The sale of vacation homes has seen an increase of 29.7% in the last year as more buyers are purchasing second homes that they can rent out. This could be due to the low mortgage rates that encourage affluent buyers to invest in rental properties. Many owners rent out their vacation homes to make some money and recover their costs. The ideal time to get full high season rates is in the peak of summer. The off-season rates are nominal but you will be able to earn a steady income.
Here are a few ways to maximize your profits when you purchase a rental property.
1. Look for a prominent beachfront location
Many holidaymakers head to the beach for their summer vacation. The first thing they look for is a home that is near the beach.
2. Make enquiries to check if you have a good deal
Check out the going rates in the area to assure yourself you are getting a good bargain. If the rental property is not too close to the beach your next option should be to see if it has a swimming pool as vacationers also like to swim and relax by the pool.
3. Post your property on several vacation rental websites
Read the reviews on various websites to check which ones have the best properties on their website. It is a good idea to list your summer vacation rental on multiple websites. You can avail of offers from websites that offer free trials to get the best out of a deal. You may have to pay for an online listing which includes photos and links to any information you may provide. It will be worth it as it can draw in the right type of parties.
4. Post pictures of your beautiful vacation home
It is worth investing in a photographer and getting pictures taken that you can post on websites. Let interested parties take a virtual tour of your summer vacation rental and get a feel of what they can expect when they reach there.
5. A personal touch can make the difference
Everyone appreciates it when the owner of the property calls to ask if they require any additional information. Interested parties will feel more comfortable when you speak with them and prefer to opt for your home.
6. Know the property laws
Some laws are pretty straightforward and it is in your interests to ensure that you are well aware of property laws when you are investing in your vacation home in another country. Consider the taxes that you will pay before you make an informed decision. You should be able to make a profit after all these points are taken into consideration. Things do not happen overnight and you may have to rent your home many times in the year to make up the expenses.
7. Avoid having to pay management fees
Management fees are high and if you can take care of your home you can be sure that holidaymakers will certainly recommend your home to their friends and colleagues. The money you save from getting someone to manage your home is nearly 30%. It takes a little more effort but it is worth it in the long run. Keep in touch with the people who rent your place and you will have a constant stream of vacationers throughout summer and other seasons.
8. Take a long due vacation
Relax in your summer vacation home when you need a break and invite friends or family over. You can entertain your guests and enjoy their company in your own home. You can save yourself some money on your vacation!