960banner_howitworksTo paraphrase an oft-used expression – ownership has its privileges. That is definitely the case with the unique cottage ownership opportunity afforded through our exclusive cottage co-op concept.

The 12 affordable and well-constructed dwellings that comprise Fifth Lake Cottages inventory will be sold as shares in the limited company. Each of the 12 shareholders in the co-op would have ownership rights to one of the cottages, as well as have use of the extensive common areas such as the beach and roads. The total area of the property that is subject to the limited company is approximately 25 acres, with a little over 1,000 feet of waterfront.

Here are the nuts and bolts of how ownership and title will work for Fifth Lake Cottages Ltd.:

1)      The purchaser of a cottage is buying the cottage and its contents and leasing the land.

2)      The property and common areas, such as the beach and roads, will be owned jointly by all 12 shareholders for their mutual use.

3)      The purchaser will be a shareholder of the company with one Class A voting share and additional non-voting shares depending on the value of the cottage.

4)      A maintenance fee will cover basic care of roads, the beach, grass cutting and the water delivery system.

5)      Insurance costs and taxes will vary according to the value of the cottage. Electricity costs will vary based on each cottage’s individual consumption.

6)      The company will make rules with respect to the use of the cottages and common areas.

7)      For both U.S. and Canadian citizens, land registration fees do not apply since they are buying shares in a limited company.

8)      Each shareholder has the ability to rent out their own cottage when they are not using it themselves.

One of the most substantive benefits of this method of ownership is that the property itself will continue to be maintained and supervised by the current owners.

The new owner of the cottage will have the option of utilizing it as often or as little as they like, allowing for it to be rented out during the times it won’t be in use by the owner. And the Detlors will help facilitate those rental arrangements. Renting the cottages out will allow the owner to generate revenue to offset the costs of the cottage.

Fifth Lake Cottages is a wonderful opportunity to own a tangible and affordable piece of traditional Canadian cottage lifestyle with many of the benefits of private ownership as well as the added security of a co-op structure.

Get your little piece of rustic relaxation today!!