Are you triple vaxxed and ready to relax this summer? You might not be surprised at how many people are, and how many people are planning the vacations of their dreams as you’re reading this right now.
Despite the presence of the Omicron and Delta variants of COVID (not to mention the new one that was just discovered in France), now that a vaccine has become widely available for the virus and boosters have also been released (to help bolster people against the new variants), people are planning on finally re-entering the world.
Plans that got canceled back in 2020 or during any of the other surges of the last two years are now in motion as people book flights, pack their bags, and start reserving vacation homes for themselves and their families. People are yearning to travel once more, and having been given their first window of opportunity in years, they are ready to make it a record-breaking summer.
And it’s no wonder: the initial quarantine was hard on most of us, as the world shut down around us in a matter of days, leaving us with little to do but exhaust our Netflix queues and stare at the walls until they started talking to us. A lot of people struggled with their mental health during this time, with their homes not equipped to host them 24/7, and people also wrestled with being able to make ends meet as workplaces ineffectively transitioned to remote office spaces.
It’s been a stressful, difficult, and a depressing couple of years for most of us, as we watched the nation explode with turmoil and got hit with a barrage of one thing after another: a new condition even emerged as a direct result of the pandemic, one that scientists are calling pandemic brain!
All of that is to say a vacation is long overdue for most of us. And the ability to finally go on vacation again, the ability to reclaim some small aspect of a pre-pandemic normal, has a lot of people foaming at the mouth to get going as soon as possible.
But where do you come in? That’s right, you. The property investor who is reading this piece. What does this mean for you?
Unparallelled Opportunity, Right Around the Corner
Contrary to what you might be thinking, no, this article isn’t a sign that you need a well-deserved break (though if you’re triple-vaxxed, why not give yourself a little vacation). Consider this a PSA: one of the biggest money-making opportunities in years is right around the corner, and if you have any experience in property investment at all, or you’re thinking about getting involved, now is the time to place your bets.
While the tourism industry didn’t exactly do well in the immediate wake of the pandemic, the coming surge of travelers is going to prove highly lucrative for vacation rental property owners.
More people are planning on traveling in a COVID-safe way than ever in the last two years, with current projections suggesting that the number of people traveling in 2022 will actually exceed pre-pandemic travel! With vacation properties being more insulated from outward incursions (as opposed to a hotel) and emulating the comforts of home more successfully than your typical hotel chain, guests will prefer vacation property to other options in the coming months.
For people who get involved in the vacation rental property industry now, the coming months will bring a windfall like never before. But people who have never invested in or flipped property before may be unsure of where to start.
In fact, people have become fond of timeshare property. These are the properties that multiple owners share at different times. However, this type of property is complicated to deal with, especially when you want to get out of the contract. Call for a lawyer if you ever find yourself in such a situation. A Timeshare Lawyer can Cancel a Contract and help you find smoother exits.
Fortunately, this guide was written specifically for them. If you like what you’re hearing so far, and you think you might want to get involved in vacation property investments, read on: we’ll give you a crash course on everything you need to know to purchase your first property, flip it, and make a significant profit this summer.
Let’s get started.
Location is Everything
As you might expect, where your vacation rental is located is one of the most (if not THE most) important factors in whether you’re able to attract renters with any regularity. In order for your property to be appealing to renters, it should be positioned relatively close to major tourist attractions, landmarks likely to be frequented by visitors, major shopping centers and restaurants, or something similar.
Locations of interest should be a short drive away at most: choosing to purchase property for vacation rentals in, say, a suburb that’s miles away from anything exciting almost guarantees that you’ll see few renters taking a look at your property.
The added bonus of getting a property close to activities like these is this: the closer it is to tourist trapping spots, the more you can charge per night, and the more likely it will be that someone pays you at that rate.
The Business of Flipping
Before investing in a particular property, you’ll want to do a walkthrough of that property with a real estate agent, taking care to note potential amenities that you can list as well as potentially difficult issues to fix. Make sure you get that property inspected and are able to view the results before putting anything in writing either, as, without a complete picture of what you’ll be putting into a particular property, you can’t be sure whether you’ll make a sizable return on your investment.
After you’ve made the decision to invest in a particular property, you go about the actual business of flipping. Save what you can of the home’s original furnishings and décor, and before you replace any furniture, see if repainting it will save you some money instead. If you have the extra money in the budget, you can also add amenities that will allow you to hike up your price: kitchen islands, walk-in closets, large bathtubs and showers, amenities that home renters are likely to pay more for.
Put Your Listing Out There
Much like any product listing posted online, you have to make sure of two things: firstly, that your listing is posted on a reputable website that will attract customer attention, and secondly, that your listing highlights marketable aspects of your product, in this case, your property.
You might want to hire a professional photographer and an interior designer to stage and shoot the photos for your listing, as the homier your rental property looks, the more likely it is that you’ll be able to get a steady stream of renters. Make sure to take shots of amenities that will attract renters as well, as a picture is often worth more than a thousand words.
With that, you’re all set to start investing in vacation rental properties! Take the time to evaluate each property you come across, to ask yourself what you would want out of a vacation home: that’s often the best metric for deciding which properties to invest in, and how much work it’s going to take to make a particular property profitable. Use common sense and follow the steps on this guide, and you’ll be set to make a wad of cash by summer.
Arnab is a passionate blogger. He shares sentient blogs on topics like current affairs, business, lifestyle, health, etc. To get more of his contributions, follow Smart Business Daily.