The self-build rental cottageThe self-build option is not for the faint of heart. Building your own rental cottage is a huge endeavour that requires time and money. Additionally, if you choose the self-build route, you are responsible for the entire project from A to Z. This means hiring the architect and designers, getting all the permits, hiring all the contractors, and even putting in your own blood, sweat and tears. However, if you are not the handy type, you can hire a general contractor to manage the project and subcontractors.
- Complete freedom over the design and specifications of your home.
- This can be a smarter investment for the future as buyers may pay more for original homes versus the one-size-fits-all variety.
- It can be difficult to find a good piece of land in a desirable area.
- With self-build cottages it is easy to go over budget fast.
- Contractors and builders can be very difficult to manage.
- Not all self-build homes will appeal to future buyers.
The partially turnkey prefab rental cottageIn the past, prefabricated or prefab homes were most often associated with mobile homes. But nowadays, prefab homes can be rather fabulous. Basically, a prefab home is a home constructed in a factory. It is then sent to the building site in pieces to be assembled.
- More affordable option than self-build, usually by 10% to 20%.
- Faster construction, with self-build taking one to four months longer.
- Some flexibility in style and aesthetics.
- Greater quality control as they are built in factories.
- Energy efficiency and more environmentally conscious.
- Lots of decisions and reading of fine print to know what you are responsible for and what is included in the home.
- Some limitations with regard to interior fixtures and aesthetics.
- May be more expensive than buying an existing home that meets your budget and taste.
The fully turnkey rental cottageIf you want everything taken care of, down to the last detail, this is the ideal choice for you. As cottage building is a time-consuming project, the turnkey rental cottage is a great option for foreign investors. Similarly, this is an ideal solution for owners who are short on time. Or owners who cannot get fully involved in project management.
- Minimal owner involvement during construction.
- Every detail is taken care of for you, including the interior design, wall colours, decorations, furniture and so on.
- Limitations with regard to interior design fixtures and styling.
- More expensive than doing some of the work yourself.