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Do Canadian Short Summers Justify Buying a Cottage?

Do Canadian Short Summers Justify Buying a Cottage? There is so much to love about Canadian summers. When the temperature finally warms up and we embrace the season, no matter where you are in the city, it seems to come alive with festivals, events and shows. However, with all that goes on in our great cities, the one element that makes Canadian summers truly and distinctly Canadian is the migration to “cottage country”. Generations have grown up over the last 150 years spending their summers at the cottage. The idea of escaping the buzz of the city and having our own piece of real estate in the tranquil surroundings of nature overlooking a lake is an experience that is so appealing to many of us.

With short summers that seem to last from Victoria Day till Labour Day, a mere three months, is it still worthwhile investing in the purchase of a cottage? If you’ve been thinking of investing in a “dream” cottage of your own, here are some elements worth taking into consideration:

Although the summer is short, wonderful memories last a lifetime. Families have long-time emotional attachments to their cottages. Time spent away from our busy lives in the city, reconnecting with family and friends and simply being together creates bonds and ties that are immeasurable.

Owning a cottage encourages time spent outdoors and away from the pull of technology.For adults and particularly for children, who find themselves constantly glued to smartphones, tablets and computers, the great outdoors offers a refreshing change. They can enjoy various activities such as water sports, hiking, canoeing, fishing, boating, barbequing and sitting around the fire in the evenings roasting marshmallows. Even in times of bad weather, the joy of playing cards, board games and having indoor fun all form part of the “cottage experience”.

Having a cottage is a great way to entertain. Our busy lives in the city may limit how often we entertain. However, if you enjoy being with family, friends and neighbours, what can be better than having a place where you can invite people over and enjoy time together with minimal effort spent? A cottage environment is naturally conducive to relaxing and spending quality time with the people who are most important to you.

The financial investment can be sizable. Many would say that owning a cottage is not a good investment as the cost is significant. You basically own a second home! These costs include mortgage payments, taxes, insurance and ongoing maintenance. However, if you take these costs into consideration and plan carefully, these can be manageable.

You can rent out your cottage at premium rates in the summer for those weeks that you might not be using it. You can use that extra income to offset some of your summer expenses. Purchasing a year-round rather than seasonal cottage can have more rental potential and also more resale appeal in the future. You should also consider that you may decrease the cost of expensive family vacations as you opt to spend time at the family cottage. Depending on the market you may see the value appreciate over time and of course you’ll build equity in the property.

Planning for a second property in your portfolio can be complex. It is important to speak with professionals who can help you plan for this purchase such as getting affordable insurance package that balances cost and coverage from PC® home insurance. Given that the cottage would not be your primary residence you’ll want to speak with an accountant to determine the tax implication for future transfers if you want to keep the cottage in your family for generations.

Canadian summers are short but they are hot and fun-filled, whether you enjoy what the city has to offer or prefer the tranquility of nature at the cottage. Ultimately, making a decision to buy a cottage is both a personal and financial one, but if you love the cottage lifestyle and want to enjoy the uniquely Canadian summer experience, then the cottage experience may be for you!

General information not about PC insurance products is provided for your reference and interest only. The above content is intended only to provide a summary and general overview on matters of interest and is not a substitute for, and should not be construed as the advice of an experienced professional. PC insurance does not guarantee the currency, accuracy, applicability or completeness of this content.


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