Americans love to spend time on vacation. They spend more than $100 billion dollars on Summer vacations each year! No wonder so many people are buying timeshares to take advantage of that fact.
But many potential investors looking into buying a vacation rental property don’t know what to look for. Searching through a range of different options and examining the pros and cons can be daunting when looking for a real estate investment.
Looking for some handy tips on finding a great vacation rental property? Read on and we’ll help you make a great decision.
1. Consider Maintenance Costs
When you buy a timeshare, there are lots of different aspects you need to take into account. Some of them may be more subtle than others, like maintenance costs.
If you’re buying a huge property with extensive grounds, you’ll likely need to pay for groundskeepers and gardeners. If you choose to buy an old, dilapidated property, you might have to spend a lot on maintenance.
Think about how property management costs will impact you and whether they’ll be worth it in the long run.
2. Focus on The Location When Buying a Vacation Rental Property
When you’re buying a vacation home, location is key. You need to find a property that isn’t too expensive but lies in a location people want to visit.
Striking the right balance can be hard. One good idea is to go with a slightly run-down property in a popular area. Or choose a property in an up and coming tourist destination and try to ride that wave.
You’ll want to ensure that the rental is located close to important amenities and employment sources. Buying a beautiful, secluded mountain cabin is all well and good. But if you can’t access the staff to maintain it, it may not be the best investment for you.
3. Local Laws
As a property owner, you have to play by the rules. Across the United States and beyond, vacation properties are subject to many different laws. These laws could regulate how many people are allowed to stay in a property, how much of the year the property may be rented out, and required maintenance.
Be sure any specific laws in the area won’t impact your ability to rent out your new property. Some cities and districts are cracking down on the use of
As well as city and state ordinances, be sure to look into the requirements laid down by local neighborhood associations and other local groups. You may struggle to make necessary changes if local regulations are too stringent.
Expand Your Knowledge Further
When you take your time and leave all options open, you’re sure to find a lucrative property. The hard work is well worth the reward in this case.
We hope you learned a thing or two about buying a vacation rental property. Looking for more informative content? Check out our blog where there are thousands more posts for you to enjoy and learn from.