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Buying a vacation property and renting it out when you’re not using it is a great way to have your cake and eat it too. But in order to get the most out of it — whether for yourself or renters — there are certain things you should be looking for.
The first is the location (obviously). Lake or beach side is certainly ideal, but there’s more to it than that. Check out what amenities are available around the properties you’re interested in. Families with kids might want some kid-friendly local attractions, whereas young people might be looking for nightlife. Renters will want to know what there is to do in the area as well as how accessible the home is. Is there year-round road access? Keep in mind, if you choose an island property, you’ll have to provide or arrange for boat service to and from the property. Consider all aspects of the location before you buy.
The next thing I look for is the quality of the outdoor space. Outdoor living is a huge part of any vacation property, so look for a spot that has areas to hang out in. If the property doesn’t have a large deck, patio or dock, make sure you’ll be able to create some type of comfortable outdoor living space. Invest in decent patio furniture and try to make the outside an extension of the inside.
When it comes to the interior of the property, there are specific things you should look for. One is updated decor and finishes. The kitschy ’60s and ’70s decor so often found in cottages can be fun, but if it looks like the place hasn’t been updated in 30 years, it can be indicative of a lack of maintenance and care over time.
Be wary of wood panelling! You might find issues lurking behind the walls. Also, if you’re thinking of renting, keep in mind that you can charge more when the finishes and decor are fairly modern and up to date.
That said, vacation properties tend to take a beating. People track in dirt, sit on the furniture in wet bathing suits, drop sports equipment all over the place and generally make a bit of a mess. So when you’re updating the furniture, make sure it’s comfortable but also durable. Put slipcovers on the sofa, use area rugs that can easily be taken out and cleaned, and don’t decorate with anything too precious or breakable. Decorate in a practical way that will still make guests feel like they’re getting something special.
The other thing to keep in mind is that vacation properties tend to attract a lot of friends and family, so make sure there’s somewhere for all of them to sleep. If there aren’t many bedrooms, make sure you can maximize the sleeping quarters so that everyone can sleep comfortably. I’m a big fan of built-in bunk beds in kids’ rooms and guest rooms.
I also look for big dining areas. Although dining at the cottage isn’t formal, in my experience the dining table becomes a gathering place not just for meals, but for all sorts of games and activities. I like to make sure that it can accommodate a minimum of eight people (but preferably more) at any given time. And it’s even better if the dining and living areas are open concept.
Vacation properties are fantastic opportunities to have the best of both worlds. With these tips, you’ll know what to look for before you buy.
