If you're looking for a way to fund your vacations, investing in a vacation rental property can be the perfect choice. By using your vacation home part of the time and renting it out other days, you can marry both an investment for the future and a way to enjoy today more. But, to be successful at this project, it's important to know how to create a successful rental property. Here are four tips to get you started.
When looking for a vacation property to purchase, you certainly want to find a location and home that you will enjoy using for vacations. But it's equally important to consider the needs and wants of visitors to your property's location. The house should be accessible to local amenities and easy to locate and use, but it should also be in a pleasant area with attractive views and privacy. Waterfront property areas are often a good choice, no matter if it's in the country or on the oceans, since these usually provide both views and that coveted sense of privacy.
Work with a Realtor
While you may be able to market and manage your rental property by yourself, it can be both overwhelming and expensive. Listing your rental to potential tenants requires good marketing skills, photography skills and a way to reach the largest pool of visitors possible. A local real estate company with experience in managing rentals can be a boon for helping find guests and managing the financial end of things.
Keep it Stocked
Think about what you enjoy or need while using your own vacation home, then be sure to keep the house stocked with things that guests will appreciate. This usually means a reasonably well-appointed kitchen with everything needed to prepare basic meals and keep the area clean. The home should also have a few modern amenities for guests to use (even if you don't personally need them), including televisions, DVD players, cable and internet.
Since you use the home for your own vacations, you're in a good position to help your guests by providing useful information. Provide an informational packet with contact numbers, locations and descriptions of local businesses such as grocery stores, medical facilities, shopping, theaters, museums and restaurants. Provide similar help on your website if you have one and make yourself available to guests by checking on them during their stay.
By setting up your vacation rental home as not only a place that suits your own needs but also suits those of potential guests, you can make a successful business and a way to better enjoy your own time off.