The Business Blog
When Should I Buy a Vacation Rental?
Welcome to this month’s Business Blog! This time around we’re answering the question “When should I buy a vacation rental?” This is a great question that requires a good deal of research before taking the plunge. Once you’ve done your research – after all, understanding the area is key! – and decided on a location, knowing the market conditions will help you get the most bang for your buck. There are advantages to buying before peak season as well as after. Read below to find out which time is best for you, then contact us about our property management services to learn more about what Southern can do for you!
Believe it or not, there are benefits to buying a vacation home during peak season. If you stay on with that management company, then you’re inheriting existing reservations with revenue already on the books. All in all, you’re doing yourself a favor! However, if you had plans to decorate, then those will be stalled by guests expecting the home to be furnished as is. This won’t give you a lot of freedom with decorating since you won’t want to move guests and lose out on revenue. Instead, wait for a lull in reservations to block off your property so you can decorate to your liking. Visit our blog for tips on how to furnish your vacation rental!
Buying In Off-Season
For those of you asking the question “When should I buy a vacation rental?” We can say that buying after peak season is a smart tactic but requires some strategic thinking. Going into a slower booking season allows you more opportunities to handle updating your home. While you’re likely to feel the pressure to have your home updated in time for the coming peak season, your hard work will certainly pay off! In addition, work with your property manager on ways to maximize your revenue, whether it’s some added exposure or adjusted rates.
We hope we’ve offered some insight into when you should buy a vacation rental! Once you’ve purchased your home, you’ll need a trustworthy property manager to take care of all the facets of running a vacation home. Southern can do it all and then some! Visit JoinSouthern.com to learn how Southern can net you more.