Yesterday, I brought up the subject of how to have someone else pay for your vacation home in the mountains by utilizing vacation home rental income. Sounds great, right? So how do you go about finding the best homes with the most potential to generate income?
Here are a few things to look for:
- Location – The best locations have big views, river front views or complete privacy in the woods.
- Outdoor spaces – Properties where it is easy to enjoy the outdoors are in high demand (even with condos). This is most likely why the renter wants to come to Estes Park in the first place!
- Recent construction – New and flashy trumps history and character when looking strictly at income.
- Privacy – Nobody wants to go on vacation and be right on top of the neighbors. Be extra careful with this when considering condominiums especially with outdoor spaces.
- Bedroom bath ratio – The best case scenario is a bathroom for every bath.
- Multiple bedrooms – More bedrooms equals higher income per night.
The best way to evaluate whether a specific home has what it takes to be a successful vacation home rental is to ask yourself “Would I want to stay here while on vacation?”
Can you think of any major features I missed on this list?