Tips for Investing in a Lake Norman Vacation Rental
Earning a passive income by owning rental properties has become a popular side hustle for many. If you are looking to buy a property in Lake https://lakenorman.com/tips-for-investing-in-a-lake-norman-vacation-rental/Norman that will either be a full-time rental, or serve as a weekly vacation rental for tourists, this is your guide to getting started.
Pick an Ideal Location
If you want to use your home as a rental for tourists, you need to focus on a popular location with easy access to restaurants, activities, and the lake. Waterfront properties are ideal but not necessary. Lake Norman has a variety of towns to choose from, each with specific qualities. If you want your rental to appeal to families or groups, focus on areas with lots of activities. If your rental is going to be an oasis for relaxation choose the west side, commonly referred to as “the quiet side”. Convenience and transportation are also essential factors. With Lake Norman being 20 miles from Charlotte it’s a quick commute to the Charlotte Douglas International Airport and easily accessible by car.
Work Out the Financials
Before starting to look at homes you’ll want to research laws and regulations pertaining to owning a rental property. This will include any specifics about insurance, rules, and what type of mortgage you can have. With a rental property, you want to be sure you’re earning enough money to cover operating costs as well as earn a percentage for personal income. When looking at mortgage rates and options consider both a 15-year fixed mortgage and a 30-year fixed mortgage. If you want to save money on interest and will earn enough from the rental income to afford a larger monthly payment a 15-year mortgage might be best. Or if when starting out you feel more comfortable with a lower payment a 30-year mortgage is a good option. Knowing your budget and what you are looking for in a rental is important, and even more important is finding a Lake Norman real estate agent who knows the area and you can trust.
Prepare Your Rental
Once you’ve decided on the location and type of loan for your rental property, you can start working on how you’ll prepare your property for visitors. With a vacation rental, you want guests to feel comfortable, have plenty of space, and feel like they are on vacation. Sticking to a lake house decor theme is a great choice to create a relaxing atmosphere for your guests. Having a cohesive theme throughout the home will make guests feel cozy and want to come back. Also remember, most of your rental guests are on vacation so be sure to provide adequate tips for a lake norman vacation. This might include detailed information on boat rentals, a list of dining options, as well as outdoor activities.
Manage Your Bookings
Once your rental is ready to go you can start booking guests. You can use third-party sites for booking which will make keeping track of open and filled dates easier. You’ll also need to arrange cleaning services for the rental after each booking as well as supplying any linens and basic supplies. Your booking costs may depend on the time of the year, peak travel seasons like holidays, and how many guests can stay at a time. Including quality photos and full details about the home will help gain potential renters. Once you’ve had guests make sure to ask them to leave a review if they enjoyed their stay.
At first buying a rental property might seem like a daunting task. If you follow these tips and advice you can have a passive income in no time. Make sure to leave a few open weekends on the books so you can enjoy your house on Lake Norman too!
Contact a Local real estate firm for resources and info on investing in Lake Norman vacation rentals – waterfront and off water