Investing in a cottage property can be rewarding, but the choice can seem like a gamble – at first.
Lowering the risk of having a “bad hand” is the best idea when approaching a rental property, especially one in the middle of Muskoka.
Before you say yes to this mess, find out exactly what a cottage is, what renters expect from a cottage, and read our four tips to keep in mind during the renovation process!
A little history lesson…
Made popular in the 1950’s, the cottage lifestyle has left a mark on Canadian tradition, as cottages slowly became family cottages, and eventually, a great opportunity to rent-out online, with websites such as AirBnB, to turn a profit during summer months.
With the Muskokas becoming more accessible as the tourist industry continues to climb – you can now even catch a flight from Toronto to Muskoka. It’s important to know what you’re getting into, because it might be a real cottage experience. By real, I mean undrinkable water from the lake, unwinterized properties, and even no electricity. Many rental vacationers expect these as necessities, and these updates increase your budget without making it look better on the surface.
Enough history, lets get your cottage ready for some vacationers with these four tips!
- Septic tanks are usually on the bottom of the list, and at the back of every buyers’ mind, but functionality isn’t a perk renters want, it’s a necessity they need.
- Bring the cottage into the modern age with electricity. Yes, many cottages today have electricity, but the more remote or older the cottage is, the more likely you’re dependent on a wood stove. Rustic is trendy, but many international visitors, or first time cottage renters are looking for an easier transition into cottage life. WiFi is your decision, as many renters will want an escape from the internet (the cost of Canadian data plans might make you rethink this).
- Storage that is local. In the boonies, weather changes fast and the wildlife gets curious, putting your precious DIY project at risk. Keep valuable materials, furniture and construction equipment secure right on your property with a portable storage unit. We at Calloway Storage are located in both Minden and MacTier and you can contact us for a portable storage unit and we will drop it off and pick it up when you’re ready.
- Location is important. It’s not about being close to schools or having less of a commute- these cottagers want to escape. Being close to a body of water is great, and ensuring that the body of water allows motorboats, has recreational vehicle trails, or a close by small town are always a bonus.
Canadian cottage country is all about the escape. Make sure your renovations run smoothly by preparing the best you can, by creating a budget and preparing for weather with on-site portable storage. Creating a rentable paradise isn’t a simple task, but no investment property ever is.
Ready to pull up some floorboards and figure out how to install a water pump? Take on the challenge, and invest in the True North.
At Calloway Storage, the famous Muskokas are our home, not just our summer getaway. We know these roads, and difficulties you might have during a renovation. If you need storage, give us a call at (705) 375-0777, we’d love to be a part of making cottage country accessible to experience!