Buying a Cape Cod vacation home is a great investment option, especially in 2021, when mortgage rates remain low. The demand for suitable properties is on the rise thanks to Cape Cod’s fantastic seaside location and impressive climate. Investors are primarily looking for homes they can move to after retirement. Until they are ready to move, they use the property as a rental and use the income to cover mortgage payments and other overhead costs. If that’s something you’d like to do, here’s some information on how to rent the place profitably and make the house pay for itself.
Manage rentals using digital platforms
Investors living in other states don’t have to worry about managing the rental from a remote location. You can connect with short-term rental or vacation customers using digital apps that allow you to arrange bookings at various sites such as Airbnb, Turnkey, Flipkey, and Tripping.com, all from from a single platform. You can contact guests, confirm their planned stay, and receive payments, among other functions. Most importantly, this management software allows you to hire cleaning and repair services to monitor the place and prepare it for future tenants.
Decorate and enhance the rental
Keep your guests comfortable and make sure they have a memorable vacation by outfitting the home with high quality mattresses and quality sofas and tables. You would want to invest in upgrades for bathrooms and kitchens with essential utensils and appliances. Having an oven, refrigerator, dishwasher, laundry room and microwave will ensure that vacationers enjoy their stay in a home away from home. Your goal here is to provide the experience of living in a hotel, but at affordable rates. Including a pool, plunge, pool, hot tub or play area where the kids can stay occupied can also earn you higher rent and repeat customers.
Amenities are always welcome
Small touches can go a long way in enhancing the appeal of the property. Get linens, fluffy towels, towels, and bathrobes for guests to use. You can also provide toiletries and skin care products as a Uncle Bud’s Mask, shampoo, conditioner, moisturizers, sunscreen, body wash, and dental care items that customers are sure to appreciate. In line with current health and hygiene requirements, having a generous supply of disinfectant sprays, wipes and hand wash is a welcome addition.
Works of art and curiosities add to the aesthetic
Decorative artwork and local pieces made by artisans are a great way to enhance the aesthetic. You could order and hang house portraits which are essentially hand-illustrated paintings of the property that capture a special moment in time. Paint the interiors with colors that brighten up the place and give it a warm and welcoming look. Area rugs in place of carpeting add an element of comfort and are easy to clean and maintain, especially when guests have children and pets entering from the beach.
As with any other property, you must take out adequate insurance to secure your investment. You will check the applicable laws and regulations of where you are purchasing the home, such as Upper Cape, Lower Cape, Outer Cape, and Mid Cape. Therefore, you will need to purchase flood insurance, liability insurance to protect against injury to visitors to your property, and loss of use coverage for damage to property inside the home. You may also want to obtain coverage to make repairs in the event of damage to the structure in the event of risks covered by the insurance terms.
Investing in a Cape Cod vacation home in 2021 is a viable proposition. Consider outfitting the house and renting it out for short or long term rental before you are ready to move in after you retire.
This article is brought to you by the right people at Uncle Bud’s Hemp.