There are a vast array of ways to make money through real estate. Some investors decide to buy properties, and sell them on. Others opt to go down a buy-to-let route. Both of these options can become full-time careers if done right.
But, these are by no means the only options for investment. And, among the forgotten choices are holiday rentals. Many of us like the idea of having a home abroad. When you delve into holiday rentals, you can enjoy that perk while also making money.
But, as with any property rental route, this isn’t as easy as it sounds. For one, buying abroad means getting used to a real estate market you aren’t familiar with. You’ll need to research to get an idea of taxes and laws you’ll be expected to adhere to.
And, once you’ve got your head around that, you’ll need to tackle the rental market. Again, this isn’t easy, but a little research should answer any questions you have. And, to help you get started on the right footing, it’s worth considering the following pointers.
Pick a desirable location
When renting close to home, location isn’t much of an issue. People need rental properties in all destinations. But, the same can’t be said for holiday rentals. If you pick an isolated area, you may struggle to find interest. Instead, look out for popular areas, like the French Riviera, which are sure to see you succeed. For proof this is an area worth investing in, you might want to look at properties available from companies like Magrey & Sons. Seeing what’s on offer is sure to convince you. It may also be worth looking at homes in upcoming areas like Istanbul. That way, you can pay less, and see a decent return.
It’s also important to consider weather patterns. In some areas, you’ll need to shut up shop during winter. But, if you choose a destination with year-round sunshine, you can keep reaping the rewards.
Get a good idea of pricing
Once you’ve bought your property, you’ll need to get a sense of what rates you should charge. If your prices are too high, people won’t use you. Equally, you’ll miss out if they’re too low. So, it’s important to research other rentals in the area. Using this method, it should be easy to reach the right rate. Bear in mind, too, that you can charge extra for features such as sea views.
Make the place look good
In recent years, the Airbnb industry has skyrocketed in popularity. And, with this trend comes a desire for beautiful holiday rentals. Those who host Airbnb’s often provide small touches, such as welcome notes, or bottles of wine. Not to mention that they include homely touches, like folded towels and vases of flowers. Obviously, you won’t be at your holiday rental to do these things. But, it’s worth working with someone on the ground who can do them for you. These touches could see customers renting time and again.