Should you rent or own a cottage?

What to ask yourself before making a costly commitment

Gail Bebee 28 June, 2013 | 6:00PM
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As summer finally arrives and temperatures sizzle, escaping to the cottage is on the minds of many Canadians. Boating, swimming, sunning on the dock in the great outdoors, partying with friends. What's not to like?

If you are cottage-less, scoring an invitation to a relative or friend's cottage is a great way to partake of this tempting lifestyle. You enjoy the benefits without the cost and commitment. However, experiencing cottage life when and where you want invariably means renting or buying a place. Making the right choice between the two is a question of doing your homework.

Start by answering this fundamental question: Why a cottage? Are you searching for a quiet escape from the city's bustle; a place for entertaining family and friends; a four-season home close to the ski slopes; watersports central; a future home after retirement; a vacation spot when the kids are small?

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About Author

Gail Bebee

Gail Bebee  Gail Bebee is an independent personal finance speaker, teacher and the author of No Hype--The Straight Goods on Investing Your Money. She can be reached at gbebee@gailbebee.com; her website is www.gailbebee.com.

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