Lake House Rental Investment Property
HGTV has a couple of new popular shows out called Vacation House for Free and Scott’s Vacation House Rules. Both shows focus on helping vacation owners turn a ho hum vacation property into a stunning retreat to rent out to vacationers who are willing to pay top dollar for an escape for a week or two.
Buying dated and/or run down vacation properties is fast becoming a great option for those looking for a great investment property whether they want to stay in it a well, planning on retire there one day, or its simply as an investment to get other people pay for a property which generates income. Whatever the reason, it can be reality easy, depending on your area, to buy an investment property based on the potential income that the property well generate.
I buy fixers uppers in sought after neighborhoods. I look for the worst house in this case cottage on a good street. Overtime we renovate to either flip it or to rent it out.
LOCATION! LOCATION! LOCATION!
I’m sure you’ve heard this a 1,000 times but its true. When you’re buying a property to fix up and sell, or to fix up and rent out, location is one of the key factors in whether to purchase a property or not. This cottage is a minute walk to one of Canada’s top beaches, Sauble Beach, yet over 50 real estate agents and their clients went through the cottage and did not put in an offer of purchase. What others saw as alot of work, I saw as an opportunity.
Can we just stop and talk about this view for a moment? This is the view from the kitchen window. Not only is it great to sip your morning coffee in the kitchen and look out at this relaxing view, its also a great selling point for listing the rental on AirBnB.
This lake house was a HUGE fixer upper but it had the basic bones of making the cottage a great vacation destination and a solid rental income property. It was built in the 1930’s. It was once a small building with one larger living room and kitchen in the corner and two tiny bedrooms off to one side. There was an outhouse at the back. An addition was put on to add a kitchen and a bathroom.
LIVING ROOM – Before
With ALOT of elbow grease , planning and hard work, we were able to turn this around into a rental property where it gets booked solid every year.
Like the whole cottage, the living room was dark, dingy and dated.
With every design, you need a starting point as your inspiration. My inspiration was the curtain and pillow fabric. The wall color was based on the seafoam green in the fabric.
The plywood walls were painted. First with two coats of a strong primer. Then several coats of paint to bring it to a pretty seafoam green color.
All the little shelves that held a thousand unmatching knick knacks were dismantled. The window in the hydro room was eliminated by covering it up with plywood to create a cozier look. The rug and all the furniture was disposed of.
AFTER
All the furniture was dated, or in really rough shape. Through Ikea purchases, stealing furniture from my own house, and painting thrift store finds, the dated cottage began to look like a trendy beach house from the 50’s. The town of Sauble Beach has a really 50’s vibe to it. You feel like you’ve gone back in time. Giving the cottage this same feel but in an updated way make this a sought after tourist destination.
When I winterized the cottage, I added a gas fireplace in the living room which heats the entire cottage and added value to the cottage.
LIVING ROOM – BEFORE
AFTER
It’s hard to believe we took this on. During the middle of the renovations, and working like madmen towards the rental season deadline, we were starting to wonder what did we do?!? But so happy with the results!@
KITCHEN VIEW – BEFORE
The kitchen was another story of dark, dingy and dated.
KITCHEN – AFTER
The kitchen got a fresh coat of paint ALL OVER, laminate floors and the old false ceiling was replaced by beautiful pine plank wood. Its a much better improvement but still require an overhaul as budget permits. The hydro meter needs to be removed so that the kitchen can expand into the hydro room. Sometimes you can’t do the complete renovation all at once like you see on these HGTV shows.
The best part of this cottage is the stunning view of the lake. Its one street away but still very relaxing to watch from your kitchen window while having your morning coffee.
MASER BEDROOM – BEFORE
The bedroom was the dark wood and just very dreary looking.
AFTER
The entire bedroom also received a fresh coat of paint from top to bottom, laminate flooring, a new bed, bedding & curtains for a fresher relaxing look.
KIDS BEDROOM – BEFORE
AFTER
The kids bedroom received the same white paint, including ceilings, new laminate flooring and a new bunk bed was installed with safety bars. Safety is always important in any situation but especially when you’re renting your cottage out to people where there is a potential for liability if accidents were a result from negligence on your part.
COTTAGE FRONT – BEFORE
AFTER
It’s hard to believe the front of the cottage is the same one. Windows and doors freshly painted, trees removed, garden added, and new furniture makes this front entrance much more appealing than its previous dated look.
BATHROOM – BEFORE
Is the before picture the ugliest bathroom that you have ever seen? The hot water tank was moved out to the shed, and a narrower Ikea sink was installed to replace the wider sink that too up too much space.
AFTER
The bathroom was updated with a new slim Ikea sink that fit the spot perfectly. The shower was updated along with the wood slated ceiling.
The cottage is still a work in progress. There are many plans to update it. I’m in the process of winterizing it for the fall which will bring in income all year round.
Most people judge a place on what it currently looks like, but if you have the ability to see “past” all the clutter and dated looks, you could find yourself a real gold mine.
And that’s how I’m getting a Vacation House for Free just like on the popular HGTV show. But more importantly, it helps support my family.
Hi! I’m Debi Collinson. Designer. Color Consultant & Real Estate Investor.
I conducted my first color consult at the age of 7, for my father for one of his design | build projects. I’m an Interior Designer, a Double-Certified Paint Color Expert, with advanced training in kitchens + bathrooms!
Since 2006, I have helped hundreds of clients, just like you, to style their house to make it a stunning retreat, that is functional for the family AND that they love and enjoy their home. I was one of the first stagers in the industry when staging just started out, and I have helped hundreds of clients make money beyond their expectations when they sold their house. Throughout this time, I bought, renovated and flipped 9 “fixer uppers” for a healthy profit.
In 2020, I moved my design business online. Sign up to receive my e-mails on my awesome design + color tips to create a home that you will love and enjoy and increase the value of your home as well!
