Cottage Investment Properties
We recently bought a cottage lot and are not sure what to do with it.
If we build a new home on the lot we need to do septic, well etc.
And a new home would bring us up to $450,000 investment in the property.
In this economy we are worried it wouldn't sell. It is on a lake. We actually have a double lot and are wondering if we should build as everyone on our street is converting their cottages to year around homes (baby boomers) or split the lot and put another cottage on the other one and sell it for 180,000 profit and we could sell the other one as well.
We are worried about spliting the lot as that is why most people like the property becuase it has a double lot.
Most cottages go for around $200,000 on the lake which are a lot smaller properties then ours (1/2 size) what would you suggest?
Build a dream home or split the lots and build another cottage?
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