Perhaps you have decided it’s time to take advantage of the potential rental income you could receive from your cottage. If you don’t use the space year-round, this could be an effective option for earning extra money. Before you start making your property available to renters, there are many details to iron out, like your check-in process and cottage insurance. To help you get started, let’s explore what to consider when renting out your Ontario cottage.
Decide on the Parameters for Renters
Sharing your space with strangers can be a very personal experience. It is vital to decide which parts to make available to renters. For example, if you have a boat, will you include it, will it be off-limits, or usable with a fee?
Create a Process
Whether you go through a rental property management company or do it yourself, deciding on a booking, check-in, payment, and cleaning process is critical. For example, you can choose an easy-to-use booking and payment system that prevents issues like fraud. Additionally, decide on the check-in and check-out times that work best to ensure the space is ready to use for the next renters. Settle on specifics like if you want to inspect and clean the cottage yourself or hire someone to do it for you.
Protecting Your Cottage
Arguably one of the most important considerations is determining how you will protect your property. Since you are sharing your personal space with strangers, it can be harder to manage risks.
You can firstly protect your cottage by stowing away valuable items that would be costly to replace if stolen or broken. Secondly, you can add more safety features to avoid accidents, like gates and other child-proof items. These safety precautions may also help your insurance premiums.
Cottage insurance is one of the best ways to protect your rental property. In unforeseen circumstances, we at Tanner Insurance want to ensure that you don’t have to pay lump sums out of pocket, especially when it comes to damage at the hands of your renters. Our professionals can advise you on the best coverage options to suit your needs and customize your cottage insurance policy for maximum protection. Get in touch with us today to safeguard your home-away-from-home with peace of mind.