I’m heading up to a lakefront cottage today that is seriously in need of some TLC. It had 5 bedrooms, 3 bathrooms with a 2 bedroom/1 bath guest house. As it is we may be able to squeeze $1800 per week because of the scale of accommodation and the fabulous waterfront, but there is massive potential to raise the rate by up to $1000 per week with some redecoration, some additional furniture and creative staging. I will be working with Rachel Gilooley, a professional stager – more on Rachel to come.
Over the course of next few weeks I’ll be presenting the project as it moves ahead, with video, commentary and interviews to my subscribers. My goal is to provide the owner with 100% occupancy in the high season months which could give him up to $10,000 more in income than originally expected. For extended coverage of the project sign up for my newsletter. This is going to be fun!
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Hi Heather!
Thanks again for commenting on my blog. It turns out we have your book! What a small world! I am going to be reading it again this weekend at the cottage as we formulate our rental plans.
Middle Way’s last blog post..Quitting
An extra $1000 (or more since the place is so large!) would be very realistic if you upscale the place. In our area we have rental condos and homes that vary in price by at least that much and it is reflected by the decorations and type of furnishings. And, there really are people out there who want, appreciate, and will pay consideraly extra for high end furnishings, cleanliness, and style. They are a niche market that looks for quality furniture, beautiful lamps, and luxury bedding.
Good Posting
• Monthly rental rate – how much your tenants have to pay in rent and when then have to pay it. You have a right to designate a date on which the rental payment is due – it can be a specific date (every 15th day) or a specific time period (every last Saturday of the month).
• Penalties for late payments – financial penalties that are levied if the rent isn’t paid on time. You have a right to give your tenants a grace period, but make sure it’s not too long.
• Eviction requirements – circumstances under which you can evict the renter. This may include chronically late rental payments, vandalism and crime conducted on your property.
• Lease cancellation – both you and your tenants have a right to cancel the lease before it expires. Should that happen, one party must notify the other ahead of time, no later then the period designated on the lease.
Thanks for….