When you buy a vacation rental, there are many things to consider. However, some very useful advice for simply organizing everything is to work with a clear system of priority. For example, it is unlikely that you will decide what to provide at your vacation rental until you have decided what type of property you will actually be renting out.
One step up from that is location – you will not be even deciding on a property to purchase and rent out until you’ve settled upon a location.
There is no one answer to the question “where should I purchase a vacation rental?” The style of properties on offer is deeply related to where they are. This makes a great deal of sense; you are not going to purchase cabin-type property in an urban area, and you probably won’t be investing in a townhouse for a wood or lakeside getaway.
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What Makes a Vacation Home Location?
When we consider that every Air BnB, though initially a private residence, can be used as a vacation home, it is easy to see that what makes it a vacation home is the location. The property style actually does not matter as much. People do not go on vacation to a property, they go on vacation to a place.
So, what makes a good vacation property? Firstly, it needs to be within proximity to all the activities, landmarks, attractions, and amenities the vacation location offers. After that has been secured, what makes a good vacation property is a responsive host to deal with problems and a range of things provided in the property to make the vacation more enjoyable.
Moreover, if you are purchasing a vacation home as a property investment. The profitability of the location should become a factor in a detailed cost analysis. Business finance company Thales Financial says that you need to think far ahead and see if you can really afford it. No company that is also factoring in invoices should be thinking about investing in property. Cash flow must be secure.
Best Places for a Vacation Rental
So, with all of that said here follows some of the most popular places for purchasing a vacation home.
Well known as a vacation spot for tourists from all over the world, it is no surprise that Orlando, Florida is also a top place to buy a vacation home. The city provides many great restaurants and attractions, but the main benefits of this location are the weather and the potential for a relaxing sun or beach holiday.
The Poconos, Pennsylvania
With lakes, beaches, pools, and hiking trails, there is much about this location that makes it suitable for a vacation rental. More than that though, what really marks out the Poconos is that they are less than a two-hour drive from New York. Furthermore, the area is well set up with other attractions such as restaurants and skiing opportunities.
Not one of the better-known vacation spots, this relative novelty ends up being one of the reasons why it makes for such a good one. Temecula is also only an hour from San Diego and Palm Springs, which are both great vacation destinations in their own right.
Gulf Shores, Alabama
Gulf Shores, Alabama combines a great summer getaway with lots of natural attractions, with a great deal of historical interest as well. This combination of beaches and historical sites makes it a winning location to purchase a holiday home.
As you can tell then, the best locations for vacation home investments are precisely that – good locations. You need a great property to invest in, but that comes later.