career accountant articles and resources for business owners, farmers, ranchers, and executives

Cozy Corners
By Brandon Langlois
There’s nothing I like more than taking a road trip up to my cottage on the lake. It’s peaceful, cool and quiet, and a place I love to relax in. My cottage was built nearly 40 years ago and has undergone many renovations. We’ve replaced the roof and spent many a summer laboriously staining the exterior. It’s far from being suited to everyday life, but I love it because in its own way, it’s like home.

Owning a cottage is the dream of many North Americans, so much so that cottages - and the land they sit on - are prime real estate. Everyone wants a home-away-from-home, and why not? Who would say “no” to a dip in a cool lake and a nap on an airy, screened porch?

If you’re looking to own your own cottage, you’re probably also thinking about buying a second home. But you don’t have to be independently wealthy to enjoy the luxury of a cottage. Here are some things to consider:

•Your

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budget. Plan carefully for not only the initial costs of buying a cottage, but also other costs like taxes, maintenance and utilities.
•Your tax situation. Check with an or tax advisor before purchasing a cottage to see how your taxes will be affected.
•Your vacation budget. How much do you spend on hotels, food and traveling costs now? How much do you estimate you will spend by owning a cottage? What’s cheaper for you or your family at this time?
•The type of cottage and the location you want. Do you want your own cottage or do you want a time-share? Where do you want your cottage to be located? Some places are more expensive than others.

Be sure to pay a visit to your bank as well. Chatting with a financial expert is the first step when beginning your search for that perfect vacation home, and to make sure you’ve got the dough to pay for it all.

Another thing you can do is offset the costs by renting the space. More and more cottage owners are renting them out to individuals, groups or families. Cottages are the new luxury hotel - anyone from recent grads to newlyweds can find a cottage package that will suit their needs. If you’re worried about financing your new cottage, then tapping into this lucrative rental market may be for you.

Good luck with your search - I’ll see you on the lake!

Brandon Langlois enjoys watching the sun set across the lake. When he isn't too 'busy' putting his feet up, he writes for homeplaninfo.com – an informative website where readers can find and compare home plans online, peruse cottage plans and more.




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