Buying A Vacation Rental - A Step by Step With AZ Realty & Rentals
The Purchase Process
Step 1: Identifying Your Price Range
Before diving into the property search, it's crucial to establish a price range that will include ongoing costs such as property taxes, insurance, HOA fees, utilities, and maintenance. AZ Realty & Rentals can connect you with trusted Mortgage Brokers we work with who specialize in investment properties. PRO TIP: AZ Realty & Rentals will most likely have a couple properties already in the rental program with future bookings that could be available to purchase.
Step 2: Choosing the Right Location
Location is one of the most critical components of a successful vacation rental. Consider areas that attract tourists, have access to amenities, and offer a desirable environment. AZ Realty & Rentals has extensive local market knowledge and can guide you to the best neighborhoods for vacation rentals based on demand and rental rates. Homeowners Associations and city restrictions, if any, are vital to know about when purchasing a short-term rental property.
Step 3: Property Features and Amenities
When purchasing a vacation rental, consider what amenities will appeal to your target market. Features such as a pool, hot tub, proximity to attractions, or scenic views can significantly enhance the rental's attractiveness. AZ Realty & Rentals can provide insights into what amenities are currently trending and in high demand.
Furnishing Your Vacation Rental
Step 4: If the property isn’t already furnished, AZ Realty & Rentals can help connect you to our trusted company that will help furnish your rental from top to bottom and offer a design consultant to assist you with the right choices to maximize revenue and fit into your budget.
Consider the following when furnishing your future vacation rental:
- Living Room: Comfortable seating, coffee table, entertainment center.
- Bedrooms: Quality mattresses, bedding, nightstands, lamps and televisions.
- Dining Area: A dining table and chairs that accommodate the maximum number of guests.
Stocking Your Vacation Rental:
- To ensure a pleasant stay for your guests, your vacation rental should be well-stocked with essentials. AZ Realty & Rentals recommends including:
- Kitchen Supplies: Dishes, flatware, pots and pans, and kitchen appliances. PRO TIP: We recommend having double your max occupancy for glassware, and dinnerware.
- Bedding and Linens: Extra blankets, pillows, and towels.
- Cleaning Supplies: An iron and ironing board, vacuum, and cleaning products for the guest to use and clean up while enjoying your property.
Extras:
- If you are going to be pet friendly, offer dog bowls and a dog bed. Highchairs and cribs or pack n plays are also great items to have to accommodate young children and secure a reservation.
Congratulations! Now that you’ve purchased your vacation rental and fully furnished it, you can take advantage of AZ Realty & Rentals full-service management program (WHITE GLOVE SERVICE) to take care of every aspect of the rental process.
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