What's a cottage worth to you?
How much would you sacrifice to own a cottage? Some surveys have asked this question and the answers are fascinating.
One survey found close to one third of adults would cut into their discretionary spending – the amount they spend on coffee shops, movies, concerts and other non-essential things – to own a cottage. About a quarter of adults are willing to buy a cottage that needs a lot of renovation work. Almost a quarter would buy land and hope to build later. More than 20% would buy a cottage in partnership with friends or family.
Buying a cottage and renting it out to help with the financing is an option that one of 10 current cottage owners would do to keep their places.
If buying a cottage, consider the costs: mortgage payments, property tax, utilities, and repairs of winter or vandalism damage. Buyers should consider, carefully, if they can afford this extraneous piece of property. Don’t count on renting it out without checking restrictions in your preferred area against renting property and against unacceptable noise – a common problem with renters.
In fact, peace and quiet is the main motivator of more than half of hopeful cottage buyers surveyed. The ability to use a cottage all year-round was important with boating and fishing following close behind.
Investment should rate high since cottage land near urban areas is a fixed or shrinking commodity with prices bound to rise in the future.