We are getting to the heart of the summer months now The question is should you buy a cottage, or rent one out?
There are many pros and cons to this. Lets say for instance you buy a cottage for $200-300000.
If you calculate the mortgage over 25 years, add interest, well you get the drift.
I am swayed to convince you that you are better off to put more money down on your current mortgage, pay off your existing house and still rent out different cottages whenever you need to.
I believe it is better to hop from spot to spot, and get a good relationship going with owners who rent out their cottages, and sometimes, you could even go down south and rent out houses.
You could also go overseas and rent out places, rather then get stuck at one place for the summer, and be forced to do renovations, yard work and open and closing the cottage twice a year. If you live in Canada, the reality is that you don’t have much of a summer that is worth going to the cottage unless you go every weekend, and go in the winter months. Is it worth it then?
I think you will be in a better financial spot if you move around where you stay, and you have the options go to go more exotic places when you want.