9 Tips for Renting Out Your Cottage Hassle Free
Renting out your cottage is a good way to make it profitable and reduce maintenance costs. Are you getting ready to start the process? Good for you! Here are 9 tips for renting out your cottage hassle free.
1. Check with your municipality
In other words, not all municipalities allow cottage rentals. If they do, you will have certain requirements to respect. All cottage owners must also obtain a certificate of compliance needed for CITQ classification.
2. Your insurer has a say
It is
important to notify your insurer and verify if tourist accommodation rentals
are accepted. Your coverage will likely change and the insurance premium will
be adjusted. Look on the positive side, talking with an insurance professional
will perhaps allow you to obtain some tips regarding the rental contract or
applicable bylaws.
3. What will you charge?
Do a market study of cottages for rent in similar areas and analyze market trends. To help you set your price, compare the prices they charge, what’s included or excluded, benefits, and nearby activities.
4. It’s income!
Any money you make from renting your cottage must be counted as income. And more income invariably means more taxes! It’s always a good idea to discuss your project with your accountant.
5. Make some noise!
Promote your cottage on the various existing platforms, but also with your friends and acquaintances. You should never neglect word of mouth!
6. Rental contract and list of rules
It’s better to be protected, especially when you rent your cottage. While a detailed contract protects you, the renter will also feel more confident due to your professionalism. Be sure to include the following:
- Complete contact information for the renter (and yours too)
- Total amount to pay (include details such as the required deposit, taxes, total)
- Length of stay (date, arrival and departure times)
- Maximum number of guests
- What’s included and what’s not (included: bedding, kitchen accessories, excluded: firewood, sports equipment)
- Cancellation policy
- Rules (cottage owner must have liability insurance, quiet times)
- Etc.
7. Safely storing your valuables and personal property
If you rent out your cottage but occasionally stay there, it is important to keep all valuables and personal belongings safe in a locked room or drawer.
8. You are responsible for maintenance
It may
seem basic, but the cottage must be maintained and cleaned between each rental.
No one wants to arrive at a place with dirty towels, unwashed bedding, or hair
all over the bathroom floor.
9. Use a rental agency or manage it yourself?
You have the choice: do business with a rental agency or manage the cottage rentals yourself. Since the process can sometimes be cumbersome, you should understand that you don’t have to take care of everything by yourself.
See also:
Demystifying Short-Term Rentals and Divided Co-Ownership