A large percentage of Canadians, are enamored with rural properties, whether they buy vacation cottages to use as family retreats or intend to rent a rural home as an income-producing property. More than half of those who responded to a recent survey look favorably on the idea of renting a vacation property part-time to offset expenses. However, about a third of survey respondents noted that they would reduce personal spending in order to enjoy the benefits provided by vacation property.
Indeed, vacation cottages are a time-honored tradition in Canadian households, one that has become even more important as cities grow and the pace of daily life intensifies.
Toronto residents are fortunate to have Grey County and Lake Eugenia nearby, as well as Eugenia Falls, the conservation area, the Beaver River Valley and the nearby ski area all within about one and a half hours of the city. These rural properties continue to be prime targets for buyers of both vacation cottages and investment properties. They have also become the target for buyers who want to flee the city for a uniquely personalized and countrified full-time lifestyle.
Rural properties tend to be more affordable, but the lure extends beyond finances. It is the pace of life that these new “country dwellers” find so appealing, and the area is still close enough to Toronto to permit work-day commuting. Young families find the outlying communities — including Feversham, Chatsworth, Durham, Dundalk, Pricevile, Flesherton, and others — to be great places to raise children. Older residents, including those nearing retirement and empty nesters, appreciate the four-season recreational opportunities, the natural surroundings, and the friendly ambience of small towns.
Pros and Cons of Buying Investment Property
Open space is declining, and demand for recreational properties is currently high; it might seem that now is a perfect time to invest in a vacation cottage. There are many Lake Eugenia cottages for sale, and there are numerous good reasons to buy.
The price of ownership, however, can be high, no matter how reasonable the initial price. Financing costs, ongoing maintenance and upkeep, taxes and insurance, as well as security all must be considered when calculating the true cost of a vacation cottage.
On the Plus Side:
- The Enjoyment Quotient
- Future Appreciation
- Ability to Pass Property to Heirs
- Potential for Use as Retirement Residence
- Value as a Financial Asset
- Isolation; Lack of Services and City Amenities
- Decreasing Use as Children Grow or Lifestyles Change
- Increasing Upkeep Costs
- Real Estate Market Changes
- Damage Caused by Renters
Savvy investors will consider alternative investments, and calculate expected returns before making a final decision, but growing numbers of Toronto residents have realized the appeal of Grey County, the Beaver Valley area and nearby outlying areas. The current availability of Lake Eugenia cottages for sale won’t last forever. If you’re interested, why not contact me now to discuss your needs. As an experienced real estate professional with experience selling rural properties, I can help you determine if now is the right time to invest. I can also assist you to find the best possible financing in today’s market for your vacation cottage or investment property.