The number of cottages for sale on our lake, compared to last year, is staggering. Only two of the more than 20 listings, have sold. It’s interesting to note that the two that did sell sold pretty close to their asking price - less $10,000. They were also priced higher than all the others.

What made these cabins so appealing to buyers? According to a spokesperson for Royal LePage Qualicum, they were finished homes. That is, they were clean, beautifully decorated and they were turn key. Every thing was automated. They had propane heat, solar polar and all the comforts of home.

While the market for recreational property is a lot softer than it was a year ago, there is still interest in waterfront living. But if you’re currently trying to sell your cottage or are considering listing it, it’s important to be realistic and be prepared to spend money.
Here are five things you should do if you want to sell your cottage:

1. Be Realistic - just because your neighbours cabin sold for $450,000 last year doesn’t mean that you’re going to get that price this year. Get several quotes from real estate agents and take the average of the three. Historical pricing is not the best benchmark in this market.
2. Be prepared to spend some money by doing the following:
   1. Clean out all the junk from underneath the cabin and any other storage places
   2. Get rid of the old mis matched furniture - think cottage show home. Craig’s list is a great place to get good used quality furniture, but don’t be afraid to work with a designer to create a co-ordinated, unified look. Spend money on bed linens, new area rugs, towels and door mats. Painting goes a long way and can really improve a cabin’s appearance. I call this a lipstick renovation.
   3. Clean the inside thoroughly and leave a lemon air freshener - not too overpowering, but remember, cabins are closed up for weeks at a time - you want a clean, fresh scent.
   4. Take down all the personal knick knacks and photos. Throw out any wine bottles, folk art and dried flower arrangements. Think hotel room- less is more.
   5. Pay attention to the outside: build a good dock if you don’t have one, trim, rake and sweep the yard. The outside is just as important as the inside when it comes to cottaging.
   6. Ease of Use - have you put off buying a new generator, solar panels or a propane fireplace? Campers expect rustic. Today’s cottagers want hot showers, cappuccinos and high speed Internet.

I know there’s a reluctance to spend money on a cottage, especially when it’s being listed for sale, but the buyers willing to pay the top dollar are not do-it-yourselfers. They’re turn-key folks, at least until the reality about owning a cottage sets in, but that’s another blog.

Cheers,

Julie

This entry was posted on Sunday, September 7th, 2008 at 3:35 pm and is filed under Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.