Interested in a owning a vacation rental? There are many questions which we need to ask
ourselves before we decide to go down the road of vacation rental.
Before you decide to purchase a property for rental, be
certain you are very familiar with the area.
It will most likely take multiple trips to the location to determine
where all the amenities are located and the most popular place to buy a rental
property. It’s important to be familiar
with the streets and neighborhoods as well.
For a beach vacation rental, it might be more economical to opt for the
cheaper location by popular shops and restaurants instead of a beachfront
rental. Remember that you are buying the
location, not just the rental property.
The more bedrooms and bathrooms the better! Many times people will travel with another
family or couple and split a condo or a house.
People usually will enjoy sharing community areas, but a private bed and
bath are usually required. This can
increase your income by as much as
50%! Renters will do the math and divide
the cost of the rooms and compare them to local hotel rates, so it’s a good
idea for you to keep up with current prices in the area. It is especially important to be aware of
price fluctuations due to the season peaks and non peak times.
Professional photographs are a must! When surfing the internet scoping out the
next vacation destination, vacationers will view photos of dozens of rental
properties often within walking distance of each other. You want your pictures to stand out and
emphasize the amenities of the area.
Have a professional take photos with ocean views or mountains in the
background.
Decorate for the area!
Bright, colorful yet airy walls will invite beach bums in from a day
surfing, but they would be considered garish in a cozy mountain resort. It is standard to have two sets of sheets per
bed, a blanket and two towels per person.
Your renters should not have to buy any kitchen utensils or dishes as
well.
Owning a vacation rental can be a lot of fun, especially if
you live close to the area and can use the rental in non-peak times. With a little planning, it can be an
enjoyable investment for years to come.