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- cross-posted to:
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Paying taxes on a half-million-dollar capital gain from a cottage or an investment property is a good problem to have
Paying taxes on a half-million-dollar capital gain from a cottage or an investment property is a good problem to have
It really depends where you live. In northern Ontario, many working class people have a small cabin on a lake. It may be a plywood shack or log cabin, may lack plumbing and electricity, and may be a two or three hour drive into the bush on logging roads, but it’s affordable. If you want a second suburban-style home with all the amenities on an easily accessible lake, well yeah, no shit that’s going to be really expensive.
You can have a “vacation home” or a “yacht” and have it be middle-class affordable if you keep it small and away from the most expensive parts of the country.
It WAS affordable. Even now these lots are costing more than what a house did a few years ago. I service a lot of these rural hunt camps and cabins and ones purchased recently have numbers in the 250,000-500,000 range for a shack that needs repairs sitting on an acre 45 minutes down a dirt road.
Interesting, thanks. Forty-five minutes down a dirt road sounds like a dream. Ours is 1.5 hours down the highway, then 1 hour on logging roads, and the final leg is a good half-hour by boat through a labyrinth of narrow channels. No road access and no services. The log cabin is a Wendall Beckwith design so it looks cool, but my wife’s father didn’t take good care of it so it leaked quite a bit before I put a metal roof on it. (That was fun with boat access and a small generator only capable of running a jigsaw, let me tell you.) We have an open invitation for any of our friends that want to use it and no one ever takes us up on it, so I suspect it will still be quite affordable for someone, if we ever decide to sell it.