Owning a cottage can be both a blessing and a curse. While your loved ones get to enjoy all the luxury that comes with the property, you may be concerned about the growing expenses which are ever-present when it comes to ownership.
Renting your cottage for the weeks which you do not plan to be there may provide enough income to cover costs associated with your cottage. Wear and tear is expected for any property; wouldn’t it be nice to have your cottage earn you some money? Maybe the paint could do with a touch up, or that old dishwasher is on its last legs? With weekly rentals ranging from $500-$6,000+ depending on the size, location and condition of the cottage, your cottage can become a profitable business. Your cottage will also be occupied which makes it less vulnerable to criminal activity, and ensures that any damage does not go unnoticed for large periods of time. This ensures that when your family chooses to use the property, you won’t be confronted with unexpected surprises, like water damage, structural damage or extended power outages, which are not only costly but also ruin your getaway completely.
Turning your cottage into a rental property can come with a lot of hard work and responsibilities. Guests expect a certain standard when it comes to renting a property, and in order to secure annual rentals or return guests, you must endeavor to keep your property to that standard. You will need to advertise efficiently, on a variety of platforms, and set aside time to check requests, accept bookings and prepare your cottage for visitors. In addition to this, the property will need to be thoroughly inspected and cleaned between each rental. This allows you to assess if any damage has occurred, and organize repairs or compensation if need be. Most importantly, you will be expected to be contactable 24-hours a day for emergencies, because life is unpredictable and mishaps do happen, although with a little luck not often. All of this can be incredibly time consuming, especially if your property is quite a distance from your residential address, or you have a demanding career and busy family life. It may seem like too much effort, ‘what is the point in doing this? Is it even worth my time?’
The answer to that is yes, it can be worth it. You can cut your responsibilities in half with the help of a Rental Management company. This option is incredibly popular with owners. It may seem like the era of AirBNB, however the security of having a team of experts handle your property with care is hard to beat. Rental Management companies such as Ontario Cottage Rentals in Huntsville, Ontario have years of experience and a knowledgeable staff to guide guests through the booking process, assist them with any concerns while they are at the cottage and ensure that their time at the cottage was memorable, and that your cottage was well cared for during their stay.
But what if my family wants to use our rental property? This should not be a concern, you do not need to give up every week at your cottage in order to benefit from your rental agreement. It is common for owners to submit requests for which dates they need the cottage reserved for themselves. If your property is available during the Summer, you can expect higher rental rates, however 4 season cottages could receive bookings year round.
Sheila Givens, owner of Ontario Cottage Rentals, says ‘owners are faced with rising expenses associated with cottage ownership, which may result in an unwanted sale of their treasured property. At Ontario Cottage Rentals, we provide a service which allows owners to keep up with these costs, while sharing all that the area has to offer with prospective guests.
Full Service Rental Managers simplify that process for owners, providing strategic advertising and a unique webpage for each property. Key aspects of your property will be highlighted, with images as well as a detailed summary of the property, and everything that a guest should expect when they arrive for their vacation. They understand that charm of these properties lies in their individuality, which is captured and then matched to certain groups of renters which are suitable.
Your cottage is more than just an asset; it is a potential business that could start earning you income immediately. There are numerous benefits to renting your property, which is why more and more owners are choosing this option. Keep the cottage in the family, and explore you rental options.