Are Cottages Worth Your Money?

The kids are back at school, you’re back at work, the tan you got while on the beach is starting to fade and the leaves on the trees are starting to change colour. As the season starts to change the Financial Post’s Ted Rechtshaffen poses the questions about your summer getaway locations in an online article, “Did you spend as much time there as you wanted? Did you get your money’s worth? Have you done the math?” Rechtshaffen’s article continued, “I am often surprised at how much energy and resources go into owning a cottage, compared to the enjoyment that comes from it. At the risk of insulting a large percentage of cottage-loving Canadians, I will jump right in and say that for many owners it just doesn’t make financial sense. I know many people with a cottage who spend no more than 20 or 30 days a year there. I know there are exceptions, but a large percentage will spend a week or two, and then another 4 or 5 weekends, maybe less. There are many reasons why cottages get underused. A big one is simply stage of life.” Read the full article here. | Raymond Matt, CFP, CLU, TEP, CHS

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