The long awaited summer weather may be tempting some Canadians to join the ranks of those who own cottages. “I don’t think owning a cottage is a good investment,”
Here are some of the reasons Bebee thinks owning a cottage is not a good investment:
1.Real estate is illiquid, so your money may not be available when you need it.
2.The return on your investment is not guaranteed.
3.Ongoing costs (taxes, insurance, maintenance etc.) eat into your profits.
4.Cottages demand your personal time, especially for upkeep.
5.Transferring the family cottage to the next generation often results in family quarrels, or misery if the cottage must be sold to settle an estate.
For more information on the pros and cons of investing in a cottage or to arrange an interview, please contact:
Gail Bebee
Canada’s Independent Voice on Personal Finance
Personal finance speaker and author of No Hype—The Straight Goods on Investing Your Money
Tel: 416-733-
gbebee@nohypeinvesting.com
www.nohypeinvesting.com
