Ever thought about purchasing a vacation rental investment property? If you have the means to do so, investing in rental property is a wonderful way to earn extra income. Despite it being a great opportunity, vacation rental investment is a lot of work. Before you decide to make the jump, you need to know if it will be a good business decision for you. Keep reading to learn about some of the things to think about before you invest in a vacation rental property.
Vacation rental investment considerations
Is it allowed?:
Before you purchase a vacation rental investment, you need to check local laws to see if you’re actually able to rent your property on a short-term rental basis. City ordinances, state-wide regulations, Stratas and even Homeowners Associations may not allow short-term rentals. Before you choose a location for a vacation rental investment, make certain that you understand all of the rules and regulations. It’s better to do the research now, so you know that you won’t be in violation down the line.
Where should I buy?:
As everyone knows, the most critical aspect of a vacation rental investment is its location. The best investment properties are spacious and close to all the action in an exciting city or quaint town. Purchasing a property in the middle of nowhere may be less expensive, but won’t provide you much revenue. Click here to see if you live in one of best locations for Airbnb rentals.
Do you have the time to own rental property?
Owning a vacation rental property is a lot of work. You need to advertise your property, welcome guests, clean up after them and do any necessary repairs as they come up. If you’re juggling multiple properties or have more than one job to attend to, adding another list of tasks to your week may be hard. Thankfully, there are ways to make it easier.. Using a vacation rental management company may be a great way to get fantastic revenue from your vacation rental investment while saving you the time and hassle of doing all of the rental activities yourself.
Pro tip: Purchasing a vacation rental property is a great investment. Do you know what else is a great investment? Using Hosty! Hosty is vacation rental management software that helps you manage your short-term rentals, no matter if you have 1 or 100 properties. Use our handy multi-calendar to organize your listings without having to log in and out of multiple accounts. Ready to get started? Begin your free trial today!
So do you think you have what it takes to become the next best vacation rental manager? Making a vacation rental investment takes a little time, money, and hard work, but if you make the right decisions, you’ll be surprised what you can achieve! Happy hosting and best of luck in your business ventures!