The benefits of owning and investing in vacation rentals goes beyond property value
Do you dream about having a safe place to vacation where you can truly feel home, away from home? Do you wish there were a way to make an extra income that doesn’t add more hours of work to your day? Does the idea of investing your money in something tangible, like land, calm your heart rate a little easier than the idea of stock traders pushing around your invisible money? If you answered yes to any of these questions, vacation rental investment might be just the solution you’re looking for!
Top 5 Reasons for Investing in Vacation Rental Properties
1) What could be better than investing in your vacation home and making money on it? With the ability to use your vacation rental exactly when you want to, you can plan your vacation and then choose to rent the remaining days out. This dual-purpose investment is great for the bank account as well as the relaxation you crave when traveling somewhere (now you know for sure that the bed is comfortable and the coffee brews just the way you like it).
2) Vacation rentals are booming. With the promise of additional features that you can’t find in a hotel (think full-size kitchen, private patios, quiet locations), vacation rentals can charge a higher nightly rate. They also offer flexible timelines that guests love, whether they’re looking to be snowbirds in the winter for an extended stay, need an easy last-minute stay for the night, or a family that wants to have an extended Disney vacation. Because of this, vacancies tend to be lower in a vacation rental than a traditional short stay lodging facility.
3) Investing in vacation rental properties offers you a plethora of tax advantages. While the mortgage write-offs alone are a great perk, there’s more! The IRS distinguishes between an investment property and a vacation home. Basically, if you rent your vacation home more than 14 days a year, it’s considered a business that comes with all the benefits of writing off deductions for costs such as maintenance and repair, marketing, and property management fees. Of course, do your own due diligence to confirm what is currently allowed before you invest.
4) Not only will you make a nightly rate for your vacation rental investment, but real estate value is always rising. You can have a property to enjoy while you relax away from home with the added benefit of watching your net worth grow. The combination of the value of land, passive vacation rental income, and all of the other monetary benefits make this an ideal investment strategy. This investment pays in the short-term and long-term!
5) Opportunity awaits. Today this is an investment, but tomorrow who knows? While you may only be able to enjoy this home a few weeks out of the year right now, it could be a place to spend more and more time as your career takes a back burner to living your best life. Imagine, you can retire in a home that holds happy memories throughout your life that is already paid off. What could be better than that?
Are you ready to learn more about this exciting and worthwhile venture? Contact Us today to find your earning and relaxing potential.
The Four Most Important Vacation Rental Amenities to Make Your Rental Property Stand Out
When guests are looking for their ideal rental, they’re basically drawn to everything they don’t have at their own home. Rest assured, you’re already at an advantage; the stack of bills and piles of unfolded laundry people are looking to avoid aren’t present at your vacation rental. Nonetheless, there are some specific vacation rental amenities that guests veer towards which you should consider making a priority, especially when it comes to marketing your vacation rental. This list of four of the top features is based on our vast experience in property management. We hope that you’ll take this list and apply it to your own rental. The results speak for themselves!
An Instagram-Worthy Kitchen
Although guests cooking isn’t always high on the vacation to-do list, we all know that a kitchen is the heart of the home and where people gather. In fact, many of our guests prefer a vacation rental to a hotel because of the kitchen; make it worthy! Lucky for you, updating a kitchen doesn’t have to break the bank; you can have fun here by simply painting the cabinets a bold color or adding fancy knobs. You want your guests to look at it and think, “I want to hang out here.” And then of course there are some splurges that are always worth the cost, like a top-notch coffee maker and fancy glasses for cocktail hour.
A Great Security System
Traveling can be stressful, yet the whole point of a vacation is to relax. There are some simple measures you can take to ease the minds of your guests. To start, install smart locks. Guests will love having the option for an easy check-in, whether they arrive late and don’t want the hassle of getting the key, or simply prefer a contactless check-in experience. Putting your guests at ease and providing peace of mind that their belongings are safe while they experience everything your location has to offer is a sure way to make your rental property stand out.
A Little Comfort Goes a Long Way
There are some features that guests love no matter where they find themselves. A fireplace may seem out of place in a summer beach home but trust us: guests love the idea of cozying up under a soft blanket when the sun goes down, especially after a long day of adventuring at amusement parks or playing in the ocean. Having access to a hot tub is another great option for how to make your vacation rental stand out. But even if these things aren’t possible, every rental should have an oversized TV with high-speed streaming capabilities. While all of this is not necessary for a standard full-time home, they are practically necessary vacation rental amenities. Little touches of comfort and luxury put your rental ahead of the competition.
Maximize Your Strengths
Every property has different strengths when it comes to vacation rental amenities, but whatever they are, maximize them! If you’ve got a nice outdoor space, find a way to make it more inviting with twinkly lights and beautiful perennials (steer clear of seasonal botanicals and opt instead for green shrubbery that will stay vibrant every season). Aim for low-maintenance pavers (not grass) so that your space looks fresh and clean with minimal effort. Showcase destinations that are close your rental, such as attractions, coffee shops, and ocean views. You can make your vacation rental stand out by simply amplifying its natural beauty and inviting guests to relax and enjoy all your property has to offer.
Whatever your property looks like, Tropical Villas Orlando can help you maximize its value and potential. Let us help get your rental property to stand out and get booked. Contact us today to learn more!