Do you own a cottage? Are you considering listing it as an Airbnb rental? After all, renting your cottage on Airbnb is a great way to make extra money. However, Airbnb rentals must not only adhere to the company’s terms of service but also adhere to local government regulations. Here are a few things to consider before becoming an Airbnb host and tips on managing your Airbnb rental.
Things to consider before listing your property as an Airbnb rental
Airbnb is one of the most popular platforms for owners to list their properties as short-term rentals. If you own a house, cottage, condo, inn, B&B or other property, you can become an Airbnb host. However, there are a few things you should consider before deciding to become a host:
- Read through Airbnb’s terms of service and become familiar with their hosting platform.
- Find out about tax implications, as any revenue earned through your Airbnb rental will need to be declared. For example, if you are a Canadian resident, your Airbnb revenues need to be declared on your tax return. Furthermore, if you earn more than $30,000 you will have to collect the HST or GST and PST depending on your province of residence.
- Talk to your insurance company to see if your insurance will cover damages. While Airbnb’s host guarantee does reimburse hosts for damages up to $1 million, you should still have homeowner’s insurance.
- Budget for extra costs such as toiletries, cleaning fees, management costs and so on.
Does your Airbnb rental adhere to local regulations?
Before becoming an Airbnb host, check to make sure you are allowed to host on your property. In fact, some contracts, laws and community rules may prohibit you from renting your property in the short term. Mortgage restrictions may also prohibit you from hosting. Additionally, many cities and provinces in Canada have their own local regulations. For example, Quebec homeowners who wish to host must first obtain classification from the Corporation de l’industrie touristique du Québec (CITQ). Furthermore, zoning laws, business licensing, taxes and rent control rules should be consulted before listing your Airbnb rental.
Renting your Kanata Tremblant cottage on Airbnb
If you own a cottage on Kanata Tremblant’s beautiful estate, then you are in luck! First, Kanata Tremblant has its own municipal zoning regulations, which allow short-term Airbnb rentals. Second, cottages under Kanata Tremblant management comply with the rules in effect in Quebec, in particular the CITQ classification for tourist establishments. As such, owning a cottage in Kanata presents tremendous advantages and rental opportunities.
Lighten your Airbnb workload with Kanata Tremblant’s management services
If you are planning to rent out your cottage when you are not using it, consider a rental management service. There are a number of property management companies that can run your Airbnb rental for you. For example, Kanata Tremblant provides cottage management and Airbnb rental management services for cottages on the estate.
Renting your cottage on Airbnb is a great way to supplement your income. Additionally, revenues earned through short-term rentals can help pay off your mortgage. However, make sure you become familiar with all the regulations in effect in your location before listing your property.
If you are looking to purchase a cottage, Kanata Tremblant offers several models. Furthermore, if you buy a cottage on the Kanata estate with the intent of renting it, you will have peace of mind while making extra money. To find out more about listing your Kanata property as an Airbnb rental or about the cottages for sale, contact Kanata Tremblant today.