Cottages can be used year round. They can be considered a vacation property or lake-side home. You can buy a cottage that is an hour to 3+ hours away from your home depending on what you want. However, whatever you consider it to be, and no matter how far away it is, a cottage is an investment.
Before you decide to buy one, here are some pro’s and con’s to help your decision.
Pro’s
The Cottage Lifestyle
The cottage lifestyle is appealing to many. It is laid back, you are surrounded by nature, and you are secluded. If you have a cottage close to a lake or body of water, you can go boating, fishing, kayaking, swimming or participate in various other water activities. One of the most appealing aspects of the cottage lifestyle is peace and quiet. The nature, wildlife, and calm environment makes it attractive to many.
Investment Opportunity
Cottages are becoming more and more popular. With regular real estate market prices rising, so too will cottage prices. You could buy a cottage as an investment and sell it for more in the future. You could also rent it out to others for extra income to help with the cost.
Con’s
Maintenance
Just like a home, cottages need maintenance year round. You must maintain the property, pay taxes, and care for it to prevent damage. It can get costly, so it is best to be in a strong financial position before purchasing one.
Setup A New Property
You will need furniture, kitchen appliances, and any accessories you want. If you remember furnishing your home, it is the same with a cottage. Plus, you will have to take the time to assemble furniture, organize the space, and possibly move furniture up to your cottage. This time, effort and cost money can be a deterring factor.
If you liked this blog, check out this one on, “Should You Buy An Older Home?”