Many Americans dream of investing in real estate, but those dreams die with many because they lack proper knowledge. Before the Internet became widely used, most people thought you’d have to be a multi-millionaire to invest in the real estate industry. But that’s not the case.
There are several ways to invest in real estate, and your choice primarily depends on your financial capability. However, this article will focus on investing in real estate via rental properties. Yes, it sounds easy. All you’ll need to do is to take out a second mortgage for a second home, and you’re in business, right?
I wish it were that easy. There’s more to owning a vacation rental property. And if you’re interested in making a reasonable profit off your investment, you’ll not want to dive into the vacation rental business without doing your homework.
When it comes to housing, especially when business-related, location is vital. The location of your vacation rental property can make or break your rental business. You might have stayed in a rental property you love, but it might not be in a desirable location.
Imagine starting a cotton candy business somewhere in the countryside – sounds odd, right. The first question you’ll ask such a person is, “how do you intend to make plenty of sales here?”
But if such a person took his candy machine to a park somewhere in New York City, you can bet your last dollar on the fact that they’ll make multiple sales. The cotton candy business analogy applies to the vacation rental business.
Another great option to have your preferred location would be to buy a piece of land on rent and invest in mobile homes. ZeroDown has a great collection of beautiful mobile homes for your vacation rental business.
You’re on a quest to make a profit, and you’ll want to consider positioning your business in a favorable position profit-wise. It’d help to make decisions that will drive you to your goal of making a good profit.
So, if you’ve decided to go into real estate via the vacation rental route, you’ll want to know the best places to own a vacation rental property in 2024. And that’s where you’ll start from before looking at various homes that fit into your budget. But before you make payment for any property, here are a few factors you’ll want to consider:
Personal Use
One of the significant reasons many people get motivated to buy vacation rental homes is personal use. Owning a vacation rental property is one of the ways many Americans cut back on holiday costs.
So, you’d want to think like a business-oriented person and make a vacation rental property decision that would save you some thousands of dollars in the coming years. Imagine how exciting it’d be to have fun and make money at your home.
Rental Income
If you own a vacation property in a good vacation rental marketplace, you’ll probably get steady profits from such a property. However, not all markets will provide a continuous income window that will cover all expenses; and that reason is enough for you to look at the best places to own a vacation rental property in 2024.
Appreciation
Besides rental income, another significant factor to consider before buying that home is property appreciation.
Although most real estate market predictions are speculations, you’ll want to keep in mind that property markets experience price swings in correlation with the current economic landscape.
So, it’s primarily advisable to get a vacation rental for sale by the owner. Such a person might need cash, and you’ll probably get a better deal on the property.
Risks
When considering what you stand to gain from any business, it’s advisable to imagine what would happen if things go south. Imagine getting a beach-side vacation property in one of the booming rental markets, and harsh weather conditions destroyed such a property. That’s some high financial cost because home repairs aren’t cheap.
Although any form of investment is subject to risk, there are ways to minimize such risks when you plan. And you wouldn’t want your zeal to make big profits to sway you off risk management practices. The goal is to make gains, not losses.
With these in mind, the following are a few of the best places to own a vacation rental property in 2024:
The Poconos, Pennsylvania
When talking about vacation rental properties, the Poconos has always been at the top of many real estate agents’ lists. The mountainous, lake-lined region in the northeast area of Pennsylvania attracts many East Coast urbanites looking to enjoy a vacation in nature.
The Poconos have multiple year-round adventures for families and outdoor lovers, which is probably why it’s one of the most sought-after vacation locations.
Sevierville, Tennessee
If you acquire a vacation rental property in Sevierville, you are well-positioned to hit and exceed your occupancy goals – thanks to the 12.1 million visitors who storm the national park. Sevierville’s backyard features the great smoky mountains, which provides tourists with a fascinating view of Mother Nature.
Buffalo, New York
Niagara Falls has made Buffalo a hot cake on the vacation home rental location list. The tourist attractions center records over 15 million visitors annually. Aside from Niagara Falls, Buffalo sports several restaurants, museums, and other fun locations that would make visitors wish they could stay forever.
Being the second-largest city in New York, owning a vacation rental property in Buffalo would be one of the best investment decisions you ever made. And if you live in New York, you can start by searching the internet for vacation property for sale near me.
Captiva Island, Florida
If you want to invest in an exclusive vacation rental property, you should look at Captiva Island. Although there are many homes for sale in Florida, the properties on this island ooze uniqueness. The activities on the island further complement the atmosphere of luxury, which seduces many visitors.
Some of the highlights of Captiva Island that have visitors picking their jaws from the floor include:
- Magnificent sunset view
- Beachcombing
- Kayaking
- Paddleboarding
- Dolphin and wildlife cruises
Bottom Line
While an excellent vacation rental investment does not guarantee success, the best places to buy vacation rental homes continue to generate positive leads for investors. Owning a vacation rental property is a win-win for you if you understand the benefits of your investment. To know more about rental properties, you’d want to visit https://theshorttermshop.com/vacation-rental-property/.
