Taking off for a few days to a cottage is a really fun summer thing to do but should you own or rent a cottage? Which is financially best? Well, like of lot of things, it depends. If you are planning to use this cottage on an ongoing basis and your cash flow permits & secure enough to cover the never ending costs, it may be best to own but in the vast majority of cases, it usually best to rent. We often say, “rent your toys” and that goes for recreational properties too for most people.
Make sure to assess all of the costs and the changes that you will have to make to your lifestyle if you own that cottage. The upkeep money and the maintenance time needs to be seriously evaluated before you get the cottage. A cottage is a LOT of work. Believe me, I own one! Whatever you decide, try it first by renting a close by cottage and experience what it will be like to own one for a couple of weeks or even a full summer. You will soon get the feel and see if this is for you or not.