We’ve been talking all about vacation rentals and today specifically, we're going to talk about location. You've heard it said many times in all aspects of real estate, that it's all about location, location, location.
So, the first thing you're going to ask yourself when looking for a vacation rental is what location do I want to purchase in and you'll probably say to yourself, “Well, I love this place or I love that beach or I love these mountains and that's where I vacation, so that's where I’m going to buy my vacation rental,” and that's a good start.
Just remember that if you vacation in a certain place because your grandmother lives there or your best friend from college lives there, realize that not everyone has a best friend or grandmother living in that location so you have to be realistic in that. Is this location a place where there are things for people to do and you know there's nothing worse than thinking you're going to a location and find out that all of the exciting hot spots are an hour away?
Let’s be realistic, think about where you like to vacation. What is there to do in that area and then decide would you really get bookings from people who would like to spend a few days or a week in your location. Once you do that, then you're going to want to create something that you leave in your vacation rental as a go-to guide.
It might be something like a notebook as simple as a notebook or as elaborate as a pretty scrapbook, that you put together and it might say things like if you like to go antiquing. Here are the places to go within 30 minutes of this location or if you want to go to the beach, here are the places you can go if you like to hike. Here are the locations where you can hike so that when your folks come to the house, they know where all of the fun things to do are in the neighboring areas and you may also want to, if you have a vacation rental in just a beautiful spot, people might want to just rest and relax and enjoy the beauty of the spot that you've chosen, but then you're going to want to make sure you have plenty of things in the house for them to do. So maybe you have puzzles or paint by number or lots of books or things they can bake.
Consider how you can entertain your guests just like when they come to visit you at your house. They're coming to your house where you may not be there to help them enjoy themselves but give them plenty of ideas on where they can go locally to have fun. Where they can eat, where they can take long walks, where they can get great photographs, maybe you have museums and things close by.
Brainstorm all of those things as you're determining what location you're choosing for your vacation rental and then once you've chosen a location, do some research. Get on the most likely vacation websites and google that location and look at the offerings that are already there. They would be your competition and check out their reviews because in their reviews, you'll find out what do people like about that area and what don't they like about that area.
And then you can really dig in and decide is this a good area for your location for your vacation rental. So, once you've chosen a location, the next important thing is to find a great real estate agent who can help you find exactly what you're looking for in a price that makes sense so that you can make a profit.
I hope this information has been helpful if you need more information, please reach out to me!