Inheriting a cottage isn’t always the gift it is intended to be. For many families, it can lead to sleepless nights, hard conversations and even harder decisions about usage, upkeep and whether it is financially feasible to hold onto your family’s vacation home.
“This scenario is more common than you’d think,” says Jay Katzeff, President of Cottage Vacations, noting that over a third of his incoming calls this season have been from cottagers who have found themselves in this very scenario.
“Your parents or grandparents bought the family cottage in the ‘70s, but now it’s under your care,” says Jay. “The annual upkeep can easily top $30,000. Add on property taxes and utilities, and you may wonder how you can keep this nostalgic piece of paradise.”
That’s where Cottage Vacations comes in. Since 1999, they have been helping cottage owners generate income from their unused properties, by matching them with vetted renters – long before the dawn of online vacation rental sites.
With decades of experience in the cottage country rental market, their company understands the monetary potential of each property. “You can’t just look at online vacation rental sites to get an idea of how much revenue your cottage could generate. It is just not accurate,” says Jay. “We’ve become a consulting firm for families looking to understand what their options are, and if selling or renting is the right decision for them.”
During their consultations, Jay and his team help their clients get an accurate picture of the rental market, how much would need to be invested to get their cottage ready to rent, and the level of revenue they can expect to make in any given season.
Jay prides himself on his ability to offer objective reasoning that allow his clients to make sound decisions about the future of their cottage.
“We will be honest about your expected occupancy rates, and rental pricing,” says Jay. When you decide to rent, Cottage Vacations will guide you through the entire process, then find your ideal renters.
The beauty of renting, he notes, is that the rental income is often put back into the properties to keep them strong and beautiful season after season. “It’s a win-win for everyone from the renters to the cottage owners and the surrounding community,” says Jay.
TEXT SHELANNE AUGUSTINE
PHOTOS SCOTT TURNBULL
