Water Access

[brassman]

I and members of my extended family have owned and some still do own a number of properties on the severn river. Some of us have paid for dock and parking space but most of us found free parking spots. We actually like being in a world where boats are the only method of travel. Moving a refrigerator is no problem especially if someone owns a welded steel boat. These are the equivalent of a pick up truck on the severn river. The point I want to make is that a lot of people love water access cottages. As long as the price is right there will always be a market.

[speedfreeksteve]

I attended the reading of the tenders for the Kushog property and thought I would tell you all how it went.
There were a lot of viewpoints on the water access property and it's worth.... well, hold on to your hat.

Whapping $80,100.00 for the 55 ft wide lot with a shack. Nice but is it a deal at that price.

I wish my offer of less would have won but kudos to the person that know what they want.

I somehow knew that one would be overbid with all of the excitement surrounding it.. but I never dreamt it would be close to 80k! I was thinking more like 30k or so.

The shack on that lot seemed to add some perception that the person didn't just pay 80k for just a very small, very sloped, water access only lot. I'm not sure that the shack adds much value to it at all.. but who knows.

For that type of money you could rent out a cottage for many summer and be completely happy and not worry about taxes, maintenance and all other expenses.  But on the other side you won't get to sell your property in 30 years, reap the profit (and pay the capital gains).  Life is about finding that balance.

I would say yes and no. Some people do rent out their cottage for 80% of the summer and make out very nicely financially. There's also the factor of capital gains to consider. My cottage neighbour paid 129k for his modest unwniterized 20x40 cottage on 2 acres just 3 years ago. Recently it was appraised at 300k.

Depends on the person though.. if someone doesn't want the headaches of maintenence, and just wants to do a few weeks or a month of cottaging for the whole summer then renting would probably be the way to go.

I built my cottage starting from a waterfront bushlot and definately it was a financial drain in building it... a few hundred thousand in materials, additional labor, drilled well, septic, hydro, furnace, appliances, etc. Then over the 6 years I built it, the township decided to increase my yearly taxes from $300/year to around $3600/year.

On the upside, I do rent it one week a month during the summer. That recoups my property taxes for the year, and usually pays for a few added toys (paddleboat, jetski, etc).

One real problem now I find is that it costs $75 in gas to drive up there and back. Makes me think twice sometimes.

[Frank]

Speed
Looks like you need to sell the SUV and get into a little hybrid for better fuel economy.

I have the same thoughts sometimes.

[speedfreeksteve]

Speed
Looks like you need to sell the SUV and get into a little hybrid for better fuel economy.

I have the same thoughts sometimes.

I thought about that and did the math. I could shell out 20k for a new hybrid, but then I'd really only be saving about $35-$40 in gas on trips to the cottage and save about $100 in gas a month on average outside of those trips to the cottage. Also, I'd still have to keep my SUV for towing the boat, utility trailer, etc.

I guess the old addage is true.. "You have to pay to play!"

[Frank]

I'm sure we've passed each other on the highway.  I'm the one in the other SUV towing the boat.
Kind of difficult to do in Jetta.