10 Aug Away From It All
If you’ve ever dreamed of owning a cottage, with summer weekends on a dock and the call of loons in the air, you’re not alone. Spending time at a cottage is a top priority for many Canadians – a recent survey found that 68 per cent of those polled would choose a long weekend at a cottage over a big city getaway.
While a cottage can be a wonderful way to get away from it all and create special memories for your family, it’s also a significant financial commitment. The clearer your picture of the cost of ownership, the more relaxing and carefree your cottage experience can be.
Adding it up
Just like your primary residence, there are baseline expenses associated with owning a cottage. In addition to the costs involved in the purchase, factor in property taxes, insurance, utilities, maintenance, repairs and renovations.
Even that beautiful boat tethered to the dock costs money, for fuel, maintenance and possibly winter storage. Given the ongoing costs, it’s important to consider how often you and your family are going to use the cottage. Will you go up all year round? Every weekend in the summer? Or just a few weeks a year? Your answer is the first step towards guiding your plans for a purchase.
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