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Old 02-10-2017, 04:54 PM   #1
FLAG!
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Default reasonable rent?

What would you all say is a reasonable rent figure to rent a cottage on Winni in Wolfeboro for a week in july? Sleeps 12 (3 double beds and 3 bunks). Small private beach, protected shoreline, large dock. Our family splits up the usage of the cottage and I have it for a week every July. I am not going to be in the area in July so I am going to rent it out. I see rental figures all over the place so I figured I'd throw it out there to see what you all think. It's nice, rustic wood cabin with finished, walk-out basement.
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Old 02-10-2017, 05:09 PM   #2
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You could start with the cost of 6 bedrooms at the Wolfeboro Inn and then back off a tad from that because you will not be doing daily housekeeping.

However, before you leap into renting for one week you should consider the following.
1. Is the place 100% sanitized? Meaning are all of the personal items that you and the rest of the family leave around every year safely put away behind securely locked doors?
2. How will you screen the renter to insure they will not trash the place, bring more people than the property is supposed to hold. What deposit will you charge? where will you find the renter? Rental agents can handle all of this for a fee.

You will need to provide free wi fi and large TV screens.

Who will do the cleaning before and after the rental if you as you say will not be in the area for July. Leave it for another family member and you may not be a member of the family any longer.

You should make a video of the place before rental and then again after the renter leaves (immediately before and after) for any damages. Someone will have to check-in the renter and get them to agree to how the place looks on the first entry and then again when they leave so they get back their damage deposit.

Just a few items to cover, plus you will need at least $1 million in liability insurance (two is better) to cover any injuries the renters may incur on the property or on the lake (Being on the lake presupposes that you are offering a 100% safe space for the renters under the liability laws).
So do enjoy the rental income and peace of mind that the renters have not loaded all your furniture up in the dead of night and then set fire to the place.
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Old 02-10-2017, 05:53 PM   #3
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You need a couple of days before a rental to prepare for the first renter each season and you need a couple of days after the last rental to get the house back to normal after renting. Renters, no matter how good, never leave it the way it's supposed to be left. You should make sure your family is on board. The house looks rustic and you didn't say where in Wolfeboro. The exposure impacts price, but looking at the picture I would say you might be able to get $2500 to $3000 a week. Being that you only have one week, you may not be able to find someone for that exact week.


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Old 02-10-2017, 06:15 PM   #4
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Quote:
Originally Posted by Acrossamerica View Post
So do enjoy the rental income and peace of mind that the renters have not loaded all your furniture up in the dead of night and then set fire to the place.


10char!
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Old 02-10-2017, 06:24 PM   #5
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Seriously. You going to go through all of this hassle for one week rent.
When you have other family members using cottage the rest of the Summer?

Make a deal with a family member. Or skip the one week rent.

Way too much hassle.
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Old 02-10-2017, 06:28 PM   #6
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I have a neighbor that rents lake home. Modest older home on lake.

Goes through a local rental agency that "screens" renters.

One week I counted 11 cars in driveway.
If 2 people per car that is 22 people. If any have children (which there was) we are now up to about 30 people.

How is your septic system for this many people? Even if just for one day.
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Old 02-10-2017, 09:59 PM   #7
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Default Some big ideas

I have been renting property since 1978 and renting waterfront property in Laconia and Gilford since 2003. After reading some posts above:

1. You do not "have to" provide big screen TV's and wi-fi. Advertise what you have. It is what it is.

2. You will not need 2 days before and two days after to get the place ready. My turnover time for a Gilford waterfront that sleeps ten is 5 hours between renters. Hire competent people to clean it.

3. If you do not want to get a large liability insurance policy have the rental agreement include a hold harmless clause that will be signed by the renter covering them and their guests and indemnifying you.

4. If you have a week in July it will rent. I have not had a vacancy since 2003 and I charge more than the $3,000 that was suggested to you. The rental market is very strong now.

5. Craigslist and this website are very good for finding renters.

You can't ever be sure about who you are renting to and what their conduct will be. However, in the $3,000 range the price of admission will generally screen out the low end people and result in a higher grade of tenant.
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Old 02-11-2017, 08:26 AM   #8
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I didn't say you need two days in between renters. I said you need it before the first and after the last. You may not use your house before and after the renters, but I do and it's a process to get everything ready. In between renters is just a cleaning crew.


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Old 02-11-2017, 02:06 PM   #9
Aunt Lula
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I will be checking in with you to see what you decided. My family has been renting for years on Lake Wentworth and as the family grows, we need more room. We have been coming to Wolfeboro since 1959 (Taking a few years off here and there) but always seem to return.

With every rental place, we have tried to leave it cleaner than when we arrived, we brought our own sheets and towels. We appreciate a gas grill. We can live for one week without TV, altho the kids would like Wifi. We rented for many years on an island, so TV was never an option. Would you consider allowing dogs?
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Old 02-12-2017, 12:16 PM   #10
Biggd
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Quote:
Originally Posted by FLAG! View Post
What would you all say is a reasonable rent figure to rent a cottage on Winni in Wolfeboro for a week in july? Sleeps 12 (3 double beds and 3 bunks). Small private beach, protected shoreline, large dock. Our family splits up the usage of the cottage and I have it for a week every July. I am not going to be in the area in July so I am going to rent it out. I see rental figures all over the place so I figured I'd throw it out there to see what you all think. It's nice, rustic wood cabin with finished, walk-out basement.
You should be able to get at least $3,000 in July. We rented for 5 years before we bought our place 2 years ago in Meredith. The first year was 2,200 and every year they went up. We rented a different place every year and the last one 3 years ago was 2,800.

Last edited by Biggd; 02-17-2017 at 02:46 PM.
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Old 02-17-2017, 02:06 PM   #11
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I doubt your family will be thrilled with this so figure out how to break it to them gently. You could be better off trying to trade weeks with them.
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Old 02-17-2017, 03:29 PM   #12
Woody38
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The only thing worse then owning real estate with family members is sharing an inheritance with family members. The next worst is owning property with a person you are not married to.

I am a retired workaholic and continuing aquaholic.
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Old 02-22-2017, 09:52 AM   #13
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Has anyone heard from original poster?
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Old 02-22-2017, 04:48 PM   #14
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If the OP is still here. You could probably rent to someone you know, or a family member knows for the price mentioned, there's quite a demand. since it's a 1 off that would eliminate MOST issues.
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