Thursday, December 1, 2011
If you are thinking of buying a vacation rental property, there are two things that you can ultimately do with it. Some owners of vacation rental property intend to live in it most of the year round themselves and others intend to rent it out for most of the year. There is no doubt that vacation rental property can present an excellent income stream.
However, there is a vast difference between vacation property rental and residential property rental. This has to do with the fact that holiday makers are not necessarily looking for the same amenities in a vacation rental property as they are in a home.
One thing that does affect the desirability of both vacation rental property and residential property is location. However, a good residential property for a young family may need to be close to schools and other amenities and for older people being near a school is more like a hassle.
Likewise with vacation rental property, you have to know your target niche market. You have to find the answer to the question: why do people come to this location? And then buy a vacation rental property that matches the highest volume profile.
In this way, you will never be short of tenants and you will be sure of high rents too. For example, some people might go to the Caribbean island of St. Croix in the Virgin Islands for the diving options it presents while others may want to explore the tropical rain forests. However, younger travelers might not want to go far from the only largish town on the island, Christiansted, so that they can take part in any nightlife going on.
One thing that everyone requires is security. The person who rents your vacation rental property will want to feel safe. That is secure from falling masonry and rickety stairs and secure from burglars. That means that your property should be well lit both internally and externally and have sturdy doors and locks. Windows should be lockable too.
It is a good idea to present a kitchen like the one a family would usually expect at home. So, an American kitchen with American style appliances for American families, if they are the people you are trying to appeal to. Again, you will have to research the typical visitors to where you want to buy a vacation rental property. A younger family may eat in at night, an older one may never eat in at all. The kitchen should be well-equipped, furniture should be comfortable and recreational equipment should be provided too.
A lot of people like to take their dogs with them, so you might want to consider making the vacation rental property pleasant for pet owners. If the furniture is robust, massive oak or something like that, dogs will not be able to damage it easily. Plastered walls without wall covering and tiled floors are also favourable for having animals in the house. This is a definitely growing niche market for vacation rental properties.
And last but not least, bear in mind that people like to be able to keep in touch when they are away from their loved ones, so Internet access is a growing necessity too. People can VOIP, so a phone is not so important these days. If you bear these points in mind, you can have a profitable vacation rental property where you can vacation free as well.
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Posted by Staff at 9:13:00 AM