In spring of 2010, we found this little piece of land on Lake Muskoka. About 1 acre, with 110 ft of sandy beach waterfront. The lot is flat as a pancake. It seemed reasonably priced, but why was it still around? The home buying market was crazy in spring of 2010, with the HST looming, and rate hikes near, it seemed to compell people to go out an buy.
Turns out, the lot had a number of mortgages and court orders on it. Wow. What were we getting ourselves into? Good thing we had an awesome, awesome real estate lawyer. After seemingly endless visits to the town, a big scare about whether or not we would have owned the waterfront or not, and rights-of-ways, we finally closed on the lot in late May.
While we were doing our due diligence on the lot, we also had to secure construction financing. In order to get financing, we had to have:
a) complete drawings
b) an executed contract
We even wrote a business plan with value assessments for the neighboring properties, potential rental values etc.
It was only the beginning of our adventure:
View from the waterfront:
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