If you own a cottage property, you may be thinking of possibly renting it out for a short or long period of time. If this is the case, there are undoubtedly lots of questions floating around in your head. Who should I be looking to rent to? How much should I charge? When should I rent my cottage out? Is it even a good idea to rent my cottage out? Relax! There are answers to all of these questions. Renting out your cottage requires a lot of preparation, but it does not have to be a complete headache. Here are some tips that are sure to help you out!
Who should I rent to?
It’s very important to be careful in who you select to rent your cottage to. If you end up having problems with your tenants, it could lead to all sorts of trouble and unnecessary complications.
Good choices- your best choice is always going to be other family members, whether it’s immediate or extended family. You already know your family members and are 100% sure they can be trusted to take good care of your cottage. Friends are also a great choice for the same basic reason; you can trust them. However, you need to make sure your relationship with any friends or family members you choose to rent to is good. After all, mixing money with family or friendship can easily turn ugly.
If none of your family or friends are looking to rent, try to find either a younger couple or small family with kids. Both are likely to treat your cottage with respect and may even rent it for years to come if they find that it suits their needs.
Bad choices- complete strangers are always a risky choice, seeing as you know nothing about them. Also, if your cottage is quite large, try to avoid renting to large groups that are looking for the cheapest price possible per person. Instead, try to find a family that is willing to pay a little bit more.
How much should I charge?
You need to consider a number of things when deciding on how much to charge. First you need to factor in the cost of cleaning your cottage before and after the tenants arrive, and also the cost of advertising, which can add up quickly if it takes a long time to find a renter. Utilities and insurance costs are obvious expenses that need to be considered as well. Remember, even if you get the perfect tenants, your cottage is still going to experience general wear and tear, so you need to include maintenance and repair costs in your price. Lastly, make sure you consider your cottage’s location and adjust the rental price accordingly.
When should I rent my cottage out?
If you are looking to maximize your profit in a shorter amount of time, consider renting your cottage out during the peak summer season. Not only will this enable you to charge at a higher rate, but it also means your cottage will be available for your own use at less busy times of the year. If you see yourself being able to go longer without missing your cottage too much, then you might want to rent it out for not only summer, but spring and fall as well.
Remember, renting out your cottage doesn’t have to be an exhausting process. Make the right decisions and stay organized, and you’ll be all set!
Credit to Muskoka Luxury Real Estate – Muskoka & Port Carling Real Estate