Most professionals investors will suggest countless ways for you to secure long term wealth. Stocks, bonds, IRAs, GICs and other retirement accounts are usually considered to be good investments, but there’s one place where your investment is almost always worth it. Time and time again, Real Estate ends up being an amazing way to set yourself up for success. Specifically, buying vacation rental property is an amazing way to gain financial freedom. Thinking about buying vacation rental property? Check out the details below.
Buying Vacation Rental Property
Get a plan:
Even before you think about looking at potential vacation rental properties to buy, you need to think about a plan. How much can you spend on a property? Should you look for a property close to where you live, or somewhere else? Will you manage the property or will you hire a vacation rental property manager? Having these details figured out before you start looking will help keep you focused while you’re searching for a property. Searching for a vacation rental property can be a lot of fun, and it’s easy to get caught up in the whole process, so getting some of the boring stuff figured out before you start looking is a very good idea.
Don’t forget to consider upkeep:
When thinking about your ideal price point of a home, don’t forget to think about the additional price of upkeep for a potential vacation rental property. Sure, buying an enormous victorian home from the 1900s would be an amazing investment, but do you have the money to fix the roof when it leaks, or the plumbing when it needs to be upgraded? On the other hand, don’t forget about the cost of modern features as well. Maintaining a large pool for a year can cost well over $2,500, not including the extra insurance you’ll need. Thinking about these costs before you purchase a property will be crucial to your success.
Think about safety:
Before purchasing a vacation rental property take the time to think long and hard about safety. Is the property in a good area? Will it be easy to install security cameras? Does it already have secure locks, sturdy windows, and a security system? Is it fenced? Thinking about safety before you buy will make it easier to determine if this property is a good option as a vacation rental property. More than anything, guests are looking to feel safe when they’re renting, so providing them with security should be your number one priority. Want to read more about vacation rental safety? Learn about insurance, and safety considerations.
Pro tip: What to know about another way to long-term success? Hosty! Offering you the professional vacation rental management software that helps you stay organized, become efficient, and keep your guests happy. Try it for free today!
Buying vacation rental property is a fantastic investment that can help you achieve great wealth in your vacation rental business. Are you ready to make the jump into Real Estate? We think you’d be great at it. Happy Hosting!