Top 10 ‘MUST HAVES’ of Buying Your Vacation Rental Home
- April 1st, 2015
- in PROPERTY
Even ardent sailors occasionally need to spend some time enjoying the benefits of a stable platform; a place from which to observe the islands and boat traffic from a different perspective. Frequently, it is pressure from the less than enthusiastic boating fan-spouse that initiates a visit to the real estate agent’s office.
Buying a land-base in a foreign country is not a light decision to make, but funds permitting, it’s really not a very difficult procedure; that process has been amply covered in other articles. Here, instead, is a top-ten list of things to look for if you are considering purchasing a property with a view to renting out to vacationers while you are at home – presumably dreaming about your next visit.
- Easy access to the property is important, but easy access to the water is even more important. The property does not have to be right on the water’s edge, but certainly not more than a couple of minutes’ drive away.
- The view from the house should be memorable and readily available from a number of vantage points. Each bedroom should have at least a view of a tropical garden, if not the sea.
- The location of the house should provide for sufficient airflow. It should not feel dank or stuffy anywhere in the house, and especially not in the bedrooms. During the summer months, and frequently at other times of the year, the wind can and does die down. Air Conditioning will seem like a blessing at these times.
- Finding a property with Caribbean charm and character can make the house more appealing to owners and renters alike, but it also has to fit the physical needs of the owner who may have serious storage requirements if they also happen to be a boat owner.
- A large covered deck no doubt adds to the charm of a property. Spending a lot of time outdoors is an important part of life in the tropics; come rain or shine.
- If the property has rental income history, so much the better. You will hit the rental ground running.
- Construction quality is of course very important, but it is difficult to measure without a trained eye. A structural survey will put your mind at ease and ensure the property will remain in good condition to sell when the time comes.
- Having the electricity and telephone wires run underground will improve the property’s aesthetic and its value. The unimpeded views are what people appreciate.
- The costs of maintenance and insurance are not always considered early in the selection process, but they are important aspects of purchasing that should be accounted for in the final reckoning.
- Crime is very rare in the BVI, but if the area has low quality housing and rusted wrecks around, remember, “Location, location, location”.