Renting your cottage can be an excellent way to make it profitable while reducing maintenance costs. If you are about to embark on this adventure, congratulations!
Here are eight tips to ensure a hassle-free cottage rental.
Municipal audit
Before you get started, make sure that your municipality authorizes cottage rental. Comply with local requirements and obtain the certificate of conformity necessary for Corporation de l’industrie Touristique du Québec (CITQ) classification, mandatory for all owners.
Consult your insurer
Inform your insurer of your intention to rent your chalet for tourist purposes. Check if your current coverage is adequate and be prepared to adjust your insurance premium. This discussion can also provide helpful tips on the rental agreement and regulations.
Establish the right price
Conduct a market study of similar cabins in the area to establish a competitive price. Analyze market trends, compare inclusions/exclusions, and consider nearby benefits and activities.
Manage tax implications
Remember that renting generates income, therefore income taxes. Consult an accountant to ensure you are well prepared tax-wise.
Rental contract and list of regulations
Protect yourself and build trust by drafting a detailed rental agreement. Include information such as full contact details, total amount to be paid, length of stay, number of people allowed, inclusions/exclusions, cancellation policies, requirements, etc.
Security of valuables
If you occasionally use your cottage while renting it, be sure to secure your valuables and personal belongings in a locked room or drawer.
Regular maintenance
Maintaining your cottage is essential. Be sure to clean it meticulously between each rental. A well-maintained rental is the key to tenant satisfaction.
Self-management or rental agency
You have the choice between managing the rental yourself or using a rental agency. If this sometimes seems like a big task, know that you have the freedom to delegate certain responsibilities if necessary. The project speaks to you but you don’t have a cottage?
We can help you find the perfect property to create an extraordinary vacation spot. Call us!
