With warmer weather a few weeks away, many of us in this part of the country are beginning to dream of a place by the lake. Are you planning on looking for the perfect vacation property this spring? The good news is that purchasing a rural property is not as difficult as commonly believed. When it comes to the mortgage, there are some unique considerations that can impact on whether or not you’ll be eligible for financing, including:

• Road vs. water access – Almost all cottage buyers want road access, but prices can be significantly lower for a water-access cottage. Even if there are roads leading to the cottage you want to buy, that doesn't mean you have access to them. Find out if the road you need to take is public or private, who maintains it, whether it is open year-round and if a legal agreement exists for you to use it.

• Septic systems – Septic systems are strictly regulated by the Environmental Protection Act. It is vital to make sure there is a current certificate of approval, a permit to use the system, and that the system works. Also look into municipal developments to see if you will one day be required to connect to a town water or sewer supply.

• Water – The main sources of water to most vacation properties are wells and lakes. If the water is drawn from the lake, you will need a filtration system in order to drink it. If it’s from a well, find out whether it sits on higher ground than the sewage system, how fast it reaches the cottage and if it has ever run dry.

• Municipal regulations – Ask about local laws concerning hunters, snowmobilers and others crossing private property, water exclusivity and right of ways and easements for utility companies and neighbours. If the cottage is on lakefront property, you will want to know about fishing regulations and motorized watercraft use.

• Municipal services – Check to see if the road to your vacation property is maintained by the municipality – including snow removal in the winter – and if there is garbage pick-up or if you must drop it off at a designated dumpsite.

• Future development – Find out what restrictions exist on the property. Ensure that current structures have been approved and find out whether additions or renovations you might add will be allowed - include these provisions in the agreement of purchase.

• Zoning – The zoning for some cottages doesn’t allow for year-round residency, and for some areas that are zoned ‘rural’, people are not supposed to be there outside of hunting season.

• Technology – The importance of having Internet access will continue to increase. Be sure to check if the area is wired for e-mail and Internet access.

Best of all, you don't have to be wealthy to own a vacation home. With some careful preparation, you can be on your way to owning a mountain or lake-side retreat. Here are some tips on entering the market:

• Seek independent advice to determine what size of mortgage you can afford.

• Explore getting a mortgage with less than 20% down.

• Buy a property that can be rented out easily when you are not using it.

• Become informed about possible seasonal slumps in real estate prices in recreational areas.

• Buy a property with other families and share its use.

• Look at more distant places. Typically, the longer the journey from a major city the lower the price.

Most people assume that financing a vacation property is an expensive and complicated undertaking, especially if it happens to be in a rural area. In fact, you should be able to obtain financing at the same, if not better, interest rate than on your principal residence.

A mortgage broker, like the ones at Freedom, can help prospective cottage owners understand the considerations faced in selecting a vacation property and provide trusted advice around financing options, including securing the best borrowing rate available in the marketplace.