What to Remember When Renting Out Your Cottage

Have you ever thought of renting out your weekend retreat? Renting out your cottage or chalet could be a good way to help cover the taxes and/or the other costs of maintaining a second home.

If you are afraid of renting to absolute strangers, then put a notice up at work or just tell your friends. You'll be surprised by the number of responses you will get. When you have someone interested don't be afraid of asking pointed questions like:

• is this their first time renting,
• how many people, children and adults will be using the place,
• are they planning on having guests? if so how many,
• do they have pets,
• are they bringing up toys like boats, ATVs, snowmobiles, etc.?

Let them know what is included and what is not, such as:

• are linens and towels included,
• rules for the use of the telephone,
• if they go into a private food or beer stock is it to be replaced,
• provide lessons or leave printed instructions on the use of septic tanks (what does and does not get flushed,
• list any restrictions on the water supply,
• let them know what they can use, especially when it comes to boasts, spas and other equipment.

Your insurance policy may not cover renters and you maybe liable if anything happens. Check this out before promising the cottage to a renter.

Be very specific about when they can arrive and when they have to leave. If you are not, this can cause problems if you have new renters following them.

Let them know the condition you expect the place to be in when they leave.

When it comes to price, find out what other similar properties are renting for on your lake and the surrounding area.

These are but a few of the considerations you need to face when renting. Renting out the cottage is not for everyone. Be aware of the pitfalls and know that you are accepting them as conditions of renting.

The opinions expressed on this page are those of the authors and not necessarily those of Coldwell Banker S.W.E. Heritage Real Estate Ltd., Brokerage