Acheter un chalet aujourd'hui; un rêve réaliste?July 5, 2016

Buying a Cottage Today? A Realistic Dream?

Every year, many thousands of people purchase a country retreat or a cottage. Whether to have a peaceful getaway, to  re-energize, to have a small piece of land to cultivate, to enjoy your retirement, or just to rent out, buying a cottage requires a lot of care. However, is this type of investment still realistic in 2016? Let's weigh the pros and cons.

A Question of Needs and Priorities

Buying a cottage, like a home, is normally one of the biggest investments in a person's life. Since we're talking about a second home, it will lead to new fixed costs (mortgage, insurance, heating, property taxes, Internet, telephone, etc.). On top of those fees are other expenses in time and money to put your new home on the right foot (renovations, buying appliances, travel expenses, etc.). Set a realistic budget. It would be futile if purchasing a second home puts you into debt to the point where you would not be able to find the peace of mind that you were looking for when buying it.

A Haven of Peace: A Privilege with a Price Tag ... and Risks

The price of a cottage is determined by many factors. However, before investing, it's worth informing yourself about a number of aspects, often overlooked:

  • A cottage is not funded in the same way or at the same rate as a primary residence. Sometimes banks refuse to grant loans for more than 40-50% of the value of a chalet.
  • What is the state of the foundation? Is it in good shape? A cottage with a foundation is best for winter, while a wooden structure on stilts can be fine in the other 3 seasons.
  • What is the status of the septic tank and water supply?
  • Does the cottage have access to a lake? If so, where is it located exactly? Research these aspects so as not to end up in conflict with neighbours on right-of-way issues.

Enticing Solutions that Allow You to Take Advantage of a Cottage ... Differently

If buying a cottage is not in the cards for you, renting may be an affordable solution. This will allow you to save many fixed costs by paying the rent for the weekend, week, or month, while enjoying the place and time you need to re-energize yourself.

The Key Selling Point

What fun to meet with friends – after a swim, a short canoe or ski trip – around a small table complete with a little wine and some grilled dishes. If buying a cottage is a significant investment, it also offers something far more precious that nothing can replace: time spent with our loved ones. This factor, difficult to translate into money, should not be neglected when considering the possibility of purchasing of a cottage.

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