You are purchasing the cottage,but not the land. The land is owned by Saugeen Nations #29 and you own the building. This is an affordable way for cottage ownership and the cost to purchase a cottage, is relatively less then a freehold purchase where you own the land and the building.
The lease fees' range from $4,281 to $9,600 yearly, depending on where the cottage is located.
The yearly service fee is $1,200 and due each April. The fee covers roads maintenance, garbage & recycle pick up, police and fire protection.
There are a few restrictions regarding the use of your cottage.
You have unlimited use of your cottage from May 1st until October 31st. From November 1st until the end of April 30th you are allotted 10 each per month.
You may be granted the unlimited use of your cottage by an additional 2 months, which is subject to you contacting the Land Management office and paying an additional fee.
*Note: many of the cottages are considered 3 season and many cottagers will close their cottage in late fall, and return come the spring.
Spring/Summer 2023 cottage prices currently range from $150,000 to $567,000
These properties come "turn-key" (furnished) and quick closings are possible.
No. You are paying a residential lease and you are not allowed to rent your cottage out to the general public.
Lease terms can run anywhere from five to 25 years. The current five year term will become renewable in 2026.
No, property taxes are not applicable to leased land property.
Conventional mortgages are not available with any leased land purchases.Purchasers typically use cash,home equity or line of credit.
For questions regarding the properties water supply ,insurance,septic systems or any other questions pertaining to the purchase or sale of one of these properties, please reach out to me at 519-377-7032 or email me at email@example.com
You can refer to this link Saugeen First Nations for further leased cottage information and to view the current lease.