Welcome Unofficially to Summer: Cottage Edition
With the first (unofficial) long weekend of the summer behind us, it’s time to declare that the cottage season is now open for business! That is, for those who own cottages or have friends and family with cottages. I, unfortunately, do not fall into either of those categories.
With the warm weather mostly upon us, it’s time for people to start thinking of cottages and cottage ownership. But what if you can’t afford a cottage? Yes, while renting is always an option, there’s growing interest in the concept of fractional ownership.
Fractional ownership seems a lot like time sharing to me, which is not necessarily a bad thing. One purchases shares in a cottage, which is often part of a development and gets assigned weeks for cottage usage.
This movement towards partial cottage ownership is a “sign of the financial times”, where price is the main attraction. There are lots of pros and cons to this plan, but if you crave a cottage but can’t afford one outright, it makes sense for many people.
But, what if you have your heart set on cottage ownership, but you just can’t afford or are unwilling to maintain two properties? There is growing trend towards skipping purchasing the primary home in the city and buying a secondary property in the country.
If you consider that a small condo in downtown Toronto is going to cost at least $250,000, that money could be spent on a much larger property in cottage country. So, you would rent an apartment in town and own a cottage in the country.
Whatever option you choose, have a good time! Don’t forget to invite your local blogger, as even she needs to get away to cottage country every once in awhile.
