Buying a vacation rental property can be a great investment, and it can also offer you a wonderful place to relax off-season. But how do you decide on the best area and the best property to purchase? Here, we’ll go over some tips that will help you pick a spot you and your guests can enjoy:
Pick a Vacation Destination
If you want your rental property to make you top dollars, choose an area popular with tourists and travelers. Beach towns, mountain resorts, wine regions and scenic cities are sure to attract people looking for a fun weekend getaway or an unforgettable family trip, so you’ll never be short on renters, at least part of the year if you buy property in a touristy place. Look for a warm and sunny spot with plenty of entertainment options and great restaurants; the proximity of a lake or ocean will make it even more enticing for fishermen and people who enjoy watersports.
Speaking of areas to consider, California’s wine country is a perfect place to purchase one. The region is world-renowned for its beautiful scenery, pleasant weather, and, of course, its delicious wines. Located just a few hours’ drive from major metropolitan areas like San Francisco and Los Angeles, vacation rental properties in wine country offer the perfect getaway for city dwellers looking to escape the hustle and bustle. And with an ever-growing number of tourists visiting the region each year, there’s no shortage of potential renters for your property. In addition to being a wise investment, owning a vacation rental property in wine country can be a lot of fun. Imagine spending your weekends exploring new wineries, hiking through picturesque vineyards, and sampling some of the world’s finest wines. If you’re looking for an investment property that will offer both financial and personal rewards, California’s wine country is the perfect place to buy.
Do Some Comparison Shopping
Once you’ve decided on an area where you’d like to invest in a vacation rental property, it’s time to do your homework and crunch the numbers. How much will you be able to get for your rental? If you need help pricing your unit for weekend, weekly or extended stays, look at online listings with comparable specs to see how much they go for. Knowing your vacation rental property’s earning potential can help you figure out how much money you want to invest in your new home, and it can also help you select the type of building that will get you the best ROI. Houses, condos, and apartments all offer different lifestyle options and amenities, so try to anticipate what your renters would be looking for while keeping in mind what your preferences are as well, so you’ll get to enjoy your own home in the off-season.
Get Your Rental Property Noticed
Now that you’ve purchased the perfect vacation rental in an area that offers plenty of fun activities, how do you market it to attract vacationers? By offering amenities your guests will enjoy, such as a game room, a kid’s playground, a jetted tub, a spa, or an outdoor kitchen, just to name a few options, you can attract more renters and earn “premier host” status on online travel sites. If you’re planning on advertising your property yourself, figure out who your target market is, then write an ad describing your property and its amenities based on your ideal renter’s preferences: for college kids, highlight that you have fast Wifi and plenty of nightspots close by. For families with young kids, talk up the fantastic playground at the nearby park; and for seniors, mention that your home is ADA-compliant. Post your ad on online rental sites, and don’t forget to put it on your social media pages and invite your friends to share it. Alternatively, you can list your rental with a property management company that will do all the heavy lifting for you, including pricing your unit to optimum ROI.
A vacation rental property can be a great investment opportunity. Pick an area that appeals to vacationers and where you will enjoy relaxing as well. And select amenities to make your home the most sought-after rental in town!
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