The vacation rental property business can be a rewarding one, especially when you know how to identify the best opportunities. Once you know how to identify the best vacation rental property opportunities, you’ll be well on your way to getting in on the action and making a profit in this lucrative industry.
Focus on the Vacay Factor
One of the more effective ways to identify the best opportunities for a vacation rental property business is to look for the places where people want to go on vacation. Don’t just buy a house in the suburbs back East where everyone else lives and call it a vacation rental property. To get the most out of it, you’ll have to invest in vacation hot-spots.
When you think of vacation hot-spots beaches come to mind, but then again, oceanfront property is expensive. Not only does ocean property have a high purchase price, but the taxes are also high enough to eat into your profits.
Fortunately, you don’t have to invest in oceanfront property to cash in on the lucrative vacation rental business. People also love lakes and mountains, which is something you can find in Estes Park.
Estes Park, Colorado has the perfect blend of amenities and natural beauty. People flock to Estes Park every year which means you’ll have a steady stream of customers to line your pockets.
Look for Properties That Have Been Recently Updated
When you start shopping for properties to convert into vacation rentals, you should look for properties that have been recently updated. Don’t worry about tiny cosmetic details like paint. Paint is cheap, you can easily repaint the interior and exterior of a house without breaking the bank.
Look for houses with updated appliances, when you’re staging your vacation rental, you’re going to want to have plenty of new appliances to show off to attract tenants.
Avoid Properties That Are in Need of Potentially Expensive Repairs
So you’ve found a great potential vacation rental property, it has mountain views, it’s in close proximity to local amenities, activities, etc. There’s just one problem, the foundation is cracking, the roof needs to be replaced, there’s old wiring, plumbing problems, or all of the above.
Unless you have accounted for a generous cushion for repairs and renovations in the budget you’ve allocated for your investment in a vacation rental property business, you should avoid taking on properties that will be in immediate need of repair before you can open your doors to customers.
There’s nothing wrong with buying a property that needs a few minor repairs and a cosmetic facelift, but if the property has more serious problems like a cracked foundation, it screams money-pit which means you should stay away from it.
Make More on Your Vacation Rental Property Business By Looking for Properties with Low Taxes
Nothing kills profits like taxes. You might think you’ve found the perfect property for your vacation rental property business only to have a small heart attack when you see how much the taxes are. Always look into how much the taxes are on a property before you buy.
Taking the time to find out how much the taxes are can save you a lot of money, not to mention, your heart will thank you for it!
Make Your Investment in the Vacation Rental Property Business a Smart Investment, with PMI Estes Park
PMI Estes Park has a wealth of experience helping people make the most of their investments in vacation rental properties. We don’t just manage vacation rental properties to ease the burden on owners and liberate them from tedious maintenance work, we also optimize their property to yield the highest possible ROI.
Ready to cash in on the vacation rental property business? Get in touch with PMI Estes Park, we’ll walk you through it!
Image Source: Pixabay