Do's and Don'ts of Owning A Vacation Rental
This year we had the pleasure of helping this beautiful family find, remodel and invest in their very first vacation rental! We learned a lot along the way and seriously think this is a kick a$$ way to invest in the booming Scottsdale market.
My internal compass always points to finding a fixer upper. Not just any fixer upper, THE fixer upper. A project where you walk into instant equity upon completion. Make sure you have a team of professionals to help you find the right property and guide you through what to fix up, keep or change. In this case, we found a home that comped $120,000 higher than our original purchase price when remodeled. Our clients got to choose exactly how they wanted their home to look, and walked into over $40,000 in equity. BOOM.
There are important factors to consider when purchasing a vacation rental. Those of which include, the number of people the property can sleep, amenities and the location. The home we chose has 4 bedrooms + a detached guest room, 2 bathrooms and sleeps 15. Amenities include a pool, hot tub, volleyball court, pool table, foosball table, an outdoor fire pit, outdoor Jenga and the perfect outdoor space to relax and enjoy. To top it all off, it is just a quick 5 minute Uber to Old Town Scottsdale. As far as location goes, it really doesn't get much better than that!
Want to book this beautiful property for your next vacation? Click the link below!
My tips & tricks to find and buy the perfect vacation rental...
Location, Location, Location: Find a location that is no more than 5-10 minutes away from your targeted area. The closer you are to the action the more money you can make.
Know Your Market: Do some research. What's hot? What draws people into the area you're looking to invest in? Tourism in the Scottsdale area mainly comes from those looking to relax in the sunshine, explore the outdoors, and even enjoy the buzzing entertainment and nightlife in Old Town. Specify your home to match the type of vacationers visiting your market.
See What Works for Other Rentals in Your Area: We have learned that properties with pools and spacious outdoor space, rent for substantially more than homes without. With potential listings, we make sure that they have a good space and room for a pool, if there isn't one
The More the Merrier: The more people you can sleep and house the better. Provide a variety of places for renters to hit the hay. Pull out couches, bunk beds and extra blow up mattresses on hand are all great ways to maximize the amount of people a home can sleep.
Offer a Unique Space: Make your home a place your guests will feel comfortable in. A place your guests will want to share with friends and family. Add fun things to do outdoors, decorative pieces, or even an Instagram worthy feature wall.
Make your home inviting and convenient: It is key to create that home away from home experience. Do this by providing the necessities that will allow your guests to feel at ease. Things like complimentary soaps, extra toothbrushes, coffee, maps, restaurant recommendations or wifi passwords, will all help to bump your vacation rental to the next level.
Rent prices during peak season can range anywhere from $500-$1000 a night. All depending on the weekend or holiday. Typically, vacation rentals in the Scottsdale area are fully booked January to April.
Click the link below to learn more and follow along on our Real Estate journey!
