Estes Park, CO is somewhere that has high demand for short-term rentals considering its proximity to Rocky Mountain National Park. This national park tends to average over 4.5 million visitors each year.
If you are considering purchasing a short-term rental property in this area, you may be wondering how to go about choosing one. This guide gives you three tips to use for that.
1. Consider the Size
The first thing you are going to want to do is consider the size of the property that you are purchasing for this. There are two big reasons why you need to keep this in mind.
These two reasons are the price of the property along with what target market you are going for.
Let's say that you are merely purchasing a single-family home in the area. In all likelihood, that will fit between two and four people. As a result, it will likely be cheaper to purchase than a larger property, but you will not be able to charge as high of a nightly rate.
This is why you need to think about what target market you are trying to attract.
Are you trying to target couples? What about a traditional family? Or, are you going for large friend groups and family reunions?
When you decide what target audience you are going for, you can get a better idea of what type of property you will need to purchase in Estes Park.
2. Consider Travel Demand
Another thing you need to think about is what type of travel demand there will be around your property. This is important considering the conditions in this area change depending on the time of year.
For example, if you are trying to draw people to come to this area between November and April, you should know that some roads around Rocky Mountain National Park close during this time of year.
In that situation, you need to make sure you can offer activities nearby when people cannot drive. Otherwise, you may find it very difficult to fill your property during the park's low season.
3. Check the Property's Condition
Finally, make sure that you do a full property inspection before purchasing a vacation rental property. This can allow you to see what type of issues the property has before you sign any important documents.
Depending on what issues you have, you can use this information to your advantage and make a lower offer to purchase the property. Or, you can save yourself the stress that fixing this property may cause and choose to walk away.
Buy Your Short-Term Rental Property
These are three tips that you can use to choose your short-term rental property carefully. Make sure you do your research on what travel demand this area has during certain times of the year.
Then, consider the size of the property and think about what kind of target audience you want to draw. Before you sign the dotted line, perform a property inspection to make sure there are no major issues.
Do you need help with your Estes Park rental? Message us here with your questions.