Investing in a property can be both exciting and daunting. As investors, we were always on the lookout for properties that we could turn into profitable ventures. One such property was our Cocagne cottage, located about 30 minutes from Moncton and near the popular tourist town of Shediac.
We first stumbled upon the property while browsing through listings online. The cottage had been on the market for a while and was often overlooked due to its three-season status. However, we saw the potential in the property and decided to take a closer look.
Upon visiting the property, we realized that it had several challenges that needed to be addressed. The cottage was not insulated properly, and the well pump and lines would freeze during the winter. The property was in a prime area for short-term rentals in the summer, but we wanted to maximize our profit by making it sustainable during the winter as well.
We knew that getting financing for a three-season cottage could be a challenge, but we were determined to make it work. We presented our plan to the lenders and showed them the potential for short-term rentals in the summer and winter. After some negotiations, we were able to secure financing for the property.
The next challenge was to make the property sustainable during the winter. We knew that we had to address the lack of insulation in the exterior walls, the crawl space, and floors, as well as the well pump and well lines that would freeze during the winter. It was not going to be an easy task, but we were up for the challenge.
We came up with a plan to address each of these issues. To insulate the exterior walls, we elected to have cellulose injected into the walls. This required drilling 3-inch holes to allow access between the walls. It was a messy process, but we were determined to make it work. After the cellulose was injected, we reseated the drywall and paneling as best as we could.
To address the lack of insulation in the crawl space and floors, we had to excavate below the frost line and tap into the well at a lower point. We changed to an in-line pump and installed a pressure reserve tank in the crawl space. We also ran new lines for the washer and electricity for the dryer after upgrading to a 200-amp panel.
The biggest challenge was accessing the perimeter to apply spray foam. From the crawl space entrance, the exterior back half of the cottage did not appear accessible. We knew that much of the subfloor would need to be lifted for access, and an access hole was only required in one area. Once the floor was lifted, we contracted a spray foam company to spray the perimeter. This left us having to replace all of the floor, which was due for an upgrade. Once replaced, we updated the colors and decor, which gave us a four-season cottage with a much more modern look.
It was a long and challenging process, but in the end, it was all worth it. We now have a profitable four-season investment property that attracts short-term renters all year round. The Cocagne cottage is not just an investment property for us; it’s also a place where we can escape the hustle and bustle of the city and enjoy the beauty of nature. It’s a place where we can create memories with our loved ones and share our passion for investing with others.
