So you have your ideal vacation rental property in mind. It may be a condo, or vacation home you have been dreaming of, or maybe it is a rental property to draw in a steady stream of vacationers year round. Whatever it is, there are several factors you will want to consider before you jump into choosing a property to rent.
Picking a popular location
First and foremost, location is everything in real estate. If you are planning on making a large income from your rental property, you will want to pick a location with as many vacationers as possible. This one factor is often overlooked when searching for rental properties. However, location is critical to your success as a rental property owner, so it is paramount that you choose the location wisely.
Factoring seasons and demographic into location
If you are planning on leasing your property year round, then you need to factor in this whole location thing into the equation. You will want to rent your home or condo in a town you would like to live in yourself. If you are planning on your property as a vacation rental, you need to look into the best towns for your target demographic (first time vacationers, older travellers, families...). When you rent out your home for the season, you want to make it so that it is enticing to the right type of demographic.
Look out for amenities and attractions
Another question you will want to ask yourself when considering location is what type of amenities are close by. If you are renting out a property that is in a convention centre, and it is in close proximity to other very large ticketed events such as sporting events or investor meetings, then you will want to look into obtaining good supporting infrastructure in order to ensure you have a steady stream of income.
Short stay property management - Choosing the best location for a rental property
Road maintenance and residential services
If you are renting out a home that is close to a small area in a scenic location that has great views, then you want to make sure that the roads are well maintained and that there are plenty of residential services nearby that can keep you busy if you can't manage to do the travelling yourself. Try to imagine what it would be like to live in that area. Is the town growing? Will there be more housing? What sort of town do you envision living in? This is critical in order to determine if the property you are considering is worth investing into.
Considering potential hazards
One last factor to consider is the natural disasters that may or may not come into play regularly in your area, respectively. If hurricanes or tornadoes don’t occur in your location, this could be a moot point. However, for the more "down to earth" rentals, you will want to look at your property and consider its ability to withstand such events and damage. Use these details to determine if the property you are looking at can be a viable rental option for you.
Conclusion
Regardless which type of vacation rental property you decide to pursue, you will want to do your homework as a buyer in order to avoid any potential complications. Remember, when it comes to selecting a property you like, you should spend some time doing some valuable research before you even step foot in the building. You want to make sure you like all aspects of the location, the neighbourhood and you have a good grasp of what might happen in your location. These are the key points that a short stay property management agency would look out for when evaluating a rental property.