Let’s say the vacation home you recently purchased is a real show-stopper. Amazing views of the mountains are reflected in the tranquil lake below. Beautiful fireplaces, heated floors, and vaulted ceilings – it’s everything you’ve ever dreamed of. Now, how are you going to afford the mortgage, on top of your primary residence?
Here are five tips to make your vacation home pay for itself:
Make That Mortgage Disappear
In reality, your cottage is a second home – a vacation spot. You will use it a couple of weeks out of the year. The rest of the time you will be paying a mortgage on a place you don’t use…or will you? Smart investors know the secret to owning a great cottage is making it pay for itself. By renting out your vacation home, you can offset or completely pay off that extra mortgage, and will still be able to enjoy it – it’s a win-win situation.
All About Location
If you are going to rent out your home, make sure it’s in a place where people will want to visit. Mountains, beaches and lakes are always hotspots. Try to pick a year-round location for optimal rental times. Ski resorts often have great summer trails for hiking, villages to shop in and great local restaurants. This makes them a year-round destination.
Accommodate Bigger Groups
Next, maximize your space. A small cottage can find extra room for guests in the form of a Murphy bed or sofa bed. Bedrooms can have bunk beds or even two full beds if the space allows. The more room you have for guests, the more money you can charge.
Keep this in mind for outdoor space as well. If you have a porch, add a dining table and chairs, or choose to put in a hot tub. In the warmer months, the porch is an especially important outdoor area and shouldn’t be forgotten about.
Add Entertainment Value
Pool tables, game rooms, hot tubs and pools are all drawing cards for potential guests. Make your cottage stand out with these amenities.
List Your Property Safely
If you’re considering renting your cottage or second property, be sure to check out listing options that safely market your home such as CanadaStays, which can connect you with millions of travellers by listing your property on their online marketplace, and with a secure payment platform that ensures payments are easily and safely managed.