If you have been considering an investment option that will bring you a decent income as well as some personal enjoyment, one great option is cottage rental properties. These rentals are popular options for vacationers, families, or couples who are looking for an atypical vacation. These are private getaways that are smaller homes, ranging from 2 to 5 bedrooms and are typically on beaches, near lakes, or in the mountains. However, keep in mind that owning rental cottages near Lake George NY does have challenges. Two of these are having to maintain the property and having to be available at all times in case there is a problem. However, you can hire professionals to do this for you- which can make this a part-time venture if that’s what you want.
Make sure that your cottage offers the amenities that are suited for your targeted clients and you can afford to pay the mortgage. Keep in mind that bigger doesn’t necessarily mean better. Consider consulting with our CPA to figure out what type of mortgage is best and what your tax liability would be.
Furnish the cottage for your renters. If you have a cottage near the beach, think about installing an outdoor shower so that the renters can shower off before entering instead of tracking dirt/sand all in your cottage. You might want to consult with an interior designer to help you furnish the cottage.
Invest in a system for distributing and collecting the keys. Some property owners mail the keys to their renters and require that they be returned after the stay, there are more convenient ways of doing this. You can do a lockbox, which is where they key is locked in a container and left on the property. You can also consider installing a keyless entry- which will allow you to change the combination from time to time.
Set your minimum stay and price list. You will need to adjust prices according to the particular season/holiday and make sure you are comparable to other nearby properties. You will also want to create a cancellation policy.
Once you’re ready, you can begin to rent out your cottages near Lake George NY.