Renting out property puts it to work
Some advice for owners of recreation properties, as well as for people considering making a purchase:
From High Country Properties Management Ltd. at the company’s website at high countryproperties.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.
Some signs to look for that an area is primed for recreation property growth:
Significant investment, in terms of people buying properties, developers building properties, and governments investing in infrastructure.
Upgrades to transportation that allow improved access from a wider area, such as the establishment of flights between Calgary and Comox, B.C.
Talk to local realtors for their take on the latest trends in their area.
Proximity to other hot spots (such as Kelowna, B.C., or Canmore) can cause a ripple effect where locations farther out (such as Penticton, B.C., or Crowsnest Pass) experience growth.
There are three main ways to rent out your vacation or second home.