Our First Year Owning Our Rental Cottage

our first year owning our rental cottage

It’s been a successful first year

Our first year owning our rental cottage is coming to a close. We’ve learned a lot and have made lots of progress. 2023 is looking bright, as bookings for next year are already coming in. Here is a quick year in review and a look ahead.

Total Bookings

Total bookings for 2022 came in at just over $15,000. I estimated we’d bring in $10,000, so we performed better than expected. It is also interesting to note that we didn’t open up the cottage until May 1, so the $15,000 that we made was achieved in 7 months. We are keeping the availability open for 2023 for the entirety of the year, so we are hoping to see an increase in revenue for the coming year.

Projects

Most of the money that we earned this year has gone back into the property in the form of a new deck, a new roof, and some interior and exterior work. The last major project to complete will be to upgrade the HVAC system. Once that is done carrying costs such as taxes, insurance, maintenance, and services for lawn care and cleaning will be the only expenses to consider.

Looking Ahead

Once all projects are completed the profit earned on the cottage will be going towards the purchase of a second property. We’ve always had a goal of scaling into multiple properties, so the revenue coming in from this rental will help to serve that. Beyond that, we’d like to build a portfolio of properties, but we want to take our time and do it smart. We also don’t want to leverage ourselves too heavily.

A Year in Review

Our first year owning our rental cottage is drawing to a close. We’ve done a lot of work making the cottage inviting, and we’ve learned a lot about hosting guests and the economy of the area. There is still a lot to learn and improve upon, but our first year was a success. We’re hoping next year will be even better, and long-term we hope to expand by buying additional properties.

Read Also:

$10,000 in Bookings at our Rental Cottage

Our Rental Continues to Perform Well

5 Questions To Ask Before Buying Your First Rental Property

Last Chance to Work on the Rental Cottage

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