Things to Consider Before Buying a Cottage
Updated: Dec 6, 2019
Who wouldn’t want to have a summer cottage as their annual holiday vacation home? It’s an attractive option for many; however, sometimes jumping into the decision can make for some varied results. You must factor in many different variables that can often lead you to either buy a cottage or maybe some other kind of summer home. The benefits should outweigh the disadvantages but the only way you will be able to see if that is true is to do some additional work yourself. Here are some of the things to do to help you determine if a cottage is really right for you.
1 – Take the Test Drive
Before you start searching for cottages to buy, a good way to figure out if you are cut out for this type of living quarters is to test one out. You can do this by renting a cottage over the next couple of years. Also, rent at different times of the year so you can experience firsthand such variables as water levels, weather extremes, boating traffic, etc.
2 – Do Some Door Knocking
If there is a specific cottage you are interested in, get to know the neighbours and ask them some questions. They will be able to give you a better idea of the surroundings and whether or not your family will be a good fit for the cottage culture in the location you are considering. They will also be able to help you with information on upkeep of the cottage you are eyeing.
3 – The Cottage Costs
You should be able to find out from the local governing body what the property taxes are on the property you are looking at. They should also be able to give you background information on previous tax amounts and property assessments to help you determine whether or not you can afford this cost. Additional municipal utilities may also be a cost factor to consider.
4 – Rental Income
One very effective way to offset many of the costs associated with adding a new property to your real estate portfolio is through rentals. Let’s face it, on the weeks you aren’t using it, wouldn’t it be a great help to have someone staying there who would keep the place looking ‘lived in’ and providing you with an extra income through rent? Even if you don’t have a long-term renter, you could provide weekly or monthly rentals as a means to keep the actual cost of the cottage reduced for you. That is if you are fortunate enough to have good, reliable renters.
5 – Other Cottage Costs
Fuel for your vehicle and watercraft, parking and docking fees, food and drink costs for keeping the kitchen and pantry stocked and regular maintenance and repairs are all dollar sign figures that need to fit into your budget before you start looking for a cottage.
For assistance in finding the right cottage within the Niagara Region to fit your budget, I can help. I’m Jen Bedard and I can be reached at 289-213-7031.
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