Читать книгу Renting Your Recreational Property for Profit - Heather Bayer - Страница 16

The majority of vacation home owners rent their properties to gain additional income, so setting clear financial goals from the outset makes a lot of sense.

Take some time to consider how much you want to make annually from renting your property. Don’t constrain yourself at the moment by trying to work out if this is feasible. This exercise is more to establish some parameters for you to work with. For example, if you want to make enough money to cover your mortgage payment, that is straightforward to calculate. If you want to fund other expenses, such as winter-proofing the property, adding an additional sleeping cabin, or making major improvements, estimate the costs and then add them all up to give a total. This provides a useful starting point for what follows.

Pete and Anna have a three-bedroom lakefront cottage on Catchacoma Lake in the Kawartha region of Southern Ontario. They bought it partly as an investment, but also to spend the occasional out-of-season weekend there. They plan to rent the cottage for four to five years to raise enough money to build an extension with an additional bedroom and bathroom, rebuild the deck, and replace the roof. They see rental income as the way to achieve their aim of retiring to their cottage while also being able to enjoy time in it before they retire. Taking their plan very seriously, they wrote their financial goals within their strategic plan, setting out short-, intermediate-, and long-term objectives. With these figures they were able to develop a marketing plan that would achieve their goals.