Rob Heming
Sales Representative
Realty Executives Plus Ltd.
Your cottage or recreational property is your home away from home but, let’s face it, the cottage lifestyle can be expensive! Taxes, insurance, utilities, maintenance - it all adds up. This month, let’s take a look at ways to make your property work for you with some ideas and tips for generating income from your cottage or recreational property.
The most obvious way to generate income from your cottage or property is to rent it out when you are not using it. Whether you choose to hand over the keys personally or use a home-sharing brokerage like Airbnb, you will need to be aware of the rules and regulations associated with short term rentals in your community. Many municipalities already have or are working towards regulations to govern licensing, the number of guests allowed, consecutive days rented, zoning and more. To see what the Province of Ontario is proposing, you can download this handy PDF document. Also, be sure to review your insurance policy to verify that this type of rental will not void your agreement.
Is the view from your dock picture-perfect? Do you have a sprawling lawn or unused back acreage? Then you may want to consider renting out your property for special events such as weddings, reunions, photoshoots, corporate events or campouts. Limiting the use of your property to the outdoor elements only takes some of the “personal space” factor out of the equation - as in no one will be sleeping in your bed or using your bathroom. Just be sure that your insurance, as well as the potential renter’s insurance, will cover any possible damage or incidents that might occur.
Maybe you've dreamed of semi-retirement or a change of pace, a way to get away from the rate race and the hustle and bustle of city life. Why not live where you work and invest in an income-generating property like a Bed & Breakfast, Country Lodge, Residential Camp or Outdoor Education Centre. Reduce your commute to mere seconds by living or staying in the owner’s quarters while running your own successful business. Rob Heming SPECIALIZES in these types of properties and is DEFINITELY the go-to guru when considering a move of this type.
Your cottage or recreational property exists to give you peace and relaxation, not stress from another unpaid bill. Make your property work for you and stop worrying!
Rob Heming at Realty Executives on the Bay
specializes in tourism accommodation, recreational and multi-residential properties,
as well as fine homes and waterfront cottages.
