With proximity to Toronto and access to some of the most beautiful scenery in the province, it’s no surprise that the Hamilton area is great for people looking to get away. Cottages are an ever-popular type of property in Hamilton, and for good reason too. With Lake Ontario nearby and the Niagara Escarpment, this area is altogether beautiful, peaceful, relaxing, and full of things to do. 

Let’s take a closer look at what you need to know about buying a cottage in Hamilton.

What Kinds of Cottages are Out There?

When discussing cottages in Hamilton, there are two main categories. Type A and Type B. A Type A cottage is considered an “all-season” cottage. These are built with better insulation, plumbing, and other features that make them habitable all year round. 

Type B cottages are seasonal. They are only typically habitable in the summer. It’s important to understand the difference when making the decision to purchase. 

Where to Find Cottages in Hamilton

Much of Hamilton is quite residential, however, there are pockets of recreational land that you will find perfect for cottaging. 

Beach Road along Lake Ontario is home to many high-end waterfront properties that could serve as incredible, luxe cottages while areas like Sherkston Shores near Niagara, Port Dover, and Turkey Point also have some great options. 

About a 40-minute drive from Hamilton is also Grand River, which is home to several campsites and cottage roads. 

Looking for more Hamilton real estate listings? Check out what’s available right here.

Why Are Cottages in Hamilton Popular?

Hamilton is a beautiful area with many picturesque hiking trails, waterfalls, lakes, parks, and the gorgeous Lake Ontario and Niagara Escarpment. Dundas Peak, Tiffany Falls, Felker’s Falls, the Devil’s Punchbowl, and Bruce Trail are all iconic places to visit in Hamiton if you enjoy the outdoors. 

Additionally, Hamilton’s home prices are still relatively affordable compared to other cities in the GTA, although home values are on the rise, making buying a cottage in Hamilton a sound investment. 

Hamilton’s proximity to the city also adds to its appeal. Since it’s quite easy to get out of Toronto and head to Hamilton on a weekend to visit the cottage. The appeal of cottages here is also not yet widely known. It’s not yet as popular as destinations such as Muskoka, giving a quiet and tranquil appeal to owning a cottage in Hamilton.

Hamilton homes for sale are some of the most popular properties in the region. Learn more about the area and see the latest listings here.

What are the Benefits of Owning a Cottage in Hamilton? 

The appeal of a cottage is pretty obvious to most. It’s someplace you can visit on the weekend to unwind. It’s a Canadian tradition that many people look forward to each summer. 

But owning a cottage in Hamilton also has other benefits. For example, since you own the property, you are building investment wealth and equity. For many, owning a cottage is a great investment. 

Additionally, if you only visit your cottage on the weekends, you can reap even more investment potential by setting it up as a short-term rental on sites like Airbnb or VRBO. Homeowners can make a little extra income on these rentals and it will also put your cottage to use when you aren’t there! 

Cottage rentals in Hamilton are popular thanks to all the incredible amenities and natural wonders mentioned above. There are a lot of people in Toronto looking for a “Staycation” or a close-by getaway that would love to check out Hamilton cottage rentals. 

Thinking about making the move from Toronto to Hamilton? Read this blog here to see what you need to know before taking the plunge. 

What are the Challenges of Owning a Cottage in Hamilton? 

The biggest and most obvious challenge of owning a cottage is the upkeep. Taking care of a cottage is essentially the same as taking care of a second home. However, sometimes it might even be a little more difficult. 

For example, if your cottage is not used in the winter, you may need to winterize it every year. Additionally, things like flooding, land shore allowances, mobile docks, wells, and septic systems might be issues you are not used to dealing with in your primary property. 

If you are hoping to be a hands-off cottage owner or someone who offers cottage rentals in Hamilton, you may want to consider hiring a property manager to take care of these details for you. 

How to Use Your Current Home to Realize Your Cottage Dreams

If the idea of owning two homes seems like a lot to imagine, consider this: If you have built up equity in your existing home, you can use that equity to finance a down payment on a second home. 

Home equity lines of credit (HELOC) are the typical route used for this type of financing. However, there are a few things you should consider when trying to use your existing mortgage equity to buy a cottage in Hamilton:

• Depending on your lender, your cottage may require a higher minimum down payment than a regular house. 
• Timeshares can not be mortgaged. 
• Lenders are also more reluctant to offer financing on waterfront cottages due to the increased risk of flooding or water damage.
• Type B cottages are also more difficult to finance due to the risk of cold and snow damage in the winter.

Hamilton is rapidly growing and home values are increasing. Learn more about Hamilton real estate market trends here.

Can You Buy a Cottage Now to Live in Later? 

A new trend with homeowners is to purchase a property to use as a cottage for now, with plans to retire to it later. This is great for people who need to live closer to the city for work purposes, but who dream of a quiet and peaceful country retreat in the future. 

Buying a cottage as a first-time home buyer is also a strategy that some people take. Since they can keep renting in the city, and then eventually transition into their cottage home when they are ready to make the move. 

The key to this concept is to buy a cottage that is designed and built to work like a house, the Type A cottage. Type B cottages are not appropriate and are not designed to withstand full-time, year-long living.

Do You Need a Local Hamilton Real Estate Agent to Buy a Cottage? 

Although cottages are typically considered a “second home” and you may think the process should be easier, the opposite is often true. Purchasing a cottage in Hamilton comes with its own set of challenges and roadblocks. 

Your best bet is to work with an experienced and local Hamilton real estate team. A true local will know the market, know the best places to relax, and will be able to ensure that your transaction goes smoothly. 

Are you thinking about purchasing a cottage in Hamilton? The experts at Michael St. Jean Realty are your trusted Hamilton real estate agency. We can assist you in finding the perfect cottage to unwind at! Contact us today here or call 1.844.484.SOLD today.