With summer winding down, the cottage real estate market starts to heat up again in our region. While the purchase price of your cottage may be exactly what you bargained for, it’s important to know about those additional cottage expenses that can get you bogged down financially.
A cottage is more than your weekend or summer getaway; it’s a great investment! You’ll want to keep it well-maintained and protected year-round while making amazing memories with your friends and family.
Here’s a list of some standard cottage expenses you can expect to pay for so that nothing comes as an unexpected or unwelcome surprise:
Standard cottage expenses
- Fun toys – Let’s start with the most enjoyable items your cottage may need! Boats, water skis, canoes, rafts, paddle boats, hammocks, and outdoor furnishings are just some of the awesome items to boost your summer fun. The downside? You also need to pay for gas, life jackets, and boat licenses.
- Guests – If you know you’ll be hosting a fair bit, be prepared to buy extra food, drinks and even gasoline to keep that boat or ATV going strong. Keep in mind that most guests will gladly bring meals and help with costs if needed – you just need to ask.
- Property taxes – There is no escaping taxes, even at the cottage. In fact, property taxes in the Parry Sound region (especially waterfront) have been steadily going up, and you may find yourself with a bigger bill than anticipated.
- Insurance & utilities – Make sure you have a good insurance policy for your cottage that covers damage, theft, and liability. While there are still some cottages and cabins that are fully off the grid, most cottages have hydro costs, as well as Internet, cable or streaming costs.
- Road access/winter maintenance – Some rural/unassumed roads need to be ploughed in winter at your own expense. Further, heavy snowfall can damage your roof or eaves, so you may have to clear it yourself or pay a service to do so.
- Regular maintenance & repairs – If you love DIY projects, then you can save a lot by doing regular repairs and maintenance at your cottage. Just like owning a home, you may need to fix or replace windows, appliances, furniture, decks, docks, septic systems, BBQs and everything else. Having money set aside for ongoing repairs is always a good idea.
- Security – While this is an optional expense, it can really help provide peace of mind for those weeks and months where you’re not able to get to your cottage. There are several local services that provide cottage security by looking in on your cottage regularly. They can also help with occasional repairs, snow removal, vermin control, and so on. Alternately, some cottagers choose to invest in a security/alarm system.
As you can see, those cottage expenses can all add up to be hundreds or even thousands of dollars each month, which is why it’s important to have all the facts before you buy. Our real estate team here at Ares Law in Parry Sound is highly experienced with cottage purchases. Be sure to connect with us before you buy, as we’ll walk you through the entire process, including outlining your expenses and closing costs. It’s our job to have your best interests at heart and ensure that your home or cottage sale or purchase runs smoothly. Call us today to book your appointment; we’re here for you – 705-746-6444.
