It's easy to understand the lure of the cottage – the water, the sunshine, the good times with family and friends. But personal finance experts say the price of a cottage or cabin is just the beginning. Often, associated or ongoing costs are underestimated or not even considered.
Jodi Trojan, manager of a Meridian Credit Union branch, works in Barrie, Ont. - a gateway to spectacular cottage country. She joined us Thursday to discuss the pros and cons of vacation home ownership.
What should prospective buyers think about before purchasing a vacation property? What are some of the common mistakes?
Ms. Trojan has worked in banking since 1986 - with Meridian since 2003, specializing in mortgage lending, financing cottage properties, and specifically construction mortgages. She has been branch manager since 2011.
Meridian is the largest credit union in Ontario with 63 retail branches and provides construction financing for all types of homes and vacation homes. It offers a full suite of investment options, a wealth department as well as commercial banking centres.
For more on this topic, read this article in the Financial Road Map series.