So you want to buy a Vacation Rental Home on the OBX?
It’s safe to say that people love coming to the beach.
I mean, what’s not to love? There’s warm sand, beautiful ocean views, lots of fun things to do, and just enough seclusion to make the Outer Banks the perfect place to escape from the city and forget about the stressors of the outside world.
One of the best parts of vacationing on the Outer Banks is the opportunity to stay at a vacation rental home where you can enjoy all the space and amenities of a private home while getting to enjoy being on vacation.
And now you’re thinking about purchasing your own vacation rental home so that you can get the best of worlds: have a place to stay when you come down to the Outer Banks and make life-changing passive income by renting out your home throughout the year.
But where to start?
Fortunately, Seaside Vacations has been working with homeowners on the Outer Banks for decades, helping them manage their properties while getting the most out of their vacation rental investment. We want to help your vacation rental business thrive while offering top-notch customer service and vacation experiences.
So if you’re thinking about purchasing your own vacation rental property and getting a spot on the Outer Banks to call your own, here are some things to consider.
Do Your Homework
Purchasing a vacation rental home can be a phenomenal experience and a great way to increase your passive income. However, before investing in your property it’s important to think about your budget and plan ahead for that monthly mortgage payment. Realize that market prices fluctuate based on demand and, as we’ve learned over the past two years, anything can happen. So be sure to think about mortgage payments, property taxes, insurance, and utilities when figuring out your price range and stick to it. You’ll be better off in the long run AND you’ll be able to get the most out of your rental property, both through additional income and the guarantee of your own week on vacation.
Plan Ahead for Additional Expenses
When picking the right home that has your perfect combination of beachside pleasure and budget options, be sure to plan for the extra expenses that come with the upkeep of a vacation home. In addition to your monthly mortgage, you’ll also need to budget for utilities, taxes, HOA fees, insurance, and property management fees. When planning to begin renting out your home to guests, you’ll also want to plan ahead for maintenance and cleaning fees. However, when you join our property management program, we also include a FREE Annual Maintenance Plan for your property! This means that you don’t have to worry about off-season inspections, filter changes, minor repairs, battery replacement, or routine minor maintenance issues like clogged toilets, sinks, or bathtubs.
Find Your Niche or Theme
Staying on the Outer Banks is always a lot of fun. And both homeowners and visitors alike can get the most out of their Outer Banks vacation when staying at a vacation rental property that is unique in some way. Whether it’s giving your home a creative name that is a tasteful play on words or decorating your home with a specific theme, like surfing or wildlife, having some sort of niche that sets your home apart from the rest will not only give guests a more memorable vacation experience, but it can also help bring in more bookings, and as a result, more income, for you.
In fact, when staying at a home with a creative or unique name, not only will your guests feel like they are receiving a more personalized vacation experience, but they’ll be more likely to suggest the home to their friends and family members on social media and by word of mouth. When a vacation property has an interesting name and a story, guests feel like they’re part of something special and not just a room number at a hotel or a resort.
And when your home has a specific theme, whether it’s a fisherman’s paradise or a book-lovers getaway, guests also know what to expect when they arrive, leading to more satisfied customers and repeat bookings. Not to mention, when your house stands out or has a unique name, it will also be logistically easier for guests to find, further making their Outer Banks vacation relaxing and enjoyable.
Decide if You Want to be Pet-Friendly
Seaside Vacations offers both dog-friendly and no-pet homes, so it’s really up to you whether or not you want to allow dogs in your vacation rental home. You will want to take into account cleaning, allergies, space, and HOAs when making your decision on whether or not to allow guests to bring their favorite canine companions with them to your home.
Choose a Rental Management Company
While there are plenty of homeowners who manage their vacation rental businesses on their own, managing promotions and marketing, potential customer inquiries, taking photos, creating listings and descriptions, organizing payments, cleaning, and maintenance, and responding to online reviews can take a LOT of time, leaving little time in your schedule to actually take care of the rest of what you have going on in your life like work and family.
Hiring a vacation rental management company can help alleviate this by taking on the stress and responsibilities of running a vacation rental business while allowing you to get your free time back while still bringing in a passive income. It’s important to think about fees, marketing, and included services. For instance, when you manage your rental property with us at Seaside Vacations, not only will you get our FREE Annual Maintenance Plan and an Annual Tune-Up, valued at $100-$200, but we’ll also list your home on Airbnb, Vrbo, Booking.com, Google Travel, and Homes& Villas by Marriot International (HVMI) while handling everything that comes through those channels, from bookings to guest inquiries and reviews.
Give us a call today!
We love property management on the Outer Banks and it shows. Family-owned and locally managed for over 30 years, Seaside Vacations goes above and beyond to make sure property management is Hassle-Free, meaning that we’ll take care of the details so that you can get back to taking care of the things that matter most to you.
Once you’ve found the perfect home to enjoy the best of both worlds, be sure to fill out this form for your Complimentary Rental Projection or give us a call at (252) 616-1056 to find out more about property management with Seaside Vacations today!
We’re experienced and here to help.
About the Author: Lauren is the author of two books and a travel enthusiast. She grew up on the Outer Banks and only left for a few years to get her degree at UNC-Chapel Hill and complete a tour in the Coast Guard before making her way back to the beach in 2017. The only thing Lauren loves more than writing is sharing her love of the Outer Banks and its rich history with visitors and locals alike. When she isn’t writing for the Seaside Vacations Travel Blog, Lauren can usually be found with a book and cup of tea in hand, planning her next travel adventure and trying to figure out what happened to the Lost Colony.
