Tips On Buying Rental Cottage In Muskoka
Buying Rental Cottage In Muskoka
Buying a cottage in today’s market it is often a stretch for many buyers.
So how do you buy a cottage and afford to keep it in these economic times?
Many of today’s Buyers are purchasing a cottage property, using it for their holidays and renting it out by the week for the balance of the season. The rental season can be from May until Thanksgiving with prime rental times being from late June until Labor Day. If it is a year round cottage it can also be rented as a winter retreat or for snowmobilers who would rather rent a cottage than stay in a motel. The income from the rentals helps to pay the taxes, mortgage, improvements or to just help maintain the property. Rental income depends on the location, lake, cottage and amenities.
There are a number of factors to take into consideration if you are planning to buy a property that has rental potential.
How large a lake do you require?
How many people does the cottage sleep?
How steep is to the water and is there child friendly table land?
Is the water deep or shallow?
What condition is the cottage in? The more appealing the cottage, the higher the rent.
Do you want a shallow area for kids and deep water for swimming?
Is the lake boat friendly or is it motor or speed restricted?
How old is the septic system? With renters you don’t want any issues?
Do you require year round access and use?
Is the property winterized?
What drive time are you looking for?
If there isn’t a Muskoka room is there an area to put up a portable screened gazebo?
Is there an area to have a firepit?
How close is the property to amenities?
Does the lake have decent fishing and what kind of fish?
Think about these questions and decide which ones you need to look for in a rental cottage property.
Once you decide it is important to work with a sales person that has the expertise in cottage property, to help you find a cottage. As a local, experienced Realtor working the lakes, Joanne would be happy to help you search out what you are looking for.