Are We Ready for A Cottage?

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Heather Jones
Heather Jones
I'm Heather, an author passionate about home improvements. My writing is your guide to making homes better. Let's explore easy ways to enhance your living spaces, from small fixes to exciting projects. Join me on a journey of making your house a cozy and stylish haven.

A cottage is a great investment for many individuals. It can provide them with a place to get away to do some work without distractions, a place to take their family to make some great memories, and a second home to really enjoy. 

Before deciding whether to purchase a cottage or not, it is important to consider it from all angles. Some important considerations to take include: 

The Location

The location of any cottage is so important. You need to consider whether it is in a location that you really want to spend time in. you need to visit the location where the cottage will be located to help you see if it feels right for you. Consider the amenities that are nearby, how expensive the taxes are, what insurance will cost there and the weather. All of these are important in determining if the location of the cottage is right for you.

While looking at the location, consider whether it is in an area you will visit often. You can find the best cottage in the world, but if it is ten hours away, how often will you really go out and visit?

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 Utilities, Property Costs, and Taxes

Outside of the mortgage that you need to get on the property, there are other costs that you need to focus on. There will be utility payments that are due, even if you do not stay in the cottage at all during the month. Taxes will come due every year regardless of how much time you spend at the cottage. Regular maintenance is always needed on a home can add up as well. See how these will work within your budget to see if you can afford those along with an additional mortgage. Don’t forget about insurance costs as well!

 Accessibility to the Cottage

Think about how well you can access the cottage. Picking a cottage that is way out in the middle of nowhere may seem nice until you need to get through snow and ice to reach the property to fix anything. You can choose anywhere you would like for the property, but consider how accessible it is and how often you will make it out to the property.

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 How You Will Get the Financing

Purchasing a cottage means purchasing a second home. This brings about some of its own challenges. You will need to find a lender willing to work with you on this purchase. You will need to have enough income and low enough debts to prove you can afford a second mortgage, and a sizable down payment is important too. 

Gather up all the paperwork necessary to prove your assets and your ability to pay ahead of time. If necessary, take the time to organize your finances and pay off any debts you can to put you in a better financial situation. It is always more challenging to get a second mortgage than the first one so being prepared and organized will make a difference.

Your Commitment to the Cottage

Owning a cottage can be fun, but you are in for a long-term commitment when you decide to make this purchase. For example, have you taken the time to consider the winter maintenance on the cottage? These costs can quickly add up for a home you only spend a little bit of time inside each year.

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When you want to purchase a cottage, consider how much commitment you can give. You are owning a second home and unless you want the added expense of letting someone else manage and take care of it for you full-time, your cottage will turn into quite a commitment. Just like your first home requires regular upkeep and time, your cottage will need your attention.

Managing the Maintenance Costs

One area that many homeowners forget to consider when purchasing a cottage is how much extra work and maintenance they will need to handle for a home they may not spend most of the year in. Before considering the purchase of a cottage, you must seriously ask yourself can you manage the maintenance costs of a second home?

Your cottage will require the same kind of maintenance that you have for a regular home. It needs to be cleaned, all of the components need to be repaired as soon as they break, and there is the risk that something will go wrong when you are not there. Bad weather events, for example, could cause a tree to fall down on the roof. As the new homeowner, you are still responsible for managing all of this, even when you do not live there full-time.

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Many people enjoy having a cottage to call a second home. They like the freedom away from the city and a chance to go on a little vacation whenever they feel the need. Before jumping into this though, calculate out how much all of the maintenance costs will come out too. You may be surprised by the answer and find that you are not able to afford it yet, or that the extra costs are not worth the purchase to you. 

Choosing Your Dream Cottage

Owning a cottage is a great idea for many families. It allows you an affordable place to go to get away from home, take weekends away, and create some lasting memories. But buying a second home brings about several responsibilities that you must consider ahead of time before making this big purchase. Sit down and truly consider what it means to own this cottage as a second home and see if it is the right decision for you!

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