property it is best to write your limit somewhere on the inside of your hand, so that you are forced to remember it when you’re tempted to exceed it.

In terms of setting a limit, pick a figure that isn’t rounded. Many buyers will set limits such as $500k or $1.2 million, and will drop out after these round figures have been reached. If your limit is $515k or $1.25 million, you will have an extra cushion than may just barely outbid your rivals – and that’s all you need to win.

Ask The Hard Questions

Do your research beforehand and ask the auctioneer about the property’s flaws. Questioning whether the deck is up to code or whether there is still a possibility of road widening could make other bidders second guess the property and drop out before bidding has even begun.

Ready to blow the competition out of the water? Make sure you are completely prepared for an auction, contact your trusted mortgage professional today.

Purchasing a plot of land can be one of the best investments to make. A landowner has great (but not unlimited) freedom in how to develop their plot, and land never expires so its potential is essentially infinite. That said, buying undeveloped or vacant land can be risky business, so read on to find tips on purchasing a plot.

Do Your Homework: Before You Get Onto The Land

Before anything else happens, figure out your priorities. Decide what you want the land for, what amenities and what location you want, what you’re looking for in terms of neighbors or local government, and, of course, know your budget. More specific questions will arise around taxes, fees,and permits for building, available utilities/water access but, first, just start with your ideal land plot and work backwards (and into reality) from there.

Do Your Due Diligence: On The Land Itself

Once you find a plot that fits your needs on paper, get out onto it. Walk the land with an eye on the topography (any unexpected hills or valleys? Is the ground solid/fertile/arable, depending on what you need?), neighboring properties, size and shape of the plot, and any other element that the walk brings to your senses (smell and hearing as well as sight). Ideally, do this walk in the fall, so there is no foliage hiding your view of the property and what’s around it.

Don’t Despair: It’s Costly, But There Are Deals Out There

Remember that developing the land will incur costs too. Budget for as many foreseeable costs as you can, including a land survey, well/utility installation, legal fees, land clearing, landscaping, road construction and others. That said there are places you can look at for deals on the initial land purchase, including property lots for sale (which are cheaper the farther they are from major cities, road access, and already-connected utilities) or bank-owned plots. For those, you can talk to your real estate agent about asking local banks for lists of their foreclosed properties, which tend to be cheaper as banks look to sell them off.

Don’t Be Afraid To Ask: Reaching Out To Experts

Finally, talk to people. Ask locals about the neighborhood, previous uses of the land, potential surprises (like calm paths that turn into snowmobile trails in the winter). Connect with professionals in the local health department, zoning and building departments, accountancy and other areas of development for in-depth answers to your municipal questions. Let your local mortgage agent be your first point of contact.