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Cottage Costs-How Much Does a Cottage Really Cost?
Rather than the cost of whole cottage ownership,your family can own the same property, ten weeks of holidays a year, reduce your expenses, no hassles and gain all the enjoyment of owning your own family cottage. The cottage costs will vary as these are existing properties most will require some property improvements and new furnishings. The property expenses also include an annual improvement program to ensure all properties are in pristine condition. Consider the costs below.
*Mortgage of $400,000, 20% down payment, 25 Yr. Amortization @ 5%. Co-ownership is 10% down payment same for the rest! **Annual Expenses-(Example) Taxes $ 4,000, Insurance $2,000, Heat/Hydro $ 4,000, Maintenance $4,000, Other $ 2,000...1/5th *** Furnishings, improvements and reserve are included in the co-ownership. Properties vary greatly! The Cottage Costs of co-ownership are based on the underlying real estate value. Ten weeks of ownership a year, every family gets two weeks in the spring, summer, fall, winter and another in between. Every 8 weeks you have a vacation opportunity. Privacy is assured as these are existing cottages, you can rent them also and you have equity in the property. As the surrounding real estate rises in value so does your equity.
Fractional Cottage- Family Ownership and Vacation Options
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