Looking for a lease land cottage?
Lease land cottages are a great alternative to purchasing freehold land, especially if you’re looking for waterfront!
When you purchase a cottage on leased land you are doing exactly that, purchasing the cottage. You then pay a set amount to lease the land that the cottage is sitting on. The benefits of this type of ownership are as follows; very low initial price to purchase a cottage on the water, sometimes as low as $60-$70,000 and as high as $350,000, in town you would be looking at anywhere from $700,000.00 to upwards of 2 million. When compared to waterfront cottages in town on freehold land, it’s very affordable. There are NO taxes, you only pay an annual lease fee which is based on the location of your cottage, current rates fronting on Lake Huron on Bruce rd. #13 run from about $6,041.00 plus an annual service fee of $875.50. There are certain stipulations on lease land that limit the amount of time you may spend at the cottage, you cannot live here year round. Currently the occupancy is as follows: From the 1st of May to the 30th of October each year and 10 days in each of the months of November, December, January, February, March, and April in any year of the term. This is generally not an issue for most people as most of the cottages are three season and many draw their water from the lake which is not possible in the winter months anyway. I’m sure you’re thinking, what happens when the lease expires, do I have to get off of the land? These properties have been leased since the 60’s and many of them earlier and the lease has always been renewed, the amounts and some of the terms have changed but the properties have always been available. The Native Band has approximately 1,400 leased properties along and near the lake and that equates to more than 8 million dollars per year for them. This land cannot be sold and leasing it out is by far the best use and has the highest return of any other option.
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After browsing the available lease land real estate MLS listings, please let me know which home or homes you are interested in.
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