Itching to get out of town? Tired of spending hundreds on a different AirBnB or cottage rental every month in the summer (and maybe even in the winter)? Have you considered owning your own little slice of paradise?
Cottages And Recreational Property
Cottages and vacation homes fall under the Recreational Property arm of Real Estate. Recreational property is any type of land or accommodation that can be used for leisurely purposes – Cottages are just one subset of its scope, and usually refer to second homes that are used for vacations or getaways. These properties can be found in resort-like areas, as well as more rural locations, and often come equipped with features like multiple bedrooms, a kitchen, and a living room – all the creature comforts of a home away from home.
Some people purchase cottages as an investment – renting them out to others who are looking for a temporary escape from the hustle and bustle of city life. Others use them as their primary residence, living in them full-time or part-time depending on their work situation. And then there are those who keep them mostly vacant, but have them on reserve for weekend escapes when they can fit them in.
Things To Keep In Mind When Looking For A Cottage
If you’re thinking of purchasing a cottage, there are several things you’ll need to take into account before making your decision.
Location
Location, Location, Location – it’s still Real Estate; are you surprised?
Cottages can be found all across the country, so it’s important to choose an area that not only appeals to you and meets your needs but satisfies what you’re looking for in a ‘vacation’ too. For instance, do you want to be near water? In the mountains? In a forest? Once you’ve decided on a general location, you can start narrowing down your search to specific areas.
Budget
Cottages can range in price depending on their size and location. If you’re working with a limited budget, it’s important to be realistic about what you can afford – just like any mortgage. Don’t forget to factor in the cost of any necessary repairs or renovations that may need to be made, as well as maintenance – especially if you don’t intend to be there regularly.
Usage
How do you plan on using your cottage? Will it be a primary residence, a rental property, or simply a vacation home? Your answer to this question will help determine what kind of features you should be looking for, as well as the size and location of the property.
Maintenance
Owning a cottage comes with its fair share of responsibilities, including maintaining the property and paying for any necessary repairs. If you’re not prepared to handle these tasks on your own, you may want to consider hiring a professional to help out. Whether you tackle the maintenance yourself or hire someone, have a plan in place from the get-go to reduce stress in the long-run.
These are just a few of the things you’ll need to keep in mind when searching for a cottage. With a little bit of planning and research, and some assistance from a local real estate expert, you’re sure to find the perfect property for your needs.
If you’re interested in discovering what the Recreational Market looks like in your area, send me a message and let me guide you.