Do you dream of inheriting the beloved family cabin one day and then passing it along to your children?
For many people, this may not end up happening, according to the results of a BlueShore Financial survey of recreational property owners.
Only 39% of respondents said they expect to pass their cottages, chalets or cabins down to their children. The number one reason cited is the concern that their offspring won’t be able to afford the maintenance and taxes.
“The dream of inheriting the family cabin is moving beyond the reach of many people,” said BlueShore president and CEO Chris Catliff. “Our survey shows that parents are worried their kids can’t afford to keep up their recreational property.
“Given that so many recreational properties have a huge emotional investment, this is an important issue for families.”
The survey did find that a small percentage – 7% – of owners plan to keep it in the family by leaving the property to another member of the family. A quarter of those surveyed plan to sell, and 30% say they have not planned what they will do.
