Renting out your cottage can be rewarding and can definitely help ease the financial burden of a second home, but it can also be a lot of work! You might be eager to rent to anyone, but a homeowner in New York's experiences have taught him to be picky and set boundaries with renters. After a bad experience he raised the price of renting, limited the amount of guests, added a security deposit that renters could get refunded if they left the house clean, and more. "The restrictions and price don't scare off renters, either. Dweck said his house is full all summer with visitors who stay a week or two weeks at a time." In a place as beautiful and popular as Kawartha Lakes in the summer, you might be able to be picky!
There's a saying that goes, "if you're lucky enough to live on the lake, you're lucky enough." Let's go further. Say you're lucky enough to live by a lake or river, but you don't live there full-time, and you're interested in renting your property to make some extra cash. It doesn't make for a Pinteresty plaque to hang on the wall, but it is a common scenario playing out on our many waterfronts in the Capital Region and Adirondacks. But what should you keep in mind, if you are lucky enough?
Renting out your cottage can be rewarding and can definitely help ease the financial burden of a second home, but it can also be a lot of work! You might be eager to rent to anyone, but a homeowner in New York's experiences have taught him to be picky and set boundaries with renters. After a bad experience he raised the price of renting, limited the amount of guests, added a security deposit that renters could get refunded if they left the house clean, and more. "The restrictions and price don't scare off renters, either. Dweck said his house is full all summer with visitors who stay a week or two weeks at a time." In a place as beautiful and popular as Kawartha Lakes in the summer, you might be able to be picky!