Having a house or a cottage is definitely an asset and can serve you well throughout your life. As a matter of fact, if you need to create another stream of money, then this may be the answer you're looking for since you can just put the cottage for rent. We will now look at the factors you need to consider before making this decision and the things you will have to do. This will help you to decide whether this is a good solution and how to avoid common pitfalls of renting.
The first thing you will have to establish are a basic set of rules for your new tenant. If you don't have any rules in place, the chances are that you will get taken advantage of and not be able to do much about it. The most important rule should pertain to when the rent is due and when it is considered late. You should set a specific date in which rent should be due and if they do not pay on this date, there should be penalty fees for each day that the rent goes unpaid. This is a great way to discourage renters from paying late and ensure you get your money on time.
The next factor that you need to consider is whether you are offering an unfurnished house, semi-furnished or furnished. If you choose to offer a house with furnishings, then you need to make a list of items that must stay when the tenant is ready to leave. If you fail to do this, then the tenant can take the furniture and there won't be much you can do about it. However, if you do have this list, then you can press charges.
The next issue we will quickly look at is garbage removal. Removing garbage is extremely important as they can attract flies, pests and even rodents. They can cause your property to smell bad and make it appear to be run down and not taken care of. Therefore, you need to specify how many times the garbage needs to be removed and where they can place it.
The next thing you will have to decide is whether you are okay with having pets or not. You need to state this on the contract and if you're okay with having pets on your property, you need to state the types and maximum number that are allowed.
Another essential factor that you need to discuss with your prospective tenant is the length of notice that they need to give when leaving. This is important because you want to have enough time to find a new tenant for when the leave. Most landlords request a thirty day notice, however, this is not set in stone.
The final issue is that of the deposit that needs to be provided when they move in. You need to discuss the deductions that will be taken from the deposit such as the case of damage being done to the property.
Those were just a few quick ideas and tips that you need to keep in mind if you want to put your Ontario cottages for rent. There are many more, but these are among the most important.
The first thing you will have to establish are a basic set of rules for your new tenant. If you don't have any rules in place, the chances are that you will get taken advantage of and not be able to do much about it. The most important rule should pertain to when the rent is due and when it is considered late. You should set a specific date in which rent should be due and if they do not pay on this date, there should be penalty fees for each day that the rent goes unpaid. This is a great way to discourage renters from paying late and ensure you get your money on time.
The next factor that you need to consider is whether you are offering an unfurnished house, semi-furnished or furnished. If you choose to offer a house with furnishings, then you need to make a list of items that must stay when the tenant is ready to leave. If you fail to do this, then the tenant can take the furniture and there won't be much you can do about it. However, if you do have this list, then you can press charges.
The next issue we will quickly look at is garbage removal. Removing garbage is extremely important as they can attract flies, pests and even rodents. They can cause your property to smell bad and make it appear to be run down and not taken care of. Therefore, you need to specify how many times the garbage needs to be removed and where they can place it.
The next thing you will have to decide is whether you are okay with having pets or not. You need to state this on the contract and if you're okay with having pets on your property, you need to state the types and maximum number that are allowed.
Another essential factor that you need to discuss with your prospective tenant is the length of notice that they need to give when leaving. This is important because you want to have enough time to find a new tenant for when the leave. Most landlords request a thirty day notice, however, this is not set in stone.
The final issue is that of the deposit that needs to be provided when they move in. You need to discuss the deductions that will be taken from the deposit such as the case of damage being done to the property.
Those were just a few quick ideas and tips that you need to keep in mind if you want to put your Ontario cottages for rent. There are many more, but these are among the most important.
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