A rental property could range from a simple cabin in a state park to a six bedroom beach front house along the coast. It could be a small ski chalet or a spacious villa. The most important factor when finding a holiday home is that you like it and that it suits your needs. However, as with location, if you are planning on renting your holiday home you need to consider the needs of your guests. Regardless of the size or type, there are several items that need to be considered, and this is where your checklist for holiday rentals will come in handy. It is important:
• If it is large enough for your target market
• Does the property have a pool
• Is there good access to local amenities and the airport
• Is it child friendly
• Is it suitable for the elderly or disabled
By ensuring that your holiday rental meets the needs of your guests you can maximize on its rental potential.
If the demand exists and you are able to quantify it, invest in an apartment rather than a house. The main reasons for choosing apartment over a house are: apartments attract a mobile population and are always in high demand, particularly in city-centre areas; apartments require less maintenance, reducing annual expenditure; apartments are usually less expensive to buy and easier to sell; upper floor apartments are more secure during void periods; apartments generally occupy less space and therefore require less furniture, carpets and equipment; a garden will require attention during void periods; an apartment balcony will not.
Houses have some advantages too: in rural areas, small family houses with a garden may be in higher demand than apartments; apartment blocks may have a service charge for maintenance and common area upkeep which will have to be paid whether the property is occupied or not; the cleanliness, decoration and general condition of the external aspects and communal entrance hallways will be controlled by the management company, whereas with a house the owner is usually directly in control; apartment owners are often prohibited from letting their property.
While considering buying a holiday home you should consider your holiday home to have: fitted kitchen; private bathrooms;parking; good decor; the carpets, curtains and furniture should be clean and in good condition; keep the grounds of the property neat and free of rubbish.