Rent­ing out prop­erty puts it to work

Calgary Herald New Condos - - Recreation & Investment Properties -

Some ad­vice for own­ers of recre­ation properties, as well as for peo­ple con­sid­er­ing mak­ing a pur­chase:

Rent­ing

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.

Hot spots

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.

Calgary Her­ald/files

There are three main ways to rent out your va­ca­tion or sec­ond home.

Newspapers in English

Newspapers from Canada

© PressReader. All rights reserved.