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Mortgages

Buying a Cottage

November 3, 2022
6
min read

Owning a cottage is a great way to enjoy a summer getaway. Do you know what to consider when buying a cottage?

The decision to buy a vacation getaway here in Manitoba or Northwest Ontario can be a big one. But, before journeying to find the perfect slice of paradise for you and your family, there are many things to consider.

Is Buying a Cottage for You?

Whether you're planning a relaxing time by the lake or a rental property, buying a cottage can be a major lifestyle decision.

A cottage is a smaller rustic property that is usually in rural or semi-rural areas. While it can serve as a primary residence, a cottage is more often used as a vacation home.

For many, especially young people, buying a cottage can be a way to build equity and get in on real estate ownership. With the rising prices in the current real estate market, buying a cottage is appealing because of the affordable price point. However, if affordability is your main motivation, we recommend that you look into other options, like purchasing a condo or taking advantage of the first-time homebuyer incentive.

For others buying a cottage is a luxury. It is a second property that can be used for summer vacations and getaways. While a cottage can represent your favorite childhood memories, it doesn't mean that you have to own it to enjoy it.

Before making that major decision, here are a few things you must consider:

What Type of Activities are you Looking For?

Before starting the hunt, think about what you want your time at the cottage to look like. The size of the lake can dictate what type of activities are available to you. A smaller lake can be great for swimming, but you won't be able to do as much boating. A medium-sized lake tends to work well for fishing.

Are you heading to the cottage to interact with your neighbours, or are you looking for a private retreat? If you're looking for peace and quiet, a lake with fewer cottages would be preferable to a lake with many waterfront properties.

As well, consider what type of shoreline will best meet your needs. A sandy beach may be preferable to some, but if you're looking to dive right into deep water, look for a property with a dock.

How will you Get to the Cottage?

Cottages can be either road or water accessible. You may save money on the property itself by buying a cottage accessible only by water, but keep in mind you will need to purchase and maintain a boat, and budget for expenses.

Location

It's good to know what areas you are willing to vacation. Consider travel time when making your decision, and know how far you are willing to travel to get to your summer getaway.

You should also consider the weather when scouting locations, especially when you plan to use the cabin through multiple seasons. Is the cabin accessible during harsh weather conditions?

Hydro and Water

Know what is and isn't a deal-breaker for you when it comes to hydro and water. Do you need a home that is connected to a power grid, or will a generator do? Before making a purchase, it may be a good idea to rent a cottage in your chosen region to get a sense of what you may be facing when you buy your own cottage.

Talk to a Cambrian Advisor about purchasing a cottage.

Today’s Rates

*All rates and yields subject to change without notice.
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Want to Discuss with an Advisor?

We would be happy to discuss your unique situation with you.
Our goal is to make complex topics like this one, simple.

“I had a wonderful experience at Cambrian. I've been with the same institution for the last 21 years and all the fees and restrictions have finally pushed me into wanting to make some changes.

My advisor was prepared for my arrival with all the documents ready and waiting. He took the time to go over each one...”

Read full client story
Stephan

on his experience with Cambrian

4.9

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