Vacation Home Rental Investment: 3 Keys You Should Know For Success
It is one thing to get into the business of renting homes and apartments and something totally different to invest in oceanfront homes for sale. While the two things have some similarities, such as handling rental payments and maintaining the property itself, there are many differences between buying a traditional property to rent out and a home on or near the beach to be used for vacation rental purpose–especially when it comes to making a wise investment. Take a look at these three keys to ensuring you see a successful business venture with your oceanfront property.
Look for properties that are close to local attractions beyond just the ocean.
Travelers love to spend time in a home on the shore, but eventually, they will want to leave the house and check out the surrounding attractions. Therefore, it is important that you look for a piece of real estate that is close enough to local attractions, even dining and shopping, that it will be an attractive place to stay for travelers. If you make the mistake of buying a vacation home for rental purposes strictly because it is near the ocean and is otherwise in a desolate area, you will probably not see as many interested travelers.
Invest in properties that have a flexible interior that is suitable for different numbers of travelers.
One of the easiest ways you can make sure your vacation property is attractive to an array of travelers is to make sure it is flexible in size. If you invest in a tiny, one-bedroom place that really doesn't have a lot of space, you will only attract single travelers or couples. However, if you invest in a home near the ocean that has a few bedrooms and even a spare room that can be used if needed, you will be more likely to attract couples, families, and even groups of travelers.
Find a property that is fairly easy to maintain.
This is a big deal because as the owner of a rental property in a vacation area, you may not be nearby all the time and hiring help consistently to perform maintenance can take a big bite out of your rental income. Make sure the property has basic landscaping, with no shrubs or trees that will need consistent attention. Look for properties that are fairly up to date where components are concerned, such as the HVAC system and hot water heater. The more up-to-date a property is, the less you will be getting calls to make repairs.