Taylor Yates | May 31, 2023
Looking for a summer getaway that doubles as a lucrative rental property? Excellent idea! A second property will provide you with a vacation getaway and a source of rental income.
We know that finding the perfect summer rental property that will attract tenants and be easy to maintain is hard. Consider the following list of top features to ensure your investment pays off in more ways than one.
Location is everything, and when it comes to your vacation rental property, it is the most crucial feature because it’s usually the only thing you can’t change. From the vibrant city life of Boston to Cape Cod's serene beaches and beyond, find a location that matches your preferences and investment goals. Ideally, you want to find a location that will draw visitors all year round, while bringing in premium rates during the peak season.
When selecting a summer rental property, convenience is key. Choose a property that's close to popular attractions, restaurants, shops, and outdoor activities. The easier it is for you and your potential renters to get to most locations, the happier everyone will be. Tenants love walkability; can you find a property that’s walking distance to shops or restaurants?
When investing in a the short-term rental property, most owners want a potential source of income while occasionally enjoying the holidays there yourself. Before committing to a property, research the rental market in your desired location to get an idea of rental rates and how they change throughout the year. Apps like AirDNA can be an excellent resource.
Remember to consider comparable rental rates of properties with amenities such as outdoor space, swimming pools, upgraded kitchens, or nearby attractions. These features boost rental rates but also tend to increase the property’s purchase price. Are you able to find the perfect balance of features and cost that fits your goals?
No one wants to spend their summer vacation on upkeep and repairs. Look for properties that require minimal maintenance and offer helpful features such as low-maintenance landscaping, durable building materials, and updated infrastructure.
The less maintenance you have to do on your rental property the sooner you can set it up and start earning income.
Ensuring your summer rental property is safe and secure is paramount for peace of mind and protecting your investment. Look for properties equipped with reliable locks, security systems, and well-lit outdoor areas. If the property doesn’t come with these features, research the cost of their installation.
As you don’t intend to reside here often, a strong safety and security protocol should be one of the most important things you put in place.
Look for properties that offer functional outdoor areas, such as a spacious patio, deck, or backyard. Features such as a barbecue area, fire pit, or well-maintained garden can create the perfect ambiance for your short-term tenants.
An attractive outdoor living space is preferred by most guests, especially in the summer. And, if your summer rental property is far from the most frequented tourist spots, then a welcoming outdoor space will be your strongest selling point!
As you embark on the exciting journey of purchasing a summer rental property, remember to keep these essential features in mind. For expert guidance and support throughout the buying process, connect with experienced real estate pros at The Yates Team. Let us help you find your perfect summer rental property and make your investment dreams come true!
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