Thinking About Buying a Second Home or Vacation Rental in Santa Barbara?
If you are thinking about buying a home or condominium in Santa Barbara and want it to generate income while you are not staying there. Renting it short term to vacationers might be a good idea. Santa Barbara is a popular vacation destination with visitors coming from around the world. While Summer is the busiest season for visitors, there is good demand for short term rentals year round. Some even prefer the mild Winters in Santa Barbara with average temperatures in the upper 60's over foggy Summer June gloom days. Others, especially those coming from the California San Joaquin Valley where Summer temps are steamy, welcome the foggy cool mornings of Summer. This is very important if you are renting your home on a weekly basis. Take Palm Springs for example. Snow birds flock to the desert every Winter to escape the cold weather in other parts of the country and Canada. As a result, vacation rentals in Palm Springs are very popular during the Winter months. When May and June arrive, so do the 100 degree temperatures. Unfortunately, for the vacation home owners in the desert, when the mild temperatures leave, so do the visitors. Consistent year round occupancy is very important for a successful vacation rental.
Here are some more criteria that will help you find a successful vacation rental property in Santa Barbara.
1. Ocean views- People like to see the ocean, it is calming and gives a property a nice ambiance. A vacation rental does not need an ocean view to be successful as long as it occupies another niche in the market like one of the following.
2. Walk to restaurants and shopping- folks on vacation like to slow down and relax. Being able to walk downtown for dinner or entertainment is very appealing to many and increases bookings.
3. Walk to the beach- If you cant afford to stay on the beach, walking to the beach is very appealing.
4. Swimming pools- Families with kids love pools. They are the ultimate baby sitter.
5. Nice furnishings and amenities- With so many things to do in Santa Barbara and having almost perfect weather, many people just want to be here. They can live without all of the above, but want a clean comfortable place to stay with nice furnishings, internet access and cable tv.
Vacation renting can be a great way to offset expenses of owning a second home. It's also important to make sure it is allowed in the neighborhood or condominium complex and find the right person to manage it while you are away.
If you would like assistance in your Santa Barbara real estate search or if I can provide information about the market in general, contact me at (805) 757-1867 or RichBosselmann@gmail.com.
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