Guest Post: Jessie Clarke from Soulful Travel
There’s no other way to say it: a property in your favorite vacation spot is a great asset to have. Not only does it sound like a real dream come true, but it can also be a potential money-maker as a vacation rental. Of course, even such a pleasurable investment prospect still requires a great deal of thought and sound decision-making. So, before making this significant purchase, you will want to ensure that it’s well-placed for success. Begin with these tips.
Determine your preferred location.
When on the market for a vacation property, you likely already have an exotic locale in mind. Regardless if it’s in a vibrant seaside town or a sleepy mountain village, Investing In Properties points out that the fundamentals of buying are the same. Before anything else, you will want to consider where you want the property to be situated — close to establishments or something more secluded or even a little bit of both. This will essentially narrow down your search, but know that it will also give you fewer options, which brings us to the next point.
Tackle business basics.
Once you determine your location, if you intend to run this as a business you’ll need to cover some fundamentals. Come up with a catchy name, develop a business plan, and establish an LLC to protect your personal assets. No matter how small or large your venture, doing things correctly will set you up for success.
Know how to recognize potential.
In an ideal world, you will quickly find your dream vacation property, fully equipped with all the bells and whistles you could possibly want. But more often than not, the opposite is true. While there are some very good properties out there, you will also have to take into account the all-important issue of your budget, which, in most cases, can be quite limiting.
For this reason, it’s definitely important to keep an open mind and have a great eye for potential. As a rule, be on the lookout for signs of roof damage, mold, insulation problems, and the like, but also don’t dismiss a home because of a bad paint job. You may need to get a home inspection and make improvements and upgrades here and there — as well as ensure that your budget can cover it — but these are often small hurdles on the road toward your dream vacation retreat and definitely nothing that can’t be handled.
Think like a guest.
And speaking of home upgrades, a good home with good bones will stand to benefit from a few key improvements to make it more like the vacation home that you expect, as well as attractive to potential renters should you decide to go that route. The best part is, these can be inexpensive. So, get started by putting yourself in your future guests’ shoes and taking stock of what the property needs to be compelling to you.
The kitchen and bathrooms are often a priority, so think about updating fixtures and appliances if they are dated, looking to the latest design trends for inspiration; Rooms to Rooms notes shiny metallic sinks are all the rage, as well as colored appliances.
Bring in the pros.
Of course, improvements to your vacation property need to be well-executed to really meet your (and possible tenants’) expectations. As tempting as it might be to cut corners and do it yourself, it’s still best not to leave it to chance as the success of your vacation home as rental hinges upon it. You can get some estimates from a handyman and factor in materials for a clear picture of how much your potential upgrades will set you back. However, with a generous ROI to look forward to if you do decide to rent it out, you’ll likely have a win-win situation on your hands.
Suffice it to say, a vacation home is not only a worthy investment, but it’s also worth the expense and effort that goes into making it the best that it could possibly be. And when it’s time to take a break from working on your property to enjoy your new home away from home, be sure to connect with Allen Batista Travel for plenty of fun, relaxing entertainment options!