Co-owning the family cottage
By Melanie Chambers • Bankrate.com

Before taking off to her cottage in Quebec's Laurentian Mountains, Sheila Santos logs on to a Yahoo group to see if the cottage is available.

That's because in 2005, Santos and her husband bought a $150,000 cottage with five other family members. "We couldn't afford to do it otherwise," she says.

Cottage co-ownership is a growing trend, according to a recent report by Royal LePage.

The study reveals that Canadians don't consider cottage ownership a luxury, and despite the current state of the economy, they are willing to make concessions to own a vacation property, even if it means renting it out part of the time or co-owning with family or friends.

A cottage is a good investment
Not surprisingly, the survey shows that 89 per cent of Canadians think a cottage is a great place to gather with the family, while 86 per cent think it's a great getaway from the city.

And it's no shocker that 68 per cent of cottagers want lakefront property.

The survey also reveals that more and more Canadians view a cottage as a sound long-term investment, and 55 per cent of respondents are willing to find creative ways to fund their cottage purchase.

These new options certainly seem necessary when you consider what it costs to own a cottage these days. According to the survey, Newfoundland has the lowest average cottage price at $80,000 for a standard, waterfront-access cottage (1,000 square feet, three bedrooms and a 30.5-metre lot), while British Columbians will have to spend between $530,000 and $880,000 to get their cottage fix.

Economic necessity
The driving force behind the co-ownership trend is economic necessity says Phil Soper, president and chief executive of Royal LePage Real Estate Services. "People are responding to the market, and they are doing so in more creative ways to get access to those properties without having to drive too far or give up their waterfront."

Santos loves that her cottage is only an hour's drive from her Montreal home and says she wasn't about to do without a waterfront property.

But, she admits, co-ownership comes with some sacrifices. "I have a certain detachment to the place because it's not all ours. You can't put your stamp on it -- there are five different stamps, and they're all eclectic."

Put it in writing
Santos says the five-part ownership has been smooth sailing, except a few exceptions when it comes to renovations and money matters.

Last year, they added another room and new windows. "My feeling was that you only do them once every 50 years or so, so you don't want to cheap out, while other people thought my choice was way too expensive," says Santos.