What would you do to own a cottage?
Royal LePage finds prospective cottage owners willing to rethink their finances to afford this lifestyle purchase
Canadians appear ready to make some sacrifices to own their dream cottage, a new survey suggests.The online survey conducted by Leger Marketing for Royal LePage Real Estate Services between April 5 and April 12 sampled 1,000 Canadians who own a recreational property or are looking to purchase a recreational property within the next five years.
The survey found 32% would cut discretionary spending to be a cottage owner, another 25% are willing to buy a fixerupper, 23% would buy land with a plan to build in the future and 22% are willing to purchase with friends or family.
Renting it out is also an option, with 10% of current owners saying they would like to do so. However, 83% of owners say they don't actually do it. Among intended buyers, 51% said they would rent out their property if the potential tenant was referred by someone they knew.
The real estate company notes cottage costs can include mortgage payments, property tax, utilities, condo fees and snow removal, which makes renting an attractive option.
"Many Canadians aspire to own a recreational property because of the lifestyle benefit it provides but potential buyers must understand how they plan to finance their purchase to ensure they can afford it," said Phil Soper, chief executive of Royal LePage. "While renting out your property is an attractive option to improve affordability, the ability to do so profitably varies by region. Some areas have bylaws that restrict rental activity while other regions have strict noise regulations that might limit your ability to attract renters."
LePage also asked people what they were looking for in a cottage. Quiet was the No.1 goal, cited by 55% of respondents. Four-season use was second at 38%, followed by boating and fishing at 25%. "Recreational properties are an excellent way to bring families together and to help reduce the stress associated with city living," Mr. Soper says. "This type of real estate can also be a solid investment, particularly if you are interested in a cottage or cabin on the waterfront. Recreational property supply near Canada's urban centres is fixed while populations grow."
Average cottage prices
According to the Royal LePage 2012 Recreational Property Price Summary, these are the average price or price ranges by province, for a standard waterfront, land-access cottage with 1,000 square feet, three bedrooms, on a 100-foot lot:
Prince Edward Island: $120,000 to $200,000
New Brunswick: $110,000
Quebec: $230,000 to $1-million
Ontario: $140,000 to $1-million
Saskatchewan: $290,000 to $450,000
Alberta: $300,000 to $650,000
British Columbia: $261,200 to $800,000
(Nova Scotia: n/a)
Come see how far your budget will stretch when you choose a waterfront land-access cottage or home at Wing Creek Resort!! Maintenance-free with the option to rent out your property through our proven rental management program make the deals even sweeter.
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