If you don't use your residential log cabin very often, renting it out can be a great way to make some money on the side. This way, you can offset the cost of owning a residential log cabin.
But, this doesn't mean it's easy money. If you want it to be worth your while, here are a few words of advice.
What You Need to Know First
Before you rent your residential log cabin, there are a few things you need to consider:
- Taxes. One of the most important things here is to learn about tax implications.
- Do you have the right insurance? In case you are wondering—yes, you can get insurance for your log cabin. In fact, it is recommended you do so, especially if you plan on renting your cabin. It is best to consult your homeowner's insurance company if you are not sure about how the process works.
- Are you acquainted with the local requirements? It is important to study municipal regulations or homeowners' association rules before renting your log house. This especially goes if you are planning to make some alterations to the property.
- Is your log cabin safe and reliable? If necessary, hire a professional that can assess whether your residential cabin meets local health and safety regulations. You also need to make sure the log cabin has smoke detectors, emergency lights, first aid kits, and fire extinguishers.
- Is it well-furnished? For a hassle-free experience, it is best to equip the log cabin with durable furniture and appliances. This will allow you to ask for a higher rent, but it will also help you avoid complaints from tenants. The cabin should offer comfortable outdoor and indoor seats, grills, sufficient kitchenware, towels, pillows, and extra bedding.
- What amenities can you offer? People like log cabins because they are often secluded. But this by itself doesn't make them inviting. If you want your log cabin to be appealing to renters, it is a great idea to include amenities like a fireplace, satellite TV, video games, board games, hot tubs, Wi-Fi, and others.
Level of Involvement
There are two ways you can go about this. You can either rent the cabin yourself without a middleman (rent by owner), or you can hire a property management company.
If you don't have the interest or time to deal with housekeeping between guests, or if you simply want to avoid the hassle, it's best to go with a property management company. A property management company will deal with guest complaints and requests, respond to inquiries, take care of booking, and handle taxing.
It will also take care of maintenance and housekeeping. But, property management companies charge 10% to 50% commissions, which is pretty steep.
If you have a bit of DIY enthusiasm, and some extra time on your hands, you can make more money by taking care of everything yourself.
This is also the better choice if you want to have complete control over the rented cabin or if you live close by. So, if you want to do everything yourself after all, here are a few extra tips:
Marketing
If you want to make the most of your residential log cabin, you need to decide on a target audience. For instance, you can turn your property into a fitness retreat that caters to wellness and fitness travelers.
Another great option is to make it more suitable for families. There's also the option of marketing it as a getaway for couples. You can also make it pet-friendly and advertise it to pet owners.
If you want to attract an international audience, it's a good idea to set up a multilingual website. You will be able to charge more if you target a niche audience.
Cabin Name
You can turn your residential log cabin into a proper brand by giving it a catchy name. This will make marketing a lot easier. You will be able to use the cabin's name on your site, social media profiles, and everywhere else you plan on advertising.
Photos
When you are done sprucing up your log cabin, be sure to take as many high-quality photos as you can. The more the merrier. One study has shown that professionally photographed homes sell 32% faster, and the same is most likely true for rentals, so it may be a good idea to hire a professional photographer.
Channels & Sites
If you want to showcase your residential log cabin in the best way possible, you need to build a well-optimized site. Of course, you can use platforms such as Airbnb and Booking.com, but this would require you to surrender a portion of your profits.
It takes time and money to build a well-designed website that's optimized for search engines, but it is the more cost-effective solution. And, if you have just a bit of free time on your hands, you can use WordPress or another simple web-building platform to save a few bucks.
Takeaway
If you want to rent your log cabin, there are a few important factors you need to consider. The more time and effort you invest in preparing your residential log cabin for rent, the bigger the rent you will be to charge. Being a landlord comes with a lot of responsibilities, but it allows you to reap a lot of rewards as well.