Over the course of the last decade, millions of Canadians rode the real estate wave and now own a cottage in Ontario. In fact, nearly 40% of all single-family home purchases in the year 2005 were second homes or cottages as opposed to primary residences. Though many of the homes represented in this statistic were specifically investment properties, about a third of them were purchased with the specific intention of using them as vacation residences.
In this economic moment, many families are thinking about smart ways to make their investments work for their future financial security instead of against it. If there's a vacation property in the mix - especially a cottage rental in Ontario, one of Canada's most exciting hubs for tourism - there's never been a more appropriate time to look at the benefits of renting.
Do you own a cottage in Ontario? Getting your Ontario vacation property listed as a rental has never been easier, and it provides a simple, safe, and time-tested way to turn idle time into profit.
You'll make money.
A poll conducted by HomeAway revealed that, in a given week, the average vacation cottage owner made over $1,600.00 CAD from rentals of their property. Nearly half of those polled indicated that their vacation property is rented an average of twenty weeks per year. Do the math!
Even if you only choose to rent your vacation cottage for a few weeks per year, the income generated will help offset the costs of owning the home. You'll generally be able to cover expenses such as insurance, utilities, and homeowners' association dues for the property without reaching into your family's everyday till, ensuring that you'll be able to keep the property without stretching your annual budget.
It's never been easier to do.
The logistics of renting your Ontario vacation home for profit have never been easier. When you sign with a service (like All-Season Cottage Rentals [link], for instance), your property makes you extra money without you even thinking about it. When you live hours away from your rental, a service provides professional, local service to quickly solve whatever problems may arise.
Your property will be even safer than it was before you started renting.
Many owners have discovered another, less-expected benefit to renting out their holiday property: safety. An empty vacation home is an open invitation to theft and vandalism. Rental occupants are a handy deterrent to miscreants, and most owners find that the vast majority of renters are as respectful of the property as a guest would be.
Help others enjoy your beloved Haliburton.
You bought property in Ontario because you love this place. When you rent your home to vacationers, you're helping other folks get more for their family's money while promoting this gorgeous slice of Canada - and you're bringing infrastructure-boosting tax funds into the region, so that our Ontario neighborhood gets better and better, every time you return.