What to Look for When Buying a Short-Term Rental Investment Property
We are seeing an increased demand for investment properties, specifically, properties that are more along the lines of an Airbnb property, a beach resort vacation home that can be rented but then rented longer throughout the year.
Obviously, we're a seasonal beach town but the longer you can rent it and take advantage of the rental season—making it more year-round—the better the investment return will be.
There are a few things that are keys when looking for a rental investment.
Location, location, location. This holds true for real estate values and it’s the same way for rentals. The closer you are to the beach with the best view, the better and more consistent your property is going to rent.
The condition of the property has to be very tight. It needs updated appliances, the most recent paint colors, the best furniture, and the trends of the current marketplace need to be done to the property.
The property has to be clean, and it's key to have a great cleaner who's going to help keep an eye on your property to ensure that with every turnover between rentals the property feels new.
You want to have the best amenities possible, whether it be a pool, an elevator, fitness center. Those are the items that many Airbnb-type renters are looking for, which in turn will help you with your rental investment property.