A cottage is usually a small, cozy vacation home, full of great memory making opportunities that provide a wonderful experience away from the daily grind, outdoors with loved ones. A second home that allows you to indulge your love for outdoor recreation activities like canoeing, fishing, water skiing and swimming.
Here are some things to keep in mind when you are looking to buy a cottage:
- Location – This depends on many different factors such as how much you can afford, the proximity to the city/ larger lakes. Karen from Karen Paul and Associates says “the closer a cottage is to a major city, the more expensive it will be, the same applies to cottages on large lakes”.
- Distance from your home – If you plan to hit the cottage every weekend, you are better off purchasing one that is not further than 2-3 hours drive. On the other hand, if you decide to only use it for long weekends and vacation, it might be cheaper to drive further – a little more remote.
- The activities you enjoy – sit down and make a list of your hobbies, do you prefer swimming, or do you prefer rocky terrains that you can dive off? Based on that, you can minimize the terrain of your choice, i.e. if you prefer swimming, you will want to be on a lake or river.
- Amenities – Access to groceries and other supplies is important. This can range from having all the necessary ingredients for the barbecue to carrying a spare propane tank in case the gas runs out.
- Look at renting options – If you are not planning to use it often, it is better to have it constantly being used by someone else to keep it in good working order through summer rather than sit empty. Consider renting it out to other vacationers. This can be a good source of income to help with mortgage payments.
- Do renovations – keeping your place more enjoyable and modern will help it stand out from the crowd which can help with resale.
- Do your own research to find which site works best for you.
Typically, cottage prices are lower than homes and are great first time purchase as it doesn’t need to be constantly upgraded or downsized. With the market booming, now is a great time to consider purchasing your personal vacation home!