How to make your dream cottage a reality
(NC) Are you dreaming of your own little piece of paradise where you can spend summer days? With the skyrocketing price of gas and the complexities of pandemic travel, your vacation goals may have shifted a little closer to home in recent years, boosting the appeal of cottage ownership.
Here are some things to consider if you’re thinking of buying a cottage.
Start with a plan
Not sure where to begin? To see if your dream is possible, try the Financial Consumer Agency of Canada’s free online financial goal calculator. By putting in a few numbers, you can create a snapshot of your current financial state and see if your plan is realistic based on your monthly income.
Time it wisely
You may need to take some time to save up when it comes to buying a cottage. How long you give yourself to achieve your goal will determine how you plan to save and invest. If you give yourself a couple of years, you'll want to keep your money protected and easily accessible. Shorter term savings options include savings accounts, short-term deposits and short-term guaranteed investment certificates, also known as GICs.
If you think it will take longer to achieve your goal, you may consider investing your money in bonds, mutual funds or long-term deposits. Keep in mind that some investments are complex and can be risky. Talk to a financial advisor to find the investment that is right for you.
Budget for extra expenses
Owning a second property can be expensive. Along with the down payment and maybe a second mortgage, be sure to budget for maintenance costs, property taxes and utilities. By going through a planning exercise, you may find that renting is a better fit.
Find more information at canada.ca/money.
Media Attachments Related Posts
All News Canada content is provided free of charge. Any source/sponsor of the information must also be identified as presented. For articles, credit of usage must be attributed to News Canada with "(NC)" at the beginning of an article or "www.newscanada.com" or "– News Canada" at the end. Images are only to be used with corresponding editorial copy. Usage of News Canada content constitutes your acceptance of these terms and an agreement between you and News Canada.
Disclaimer: Comments and opinions in News Canada content are those of their respective contributors only. The views expressed do not necessarily represent the views of News Canada Inc., its management or employees. News Canada Inc. is not responsible, and disclaims any and all liability, for the content of comments provided by contributors.