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A reno-worthy Muskoka cottage on a decent lake for under $600,000? As one couple learned, it’s easier said than done
THE BUYERS
Maia Rozin, a real
estate agent in her
late 30s, and Sergei
Rozin, a textile dealer
in his mid-40s.
The price range: $500,000–$700,000.
The agent: Dan
Imrie, Chestnut Park, Muskoka.
The story: The Rozins sold their old Muskoka cottage—renovated
to the hilt and still
too small—for $700,000 halfway through
last summer.
The criteria: An older, 2,000-square-foot
cottage on a sizable
lot to allow for renovation and expansion.
It had to have a two-
slip boathouse and a wooded property with
a gentle slope and a sandy-bottomed waterfront. Backyard sunsets
good but optional.
Option 1: Three-bedroom cottage
on Whippoorwill Bay, listed at $899,000
Close to Lion’s Head on the Bruce Peninsula, this former B&B had a bunkhouse, a sauna and nice landscaping.
But the coastline required that larger watercraft be kept at the marina. That was the deal breaker. It was also three
and a half hours away and priced higher than they’d hoped to pay.
Option 2: Three-bedroom
wood-clad bungalow on Lake Muskoka, listed at $695,000
Clean and neat, it had a good lawn, a deck and a dock, but it was too small. “We wanted a cottage with potential,” says Maia. “This one was too nice to tear down—it would have been a shame.”
Option 3: Three-bedroom, one-and-a-half-storey
cottage on Lake Muskoka, listed at $599,000
The sellers were an elderly couple who used the chalet-style cottage as their primary residence. “It was more homey than cottagey,” says Maia—the fixtures and appliances made it seem too much like a city house.
The buy: Three-bedroom bungalow
on Lake Muskoka, for $575,000
“It was just what we were looking for,” Maia says: livable but needing work, with a lot big enough to expand and still
stay under Muskoka’s 10 per cent coverage rules. It was listed for $595,000, but the Rozins and their agent figured it was cluttered enough that they could go low. They made an offer
of $525,000, and the vendors countered with $575,000, which the Rozins accepted. They plan to reno the bunkie, extend the dock and, eventually, tear down and rebuild the main cottage.
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