October 29, 2021.
For most of us, owning a family cottage by the water sounds like perfect bliss. We envision sitting out on the dock enjoying the sunrise with our morning coffees, afternoons paddling around or sunsets with a cold drink. The reality is that these moments come at a cost and are often hard earned, coming after you’ve put in hours of maintenance and time on the highway.
That’s why I advise clients to really take a clear look at their financial position, lifestyle and what they are hoping to get out of owning a cottage to ensure it’s a good fit. Demand right now is through the roof, but this is largely a result of the pandemic and not necessarily sustainable. In advising families looking at buying or selling a recreational property, there are both financial and practical considerations that need to be top of mind.