Are you planning to buy a big vacation home and rent it out for additional income? It's a great way to have both a place to enjoy and a way to create an investment in the future. And, certainly, the best way to maintain that future income is to have a rental that's popular with renters. So, how can you make sure your large vacation home is a hot item on the short-term rental market? Here are three ideas for any budget.
Divide and Conquer. Rather than try to rent out one vacation home consistently, why not divide the home into two or more units that can be rented together or separately? Having more flexibility when it comes to group size gives you more appeal to different customers. When house hunting, look for ways that you can divvy up a home and add some amenities that will allow for separate use -- at the very least, an outside entrance, bedroom, bathroom, and kitchen area. However, be sure to work with your real estate agent and local city planning offices to determine what alterations will be allowed before you commit.
Be Convenient. Large groups are made of diverse people who may want different things when renting a vacation home. So, be sure you can appeal to different types within a group by being conveniently located to different amenities. For example, a beach house should have easy access to the beach, of course, but you may also want to select a location that's within walking distance to local restaurants, pubs, and shopping districts. Families will want to be able to entertain the kids easily, too, so you may want to look for convenient parks, hiking trails, bicycling, and kid-friendly food joints. If you can't be all things to all people, focus on convenient locations to things that are important to your core rental pool (such as families, older vacationers, nature lovers, or college student groups).
Keep It Updated. Groups of friends or family members want a modern, functional space that everyone can enjoy. Outdated decoration and aging appliances won't cut it for many people who are getting a group to agree on a single vacation spot. To attract more people, make sure your house is modern, fresh, and attractive. So, when house shopping, be sure to save some room in your budget to renovate older features (like old counter tops, a 1970s fireplace, or a creaky deck) and create a modern decorative look. If you have limited money to remodel, you may want to spend a good chunk of it on updating the kitchen and bathrooms, which can be key selling points.
By focusing on one or more of these three key features of a popular large vacation home, you can help ensure that not only will you enjoy the house more, but you will fill it with guests throughout the year. For more information, talk to a professional like Cimmaron Vacation Home Realty.
