3 Things To Prioritize When Buying A Condo To Turn Into A Vacation Rental
If you have concluded that you want to run a vacation rental, you will need to buy a property that you can use for it and start marketing. Being strategic about the place that you buy will help you maximize your chances of success. In your situation, you may intend on purchasing a condo so that you don't have to worry about exterior or landscape upkeep. While this detail alone will help you run a vacation rental, you should pay attention to several other things.
Bedrooms and Bathrooms
The number of bedrooms and bathrooms inside the condo will play a huge role in how many people you are able to accommodate within one reservation. If you want to maximize your income potential, you should aim for at least two to three bedrooms in your condo. At two guests per bedroom, you can look forward to accommodating anywhere from four to six people.
While the bathroom count does not carry the same level of importance, you cannot go wrong with getting a condo with two bathrooms, as one may not be enough to accommodate six people. A second bathroom that only has a sink and toilet is still worth getting because these are the two features that your guests will need to use the most when staying at your vacation rental.
If you want to make sure that it is convenient and easy to stay at your condo, you should look for a place with dedicated parking. While getting multiple spots is ideal as it gives your guests even more flexibility, you should be comfortable with one spot as most guests will only be using a single vehicle.
Ideally, you want to get parking that is close to the vacation rental so that your guests do not have to walk far with their luggage to inside. Also, having parking that is close by will minimize the chance that your guests get lost while walking around the condo community.
While a community gym is often desirable for a person living in a condo, you may want to put a greater emphasis on fun amenities such as a pool, hot tub, or rooftop deck. These kinds of amenities can look great in photos and provide your guests with a lot of entertainment value.
Prioritizing these things when buying a condo will help you run a successful vacation rental.
If you're looking to turn a condo into a vacation rental, talk to a real estate agent about condominiums for sale in your desired area.