Frequently asked Questions

What do you need to know before SELLING your Waterfront Property?

Buying a waterfront property can be an exciting and rewarding experience, but it also comes with unique challenges and considerations. Here are some important things to keep in mind before making such a big purchase:

1. Get professional assistance: Consider hiring a real estate agent with experience in buying waterfront properties. They can provide you with valuable insights as to what properties are available, if they are priced at fair market value, which ones you should see, when it’s best to make an offer and how to negotiate your offer for the best price and terms. They can help you navigate other unique challenges associated with a waterfront purchase, such as ensuring you have enough time to do your due diligence, and helping you out in a bidding war, if there are competing offers.

2. Be aware of the costs: All the services offered by a buyer’s Realtor are FREE because a buyer’s agent is paid indirectly by the seller as a reward for bringing an acceptable offer. Even though the seller is paying, the buyer’s agent is usually working entirely for you which should be spelled out in a “Buyers Representation Agreement”. All you need to budget for are: the Land Transfer Tax (search up “Ontario Land Transfer Tax Rates Calculator”), the optional cost of a home inspection (which is strongly recommended), sometimes a survey (if you are building something), moving-in costs (i.e. renos, furnishings, etc.) and legal fees (to transfer clear title to yourself). On top of that, there is the annual property insurance and property taxes.

3. Keep to your budget: Obviously you’ll need to know how much you can afford to invest in such a big purchase. Getting the best waterfront you can afford, for the least amount of money, is all about research and timing. So you need to be informed about current market trends, interest rates, and local demand, all of which can influence the timing of an offer and your success in buying the best waterfront property you can afford.

4. Understand local regulations: Before purchasing a waterfront property, it's important to know what the local regulations are, including zoning bylaws (which may restrict certain uses) and local conservation authority imposed setbacks from the waters’ edge. These regulations can impact your ability to build, renovate, or use the property. It’s imperative you know about these before making any commitments.

5. Clarify the property’s waterfront rights: Some waterfront properties may have “shoreline road allowances” where you are permitted to use the crownowned land at the waterfront, but you can’t build on it. Other properties may be “promenade waterfronts” whereby the neighbours who live behind you can walk in front of your home or cottage. The best kind of waterfronts give you complete ownership right to the shoreline.

6. Conduct a thorough inspection: A waterfront property may be subject to more wear and tear than you think, due to the effects of the weather – especially wave action and water exposure. It's important to inspect the house and boathouse foundations, the dock(s), the breakwall, and any other structures that might be susceptible to ice damage or erosion. Also, it’s important to make sure any changes made to the shoreline by the seller were done with all the right permits, otherwise you, as the new owner, may be responsible for any remediation costs – which could be significant.

7. Research the water quality: The water quality and depth of the lake or river can impact your ability to swim, fish, boat or engage in other such water activities. As well, consider accessibility and the ease of access to the water for swimmers. Also be sure to research any potential hazards such as algae blooms that may only appear at the end of the summer or perhaps signs of pollution (like dead fish). Don’t hesitate to ask the neighbours about these things. You’ll be surprised what they’re willing to tell you.

8. Consider the maintenance costs: Waterfront properties often require more maintenance than other properties due to the effects of the weather and the direct exposure to the lake or river. Be sure to factor in the costs of shoreline maintenance, dock repairs, erosion control and, in some cases, ice damage, when considering the overall cost of the property.

9. Include the toys: Be sure to include the dock(s) in your offer, as they are usually considered a chattel which the sellers can take with them. If there is a swim ladder, a boat or canoe that’s up for grabs include it in the offer.

10. Think about resale value: While any waterfront property can be highly desirable, the location is always key. Your use might differ from that of a future buyer. You might not mind a steep bank with a hundred steps down to the lake, but most buyers don’t want that feature. However, waterfront properties do tend to hold their value better than regular residential properties. As the old saying goes: "They ain't making any more of the stuff !"

By considering all these things, you can make an informed decision when purchasing a waterfront property. Of course, getting FREE expert advice from an experienced Realtor is something that any serious waterfront buyer should consider taking advantage of. If you go it alone, you may be taking an unnecessary risk.

What do you need to know before BUYING a Waterfront Property

Buying a waterfront property can be an exciting and rewarding experience, but it also comes with unique challenges and considerations. Here are some important things to keep in mind before making a purchase:

1.- Understand the local regulations: Before purchasing a waterfront property, it's important to research the local regulations, including zoning laws and environmental restrictions. These regulations can impact your ability to build, renovate, or use the property.

2.- Conduct a thorough inspection: A waterfront property may be subject to more wear and tear due to the effects of weather and water exposure. It's important to conduct a thorough inspection of the property, including the foundation, dock, seawall, and any other waterfront features.

3.- Research the water quality: The quality of the water can impact your ability to swim, fish, or engage in other water activities. Be sure to research the water quality in the area and any potential hazards, such as harmful algae blooms or pollution.

4.- Consider the maintenance costs: Waterfront properties often require more maintenance than other properties due to the effects of weather and water exposure. Be sure to factor in the costs of maintenance and repairs when considering the overall cost of the property.

5.- Think about resale value: While waterfront properties can be highly desirable, the location is always key.  Your use might be different than the future buyer. Waterfront properties tend to hold their value better than regular residential properties they say “They aren’t makin’ any more waterfronts!”

By considering these important factors, you can make a more informed decision when purchasing a waterfront property.

Why you should hire us to represent you as a Waterfront Specialist?

You can be assured we will do an excellent job for you! Combined we have over 25 years of experience,  we are both professional Real Estate Brokers working under the RE/MAX umbrella, which is the #1 Real Estate Company in Canada and North America.

How do we know what your Waterfront is worth?

The market determines the value of your property. Ultimately your property is only worth what a qualified buyer is willing to pay for it. When determining a waterfront’s value, we need to compare your property to other similar properties that have sold recently.  We need to compare: Location, Size, Condition (Recent Renovations), Market Conditions (Buyer’s Market, Seller’s Market), neighbourhood, community, current interest rates and what else is currently for sale (the competition). 

What is a Buyer’s Market

A Buyer’s Market occurs when there are more properties available than there are property buyers. This puts the buyer in a good bargaining position as it provides them with more options and a better negotiating position when it comes to making an offer.

What is a Seller’s Market

A Seller’s Market occurs when there are more interested buyers than there are available properties. A real estate seller’s market puts the seller in a better negotiating position. This type of market typically results in multiple offer situations, higher prices and homes selling much more quickly.

There are many complicated things that go into a CMA (Comparative Market Analysis) or PVR (Property Valuation Report).

When is the Best Time to Sell my Home?

It is typically best to list your home during a “Seller’s Market”. A Seller’s Market is when there are more qualified buyers than available homes for sale. Other factors can affect the sale of the home such as weather, school season, seasonal holidays and more. It’s best to set up a time to meet in order to discuss your needs and expectations. Contact us to set up a time to meet in order to discuss your specific situation.

Should I sell or buy first?

Both options have their own pros and cons. It is best to contact experienced brokers like Ian Woods and Scott Bird in order to consult and see what is best for you and your family’s needs. Click here to schedule one today.

How will you market my property?

We market your property in a multitude of ways. Of course, www.realtor.ca is the biggest and best tool where most buyers go to search online. We hire professional Real Estate Photographers to make your home “POP” and for your home to stand out from the competition. We are also very active on social media, with paid ads specific for your home on Facebook and Instagram.  Your own customized website (specific to your property) is a great way to get buyers to notice your property especially when it’s on your sign where prospective buyers driving by can easily type the address into their smartphone and see your listing for sale highlighted on your own website.

Do I need to have a FOR SALE sign?

No, you aren’t required to have a FOR SALE sign on your front lawn, although it is highly recommended. Without the sign, you will be missing out on many valuable opportunities to find the right buyer who might be someone living on your street or someone driving by who is not even be considering buying a new home but loves the neighbourhood. With our custom riders displaying your personalized website, we can attract buyers to visit your website which is one of our many marketing tools.

What does it cost to hire you as my Real Estate Agent When I am Buying a House?

The good news is that as a Buyer, you are not obligated to pay your real estate sales representative a fee. Rather, the Seller is required to cover the associated costs of selling their property. However, some costs you may need to consider are: and transfer tax, a property inspection, mortgage fees, legal fees and disbursements (including title insurance), closing cost (property tax adjustments), home insurance, moving expenses and connection charges for gas, electrical and water. In addition to these potential costs, you may need to budget for any repairs that may be needed when you move in.  We can help you figure out approximately what the these expenses will be.

Who Pays and What is land transfer tax in Ontario?

Properties sold within Ontario are subject to a Provincial Tax paid by the buyer. Each property is different, as it is a calculation based on the purchase price and the geographical location. To calculate click this tax on this link. https://www.ratehub.ca/land-transfer-tax-ontario

When do I need to provide the deposit if my offer is accepted?

This all depends on what the contract states. If it says that you will provide a deposit “Upon Acceptance” of your offer, this means you are required to deliver the deposit either in person or electronically within 24 hours of your offer being accepted. If the offer says “Herewith” that means you should be providing the deposit at the same time that you submit the offer. If the offer says “as otherwise described in this Agreement” this means there should be wording somewhere else in the Agreement (likely the Schedule A) which will describe the deposit details.

How to get a FREE Property Valuation Report? Click here & Schedule today.