Bet­ter think ahead be­fore be­ing land­lord

Calgary Herald New Condos - - Recreation & Investment Properties -

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.

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