When it comes to looking at properties to use as a vacation rental, particularly condos near Blue Mountain, you need to know that it is not like traditional real estate investing. It helps to have a keen understanding of essentials such as the tourism trends, local markets, projected revenue, and more to make an informed decision. Read on to learn what you must know as a vacation rental buyer.
Steps for Buying a Vacation Rental Property
Do Your Research
The golden rule of investing in real estate is location, which is why you must determine the ideal neighbourhood for your rental property. Consider the essentials such as weather, transportation facilities, market conditions, availability of amenities, and more. In addition to the financial aspects of the property, you should also look for a pleasant, convenient, and desirable location to attract customers.
Conduct a Detailed Market Analysis
Along with the location, you should also examine the rental market and demand closely. Consider factors such as proximity to popular attractions, accessibility to and from the property, and how the tourism demands vary throughout the year. Make sure it has consistent demand and can help generate enough income to consider the vacation rental investment sustainable. Also, check out the seasonal requirements and vacation trends for different types of properties to make the right investment decision. Then, analyze the competitors, identify a suitable rental price range, and determine the projected income from the property.
Understand the Demand for Vacation Rentals
When it comes to vacation properties, particularly the homes for sale near Blue Mountain, you need to take a close at seasonal demands. This is because the income generated in such cases is often dependent on the season. Be sure you know what to expect during the peak seasons as well as off months. Also, get an idea of the monthly expenses, including the cost of maintenance, you will likely incur throughout the year.
Determine Your Income and Expenditure
You have to find an agreeable price for your property so that you can cover your expenses without scaring away potential customers with high prices. You should expect to set the weekly rental rate at 15% – 20% higher than your expected monthly mortgage expenses. Be sure to consider the inevitable offseason that your property may face every year, which is why you may factor in at least a 25% vacancy rate.
Market Your Property
Once you purchase your rental home, you should devise suitable marketing strategies and advertise your property to get enough bookings. Consider booking sites such as Airbnb, VRBO, HomeAway, VacationRentals.com, and more. You could also have your own website.
Let Us Help You Find a Good Vacation Condo Near Blue Mountain
Vacation rental investments are a great source of income. However, you must know when and where to invest so you can maximize your gains. If you are looking at homes for sale near Blue Mountain, the team at Wyldewood Creek Condos can help. We offer aesthetically pleasing and functional condos near Blue Mountain that are perfect for living or renting out.