Owning a cottage or other type of vacation home is a great way to spend your free weekends or your annual vacation time. While you could just close it up when not in use, many opt to rent it out to enjoy the additional income. If you are considering renting out your property seasonally, here are a few things you need to know:
- Timing– There aren’t any rules for renting out your property, so go with what works best for you. You can rent it out for short-term weekend stays or look for those that would rent it for longer periods of time or even the entire season. You can work with a rental property professional or consider Airbnb-type rental sites to help you locate tenants.
- Personal Belongings– While you’ll want to leave enough items so your guests can enjoy their stay, be sure to remove valuable items, as well as personal and sentimental ones. If you plan to continue using your cottage occasionally, consider a nearby storage facility for those things you don’t want to cart back and forth from your permanent residence.
- Consider Costs– When setting the rental fee, remember that you’ll have additional costs involved, such as an increase in utilities and maintenance. Most people add on a cleaning fee so that the cottage can be cleaned between renters. You might also have a fee for incidentals, such as professional fees from an accountant, real estate professional, laundry services, and more.
- Rental Property Insurance– You’ll want to be sure you have the right type of insurance coverage for this situation.
Here at St. Clair Insurance Brokers, Inc., we are happy to walk you through getting the right insurance coverage for your needs. We will discuss what is involved with rental property insurance so that your experience renting out your property seasonally doesn’t put you at risk. Call today to learn more.