Building Memories and Earning Some Extra Money

Cottage ownership is a dream, but a dream that many people can now achieve. We know that you want to buy a cottage; a place where you can build memories with your family and friends. One of the ways that a lot of people realize this dream is to offer their cottage to rent. It helps cover costs and contributes to your mortgage. Now that we have the “big” decisions out of the way, it’s time to think about what to look for in a cottage.

Like any other real estate purchase, this is a big deal. Make sure you have your team in place. Arm yourself with professionals who know the area that you are looking for in. Many townships have differing by-laws, that may affect what you can and cannot do. Always best to ask if you aren't sure. But what should you be considering when it comes to a cottage that you can rent out?

Rental cottages come in all shapes, sizes, and budgets, so you don't need to worry about fitting in. There are, however, some things to consider when you are looking.

How is the cottage furnished?

Many cottages come furnished when you buy them. It’s great to put your own flare into the cottage but remember that other people will be using the furniture and may not understand its importance to you. Furniture should be durable, functional and doesn't have to cost a fortune.

What amenities are you offering?

These days, most renters expect to be able to arrive and enjoy. Make sure you have budgeted for enough linens, bed sheets, water toys, and even a canoe or kayak. This will help attract steady stream of renters.

How many people will I allow?

We know that you have already checked to make sure that short term rentals are allowed in your area. Now you need to decide how many guests you would like to welcome to your cottage for each stay. The general rule is 2 adults per bedroom. Part of your consideration will depend on the capacity of your septic system and the facilities in your cottage. You can't realistically have 14 people share one bathroom.

How often will I rent out the cottage?

This is entirely your decision. You’ll want to have time there with family and friends so make sure you take that time into consideration when budgeting and planning. The peak rental season will be approximately 12 weeks. Some Vacation Rental Management Companies will limit the amount of time you can spend there in peak season. So be sure to check their policies on when you can be there.

Not scared off yet. Good! It’s a big purchase and there is a lot to consider. Include SVR as one of your partners in this venture and we’ll be able to provide research into rental and occupancy rates in the areas you narrow your search down to. Additionally, we’ll help you determine which features you should include on the “must have” list for your cottage purchase.

Connect with us and we’ll help make this a smooth experience for you and your family.

Happy Cottaging!