Better think ahead before being landlord
Some advice for owners of recreation properties, as well as for people considering making a purchase:
From High Country Properties Management Ltd at www. highcountryproperties.com:
There are three main ways to rent out your recreational property. If you buy a condominium, it’s likely there will be an on-site rental program.
Simply sign up, make a list of when the property is available for rent and you will receive a cheque, either monthly or quarterly, for revenue less expenses and a management fee.
You can also arrange for the services of an outside property management company that specializes in vacation rentals. Again, you will need to come up with a schedule of when you want to use your vacation home.
Then, the management company will look after marketing your property, handling reservations and payment, providing linens, cleaning and maintenance, and send you a cheque for rental revenue, less expenses and a management fee, usually about 40 per cent.
You can do it yourself, but first you will need to make sure zoning bylaws allow short-term rentals in your area.
Then, arrange appropriate insurance and keep suitable accounting records. Also, arrange for someone to handle cleaning, emergency repairs, or any check in difficulties that your guests may experience.