Vacation rentals are not only an excellent source of income and a great investment but many people are reaping these rewards by simply working online at home. In many cases, they are working part-time hours and simply controlling everything from their home computer.
Using vacation rental software that keeps their portfolio of properties managed in an easy-to-reach central location means that after initially buying, renovation and listing their property, there is not too much else that needs to be done.
From the comfort of their own home, they can manage their bookings, organize room-cleaning between bookings, and then simply start counting the money coming in from their investment.
However, while the continual management of your properties can be done easily, where the work really needs to be done is when finding a property in the right location to begin with. Here are some tips to consider before buying:
Choose the Right Location
Vacation rentals will only be occupied by each of your tenants on a short-term basis, so this would mean that you’re not going to need to have a locality to schools or other places of interest for people living in an area permanently. This means you should be aiming for areas that are popular with tourists and/or business travelers. Get somewhere near some beaches, out in the country, or deep in the center of a city.
Get the Right Style of Property
Always get a property that befits the area and experience that a vacation renter is going to be looking for. In the city center, they know that the area might be a bit noisy and will accept that as long as the property looks clean and modern. As for those looking for a country retreat, they’re going to want something that feels a little more lived-in or homely rather than something too upscale.
Make Sure You Know the Legalities
Laws and regulations will vary from area to area so while this is going to be the boring aspect of your journey, you really need to make sure you’re well up to par with what these are going to be for you.
Research Competition in the Area
To get a feel for how well your property might do in an area, do some research on other vacation rentals listed in the area. You’ll be able to see how regularly they are booked out and how much the owners are able to charge for the short-term leases. You should then be able to determine whether there is a good chance that your property is going to be a good investment.
Understand Your Expenses
Your expenses do not finish once you have bought a property, so work out what else you will need to factor in before you establish whether an investment is going to be worth it. Renovations, furnishings, appliances, and things like taxes and insurance are going to have to be factored in.
Once you have found an investment that you feel is going to be worth it and have made it ready for listing, that is where your hard work ends and your easy time begins. You can just sit at home in your spare time and manage from there.
You can also check out the Lodgify vacation rental blog for more about how to successfully start your own vacation rental business.