Joint Ownership in Cottage Country Becoming More Popular

Ah, the cottage! The place where you can take in lazy summer days, cast your line into the lake, take in that crisp, mountain air – and pay that hefty mortgage. It’s true, Canadians love their cottages, but with the national average price for a cottage mortgage being between $100,000 and $1 million, they don’t come cheap. So how is a homeowner who’s already paying one mortgage on their full-time home, supposed to pay another mortgage that’s possibly even more expensive – all for a home that they won’t use nearly as often? Well, Canadians are a creative bunch, and more and more are turning to joint cottage ownership,
Teaming up with another individual, family, or couple that’s also looking to take in cottage country a few times a year (but is also just as uninterested in taking on another full mortgage) is a great way to have your home and your cottage too! The process is just as simple as taking out a mortgage on any other home, although you will need to decide who’s name the mortgage will be under. This might be obvious, if one person has a better credit rating than the other, but a mortgage broker will also be able to help you make a decision as to who will make the better mortgage applicant.
Aside from the living situations that will need to be worked out – who will be using the cottage and when, and what major repairs will be done, and by who – joint cottage owners may also want to decide to take their cost-savings to another level, and actually make a profit off their cottage by renting it out. By doing this, cottage owners make a profit from their cottage when they’re not using it; and they can also avoid maintenance issues such as the freezing of pipes, which can happen in cold, Canadian winters when water is not regularly being passed through them.
So now anyone with a little time off can enjoy cottage country with a cottage all their own. With a creative joint cottage ownership, even more Canadians will have access to the gorgeous landscape that surrounds them.