Sunday, June 7, 2009

Cottage/Rural Life - is it still an option for me?

I haven't written much in the past month, as I have been trying to sort out a real estate transaction. I had purchased a small lakefront cottage that was supposed to close next week, but I had to kill the deal upon my lawyer's recommendation because of a legal issue regarding road access to the cottage. During this time, I was driving up and down to the cottage which is about 150km east of Toronto, to do the requisite home inspections, water tests etc. The resulting cancellation of the deal cost me a few thousand, but I would rather pay that than avoid potentially paying tens of thousands of dollars later in a protracted legal battle.

One other thing that I learned was just how much work goes into maintaining a vacation property that is either not going to be used year round, nor connected to all municipal services (in the big city, we take things like connections to sewage for granted!). Prior to the cancellation of the deal, the owner was showing me all the things that needed to be done when opening and closing a cottage. These included, draining all water from all sources like water tanks, pumps, toilets etc. so that it doesn't freeze and subsequently flood during the winter. Also, lifting out docks, disconnecting and storing water pumps etc.; shutting off power, notifying certain utilities, pumping out holding tanks and septic tanks. While not undaunted, I came to realize that many people fall in love with the concept of owning a vacation property (myself included), but severely underestimate the time and expense needed to maintain the property, even if not in use. Also, I had a lot of difficulty trying to arrange high-speed Internet access (I was hoping to spend a fair amount of time there, and do some work there as well). While some utility companies will provide some type of seasonal pricing deals, it is still much more expensive than what can be found in a competitive urban environment.

I also discovered that the more time I spent away from Toronto, the more I appreciated the city, and what was available in terms of choice when it comes to things like entertainment, libraries and food (restaurants and grocery store food selection). On the other hand, I did notice how friendly the local people were and how much slower the pace of life was, as well as the quaintness of some of the lkittle villages that dot the area.
While not entirely rid of my desire for a cottage, I do have a greater appreciation of the time and expense it will require, and a better sens of myself in terms of what I want versus what I need.

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