Buy land, build cottage, save money: simple, right? Hold that thought. There’s so much more to this real estate strategy. Building from scratch on a vacant lot canbe an affordable route to owning a cottage, but sometimes it isn’t. Here’s what you need to know.
Carolyn and Chris McIntyre bought their slice of paradise on a whim. They were on their way to Carolyn’s dad’s place in Minden, Ont., when Chris started scrolling through MLS listings on his phone and came across a lot on Belmont Lake, an hour’s drive east of Peterborough. The McIntyres had friends on Belmont—where most cottages were listed at $300,000 or more—and loved it. As for the lot, it was on a tiny bay with lots of privacy and came equipped with a dock, an outhouse, and even a small bunkie that could house the family of five during construction. And at $147,000, the price was right...Read More