Summer is right around the corner, and if you’re in the market for purchasing a vacation home, now is the time to buy. Whether you want to rent your home out for small intervals during the year when it’s not in use or you’re looking to purchase an investment property, there are a few things to consider. All things in mind, you can find a great house with top dollar vacation rental earning potential, all from earned from quality tenants. In addition to protecting your home with a New Jersey Vacation Home Insurance policy, consider the following guide.
As an investment property, do some research on what today’s rental market looks like, and what your prospective tenants look for in a vacation rental. According to Bigger Pockets, visit open houses in the area and chat with Realtors or call a few property managers in the city. Ask them about must-have features of homes being sold and homes being rented. Ask them about the people who are renting (and who are buying in the area). Why are they choosing this location (is it a local school, easy access to transportation or some other feature that is attracting them to the area)? Do they have grown kids, young kids, or are they seniors or students?
Once you find out who your potential renters are, it will make the home buying process much easier.
Sell the home.
Marketing your vacation home requires more strategy than simply listing it with the basics of bedrooms and bathroom counts. Be sure to note any local charms, such as restaurants and coffee shops that are unique. Accessibility to beach and mountains, as well as local conveniences, are important to note here. Think about how you would sell the home you’re buying to make it appeal to the masses.
Appeal to emotion.
Any old house would do in the right location for a vacationer, but that doesn’t mean you have to sell yourself short. Be sure to appeal to the prospective tenant’s emotion. Whimsical décor? Ocean or mountain views? Serenity? Activities for the children? These key features will get your vacation rental booked in no time.
About Tri-State Insurance Agency
At Tri-State Insurance Agency, we are committed to protecting homeowners against the broad spectrum of perils they face. Whether it is your full-time residence or vacation spot, our homeowner’s insurance is custom written to meet your specific needs. For more information, contact our experts today at (973) 579-6776.