Shared Cottage Ownership
Eighteen years ago my business partner, Joe Giglio and I had an idea – why not build lakefront cottages and sell them to families on a shared cottage ownership basis. At that time, I had observed that although lakefront cottages were becoming both more and more expensive to buy and maintain, they seemed to be used less than ever. As a long-time cottager, I thought this trend was really too bad as so many people were starting to miss-out on one of the best things about living in Ontario – cottaging.
Fast forward 18 years and Chandler Point Corporation has built 68 cottages for over 700 families to enjoy on a shared ownership basis. So with 18 years of experience with shared cottage ownership and some reflection I would say that the success of the concept comes down to three major factors, which is why shared cottage ownership works so well.
No Personal Maintenance Required
Cottage life has proven to be truly easy with shared cottage ownership. Each cottage community has a property manager, a maintenance person and cottage cleaners. That means that everything is essentially looked after for you, with no personal maintenance required. Most other cottage ownership comes with a lot of responsibility and work, but shared cottage ownership has proven to be really easy for owners. Owners really appreciate the fact that they can arrive at the cottage at any time of the year and find a clean and well maintained cottage with no surprises.
Mortgage Free
Shared cottage ownership has proven to be built on a sound and successful financial model. Each cottage and property is mortgage free. This means that all of the owners have a substantial investment in their cottage and care about them. Annual dues are collected in November for the upcoming year so there is always money to pay the bills. As well, each Association has been building-up a replacement reserve in order to deal with future needs.
100% Ownership and Control
Shared cottage ownership is all about 100% ownership and control. Since all of the cottagers collectively own everything including the cottages and all of the surrounding acreage there is never a conflict of interest between the owners and the developer. Owners appoint a Board of Directors to represent their needs which are communicated to the property manager.
Conclusion
In conclusion, now in it’s 18th year of being, shared cottage ownership can be called a real success. Click here to find out more.