Vacation properties are situated all over the world, each having their own charm, amenities and unique selling points. With all the considerations and costs, the decision to purchase a vacation home should require careful thought and preparation.
So what should prospective owners/landlords look for when purchasing a vacation home for rental?
- An Easier Alternative to Being a Landlord
- Access to Upscale Amenities
- A Secure Location
- Entry Price in an Enviable Destination
An Easier Alternative to Being a Landlord
Typically when you purchase a vacation home, you’ll want to rent it out so that it contributes to its own running costs. To do this you will need to keep up-to-date with rental laws and regulations and make sure you abide by them. You’ll also be entirely responsible for the maintenance and reparation of the property to ensure it’s safe and habitable for guests.
If the prospect of managing your own rental is a little daunting, there may be a better solution when it comes to vacation homeownership. Condo hotels are popular alternatives for tenants and many are operated by prestigious hospitality companies like Hilton who offer optional rental programs.
The on-site management company will maintain the vacation condo to the standards required by the branded letting program, the costs for which you still have to meet. The upside is that you don’t have to worry about hiring tradesmen, maintaining the property or checking in guests and housekeeping while you’re away - all the hassles that come with renting a vacation property are covered.
The big hotel chains will also manage bookings, market to the 100-million members in their loyalty program and actively promote your condo to make sure it’s occupied. These are just some of the convenient ways they can make vacation homeownership a breeze.
Access to Upscale Amenities
The amenities at your vacation home can mean the difference between a guest coming once or returning again and again When travelers browse through their options, the amenities offered can really set your vacation home apart. So when purchasing a vacation home, you need to keep that in mind.
Vacation homes can often include amenities such as a small pool or jacuzzi. A staggering 81% of renters think a pool is important, however, you’ll typically be responsible for the maintenance of one if you have a Do-It-Yourself rental program and this is no easy task.
A vacation condo in a condo hotel resort can have an array of exciting amenities for you and your potential guests to enjoy. From restaurants and bars to pools and gyms, not only are these fantastic for you when you’re spending time at the property, but they can also be the reason guests chose to stay at your vacation condo in the first place.
Instead of a free-standing home with maybe just a pool, condo hotels have other great amenities to keep guests occupied and encourage them to return. The best part? Resort infrastructure is maintained by the HomeOwner’s Association and management company and covered by your HOA fees.
A Secure Location
As a landlord, it’s your responsibility to make sure the property is secure. When you purchase a detached free-standing vacation home, they’re often distant from other properties.
A vacation home in a resort creates a much closer community. Plus, there's added security as they often have CCTV and neighborhood watch schemes.
Entry Price in an Enviable Destination
Vacation homes are situated all over the world from Boston to the Bahamas to the island of Bermuda. Free-standing vacation homes can be expensive and often unaffordable, especially in spectacular destinations. However, new condo hotel residences provide buyers with an opportunity to purchase in a resort at a much lower entry price.
For example, Bermudiana Beach Resort is set to open Spring 2021 as part of the Tapestry Collection by Hilton. Bermuda is a cluster of mostly-interconnected small islands and a vacation destination that has become a second home for many on the east coast of North America. With whole ownership of a condo at Bermudiana Beach Resort, you get 90 days available for personal use and the remaining 275 days are available for rental.
If this more convenient style of ownership sounds perfect for your vacation home, we’ve created a visual guide for everything you need to know about owning a condo this way and the advantages you can gain.
Learn More About Whole Ownership and Why a Condo Hotel Should Be Your Next Vacation Home
Vacation homeownership can be a breeze if you want it to be. Take a look at our guide ‘Why Bermudiana Beach Resort?’ to understand how to make it simple. From our relationship with prestigious hospitality giant Hilton to how our condos can potentially make great rental properties, you can find it all in this guide.
Click below to get access and start your journey.