the real/estate blog

Down by the bay

Up here in Simcoe County, there is a lot of waterfront property. In Barrie alone there are homes all along Kempenfelt Bay, and there are numerous lakes throughout the County where people own homes with waterfront access.

There are particular issues to be aware of when purchasing a home right on the water, such as access, whether you are allowed to put in a dock, and even whether you own the river or lake bed – with some older properties, in certain areas, there is ownership out into the water. One other major practical concern: taxes are almost always higher on the water. Make sure you know how much they will be so that you are prepared to budget for them.

If you are thinking of buying a little piece of vacation, be sure to find out as much as you can so that you spend less time worrying about your title and more time enjoying the sun on the dock.


Fighting over the family cottage

Posted in Real Estate,Recreational properties by Cesia Green on May 17, 2011

Several months ago, I blogged about passing on recreational properties. Passing on a family cottage can be an extremely sensitive subject. The Globe and Mail ran an article a few weeks ago on tips for passing on recreational properties. The main points highlighted by the author? Don’t let the children (or other heirs) figure it out on their own; ask your children what they want to do; don’t focus narrowly on avoiding probate at the expense of what you actually want to do; don’t forget about capital gains tax; don’t forget about maintenance costs; and don’t forget about principal residence exemptions. When you have a cottage, it is even more important to get good advice from your lawyer, financial planner and accountant, working together, to ensure that the beloved family summer home gets passed to the right people in the right way with a minimum of fuss and money.