Turn your dream cottage into a source of income
HGTV series showcases five-rule method for unlocking rental potential
Wake up smiling. Listen to the loons. Build sandcastles. Gather around the campfire. Watch the sunset.
These might be your typical cottage rules, but now real estate expert and contractor Scott Mcgillivray is suggesting a new — and improved — way to get the most out of a vacation home.
Mcgillivray is teaming up with designer Debra Salmoni on Corus Studio’s original series Scott’s Vacation House Rules to refresh outdated or tired-looking vacation properties in Ontario, transforming them into stylish short-term rentals and a new source of income.
“There’s a formula to this,” said Mcgillivray. “It isn’t all just random guess and check.”
Mcgillivray’s five-rule method is the same for each property, despite the variety in results.
No. 1 is do your research, which essentially means do the math.
“I see a lot of people get excited about the hunt and the purchase, and they sort of jump the gun and then try to reverse engineer the numbers to work,” Mcgillivray said.
It’s important to understand the local market, determine the potential rental income, consider the cost of financing, repairs, renovations and upkeep, then decide if it’s a good business decision.
The second rule, plan your design, is about fixing the rickety step, replacing broken screens in windows and smoothing over any “funny things” about a cottage that previous owners may have forgiven.
“If you want to use it as a vacation rental, the design has to be obvious and things have to make sense immediately,” said Mcgillivray. “When you show up, there can’t be secret procedures to make things work.”
Top tips for a strong vacation property design include using open shelves in place of upper cabinets to create a “hassle-free kitchen,” making things accessible, and being sure to provide a relaxing outdoor space.
Once you have a plan, devise a marketing angle so your listing will get noticed — Mcgillivray’s third rule. Throughout the series, his team works on a range of properties in Haliburton Highlands,
Prince Edward County, Wasaga Beach and Blue Mountain, and each one gets its own theme. From a Bavarian beer garden to a pet-friendly rental to a beachfront escape, the idea is find a hook to make the property stand out in a crowd.
“There’s going to be a million places with decks and hot tubs — but they’re just going to say deck and hot tub,” he said. “It’s a little more exciting to say to your friends, ‘Hey, let’s book this Bavarian-themed cottage rental’ — that’s pretty cool.”
Mcgillivray’s final two rules — roll up your sleeves and be your guest — are about keeping costs down by pitching in to get the work done and surveying the finished product with a discerning eye. Is there somewhere to place luggage upon entering? Can guests readily hang a coat? Is a fully stocked coffee station in plain view, ready to serve up a warm cup of brew?
“Imagine you are arriving and you just want to relax,” said Mcgillivray. “How nice would it be if everything was ready to go, as if the place was expecting you?”
Learn more about the new series, airing on HGTV Canada, at hgtv.ca.
If you want to use it as a vacation rental, the design has to be obvious and things have to make sense immediately. When you show up, there can’t be secret procedures to make things work.
SCOTT MCGILLIVRAY