How To Prepare for Summer Cottage Renters
April 03, 2019
Daylight savings has come and gone. The days are beginning to get longer, and even if we have to wait a little longer than usual, summer will eventually arrive! As the ice thaws, thousands of cottage owners will turn an entrepreneurial eye on their home away from home. Cottages are a lot like dogs. Without exception, they are all beautiful. And people without them either want them or want to spend time with them! So, we’ve compiled a list of things you can do to make sure sharing your little slice of heaven doesn’t weigh on your mind all summer from cottage renters.
Get The Word Out
Consider sharing pictures of your cottage on social media and let your friends know that they too can escape 9-5 drudgery this summer. After all, how will they know to rent your cottage if they don’t know you have one? In addition to creating opportunity and interest among your friends, you can also use a host of online websites to attract renters. Consider using websites like AirBnB and HomeAway. They are great resources that will do the majority of the legwork in finding fresh occupants.
Know Your Cottage Renters
A lot of times renting out your favourite vacation spot to complete strangers can leave you feeling like nervous parents dropping your kids off at prom. After all, who is that young man? Why doesn’t the corsage match her dress? Will there be alcohol?? Don’t be afraid to ask for a current or previous landlord as a reference. And most importantly, take the time to meet them in person on talk to them over Skype and ask yourself, “is this someone I can trust?”
Insurance, Insurance, Insurance
Not only is extra insurance required by the majority of insurance brokers, but it’s also a really good idea. Sometimes, even the best cottage owners make a mistake and rent to someone that doesn’t treat the cottage with the respect that it deserves. And I’m talking about infringements that make a little dried beer look like spilt milk.
Every blue moon a story will crop up about property damage or theft. And while these are not the normal outcomes of a cottage rental, it is within the realm of possibility. Insurance is about making sure that you are covered no matter what happens. It’s better to be protected in case a guest gets hurt, there is unintentional damage or even the loss of rental income. A cottage is a valuable asset and a little insurance can go a long way. After all, it is better to have it and not need it than to need it and not have it. If you’re using your cottage as an income property, most insurance companies would consider it a business and would require special rental property insurance.
A Clear Contract
A clear contract is literally worth its weight in gold.
You will want to identify:
- Rental period
- Check-in and check-out times
- Cancellation policy
- And what responsibility damages and repairs will be
Some often overlooked caveats that you are going to want to include are: pets, smoking status, and the maximum number of occupants.
Renting your cottage is certainly going to be work. But, it is also an opportunity to create memories for other families and make a little income on the side.
Our team can help make sure your slice of heaven is protected, whether you rent it out or not. Let us look after the insurance so you can enjoy the lake.
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