If you want to earn money from a seasonal vacation rental property, you must choose the right property. From the location of the home to its layout, choosing the right property for a seasonal rental will largely boost your ability to earn income from your investment.
1. Bypass Average
When most people think about vacation, the word average doesn't come to mind, especially when it comes to long-term travelers. These travelers often want to stay at properties that offer more amenities or luxuries than their homes. Look for properties that can meet this need. Homes with en-suite bathrooms in each bedroom, a chief's kitchen, and awesome views often fall into this category.
Even if the property doesn't have these features built in, it should at least have the framework necessary to enhance the property and bring it to a level above average. Homes with limited amenities or that make a person feel like they are at home, rather than on vacation, sometimes don't rent as well as properties on the other end of the spectrum.
2. Choose the Location Wisely
Location is another important factor, and it's critically important that you choose the right location. However, the right location varies from place to place. For example, in a family-centered or entertainment-centered hot spot, a location right in the heart of the action, such as those close to an attraction, restaurants, or theaters, would likely be the ideal spot.
However, for a vacation area more centered around couples or relaxation, the more secluded the property, the better. Try to find a property that is in line with the overall vibe of the vacation destination to determine where you should look for a seasonal rental property to maximize your renters.
3. Look for an Open Layout
More often than not, families and large groups look to seasonal rental homes more than solo or couple travelers do. A major reason for this difference is centered around space: the more people, the more space that is necessary.
Although you do not have to invest in the largest property you can find, if you select a property with an open layout or design, you have a chance of attracting more renters. Open layouts are often more spacious and give everyone a chance to gather in one place, which is often the goal. Properties with opposite floorplans keep the guests more separated.
Keep these tips in mind as you meet with a real estate professional to find the ideal seasonal rental property for your investment.Share