Top Tips for Buying a Waterfront Home as a Vacation Rental
You may be considering buying a property to use a vacation rental for extra income. You also might like to use the property yourself once in a while for your own vacations. One of the most popular types of vacation rentals is a waterfront or beachfront home. If you are looking at waterfront homes for sale and would like to use this home as a vacation rental and potentially for your own use occasionally, there are some things you should know.
1. Know What the Rental Demand Is for the Area
When you are searching for waterfront homes for sale that you would like to use as a vacation rental, you will need to know what the rental demand is for the areas you are considering. While some beachfront areas might be very popular, others might be quieter and will attract fewer tourists. If the area doesn't get a lot of tourists, chances are, your vacation rental could sit empty for much of the season.
Do some research ahead of time to see if the region is popular for tourists to rent vacation homes before you even start looking for waterfront homes. This way you can be assured that you will always have some interest from potential guests.
2. Have the Entire Property Inspected
When you are looking at waterfront homes for sale, one of the first things you should do after you have narrowed down your list of potential homes you like is to have the entire property inspected. This means the entire house from roof to the basement, if there is one, and the grounds the home sits on as well.
Hire a professional home inspector with experience in looking for problems in homes that are located on the waterfront. They can look for water damage from storms as well as lake or ocean water rise. They can find out if the area is prone to flooding, and if the home has had any flooding in the past. They can also help you do water quality tests to ensure that the water is safe for swimming or fishing.
During your inspection, walk the entire property and search for debris from trees, or that has washed up on the shoreline. This could be an ongoing problem if the area gets frequent storms. This would mean you would need to repair and maintain the property more often than others. Check out the water for weeds and to see if the property has a good beach or dock to swim or launch a boat from.