Looking to rent your cottage this summer as a way to offset carrying costs? You may be surprised to know what renters are looking for in a cottage rental property.
Location, location, location?
Aside from the basics - ease of access and distance from the city, you may be surprised to know that location is not a make-or-break post for potential renters. Renters want access to water for swimming, but being on a big lake or a major lake chain is not a deciding factor for most renters.
It’s in the details
While the location may not matter, renters will be looking for the little touches that bring your cottage to the next level. Renters aren’t concerned with the sentimentality of your great-grandparents pottery and the giant photo collage of past generations enjoying time at the lake. Think wine fridges, modern appliances and styled living spaces. Renters want the little luxuries they would find at a resort location such as reliable wi-fi and cable/satellite tv.
Rental properties that can accommodate multiple families would be very popular. Many people like to travel with friends and family. Properties with enough sleeping space that are equipped to comfortably handle larger groups would not only be in high demand, but would also bring in a higher rental income.
Planning for rainy days
Not every day at the cottage is filled with sunshine. Or maybe you have a four-season property and you want to attract renters over the winter months. Cottages that offer something special to do in the off season will be attractive for renters. You may not have room for a hot tubs or pool table, but a collection of board games or even a list of local attractions available for renters will bring an added touch to a renter’s experience..
Make sure you are covered
If renting your cottage property is right for you, talk to your insurance agency. Some seasonal property policies exclude damage caused by a renter, some will allow a renter for a very short period of time (maybe just a week). Some policies will cover renters with specific conditions. Check to see exactly what you are covered for and inquire about how you can obtain coverage for renters. Even with these added insurance costs, the return on investment can be considerable. Most waterfront acottages rent for at least $1,200 per week, some for $2,500 or much more.
Whether you’re looking to offset the cost of carrying your cottage, help finance renovations, or just want the freedom to travel, renting your waterfront property is great way to bring in additional income. And with so few cottage properties on the market, renting may be the only option for many people looking to get away from the city.