OWNING A PIECE OF PARADISE By Alana Lauren
real estate professionals to gain accurate insights into property values. Securing financing for a cottage purchase may differ from traditional home loans, especially if the property is intended for seasonal use. Lenders may have specific requirements, such as higher down payments or different interest rates. Engaging with local financial institutions familiar with the PEI market can provide tailored financing options. Additionally, it’s crucial to understand zoning regulations, property taxes, and any restrictions associated with waterfront properties. Consulting with a local real estate lawyer can help navigate these legal aspects effectively. Determining the intended
P urchasing a cottage on the Island offers a unique opportunity to own a piece of Canada’s picturesque maritime landscape. Our Island is known for its stunning coastlines, rolling countryside, and vibrant communities, PEI is an attractive destination for those seeking a tranquil retreat or a seasonal getaway. However, buying property on the island requires careful consideration of several factors to ensure a successful investment.
The PEI real estate market has experienced growth in recent
years, with an increasing demand for cottages and
waterfront properties. Prices can vary significantly based on location, property size, and proximity to amenities. Conversely, more modest properties or those located inland may be available at more affordable prices. It’s essential to research current market trends and consult with local
APRIL 25 / OTM / 14
Made with FlippingBook Digital Proposal Creator