If you plan to purchase your home and rent it out for extra income below are some things you should consider when you select your vacation home.
•1- County Codes
Make sure you check with the County on restrictions recently a county in Hawaii came out with a law to ban Vacation Rentals from the entire County.
•2- Neighborhood Restrictions
Some neighborhoods and condos have restrictions on renting property. They feel it adds traffic and noise to the neighborhood.
•3- Competition/Pricing
The best place to go for this is Homeaway.com. Just look up your city and you will find all rentals in the area. I used this to decide whether or not to rent my home out. There wasn't any competition at the time which worried me but I managed to rent it out 90% of the year last year. Now more competitors have entered the market. Some markets are saturated like in Orlando which may make it difficult to keep it rented.
•4- Distance to Attractions?
When people contact me to rent my home this is what they are looking for:
•· Shopping
•· Wineries
•· Museums
•· Dining
•· Large Cities (Washington DC)
•· Nature Trails
•· Beach
•5- Uniqueness of Property
The amenities below are the most desired in my area:
•· View
•· Beach Access
•· Privacy
•· Woods and Nature
•6- Condition of Property
Look over the property to see what you have to do to get it up to being an enjoyable property for your guests:
•· Updated Kitchen
•· Updated bath
•· Nice Flooring
•· Fresh Paint
•· Character of the interior (molding, window seat...)
•7- Fireplace
Most people like wood burning fireplaces or stoves this makes it more rentable if you have cold winters.
•8- Outdoor Living Space
The home should at least have one outdoor living area for guests to enjoy:
•· Screened Porch
•· Open Air Porch
•· Deck
•· Patio
•9- Curb Appeal
The home must have curb appeal because when you advertise this will be what the gusets will see:
•· Landscaping
•· Paint/Siding
•· Cottage look or some other unique look
•10- Desirable Neighborhood
Make sure you choose a desirable neighborhood since your home may be vacant. Also you can include photos in your advertising.
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