If you’re planning to buy an investment property for vacation rental, here are some things to consider. Design, shape, size, privacy and other factors are important to shape the property to maximize your investment. These are things that are easier to adapt when you’re purchasing pre-construction or building from scratch. But you can always modify a re-sale to fit the needs of your future guests.
The Riviera Maya is still full of vacation rental homes that have uncomfortable furniture, hard to move around and probably not so easy to clean. Tourists are increasingly looking for something sleeker and more modern. Consider the cost of a makeover and the value it would add to your rentals. It may be no more than a coat of paint; but do think about the functionality of the home and adaptability to each renter’s needs.
Size, shade and privacy
A good and flexible arrangement is two or three bedrooms with en-suite bathrooms. Plus, an additional sofa bed for larger groups is a great idea. Remember, the more people you can fit in your vacation rental, the more you can profit. Be realistic, though, about the space. If you are investing in a studio, perhaps no more than three people will fit. If you’re thinking of a 2- or 3-bedroom unit, then you can count on larger groups. Think about outdoor space, too. Many developments have large outdoor common areas with pools, shady palm-thatch palapas and other amenities that your guests will certainly enjoy.
When it comes to privacy, if you’re investing in a larger unit, you may want to consider lock-off options.
Most condominium complexes and private houses are built with security in mind. They have barred windows, high walls and lockable outer gates – often with 24/7 security guards. The trick is to keep the security arrangements low-key. Hide walls with luxuriant foliage and avoid prison-like features like broken glass wall tops and razor wires. These can be turn offs for potential guests. Offering a safe environment is key, but you don’t want to make them feel like they are in a potentially-dangerous zone due to all the security features around them.
The Riviera Maya has a key component: proximity to everything. Whether you invest in a beachfront property, one that requires a 10-minute walk, or anywhere else past the Federal Highway 307, you are likely to profit from your vacation rental. However, don’t forget that the closer you are to the beach and the better your amenities, the higher return on investment you will benefit from. Easy access to shops, the town center, groceries and other comforts will also pay a role in renting out your unit. Although the Riviera Maya is generally safe, there are areas that are advised to be avoided after dark. Use your real estate agent’s local knowledge to know where to invest that won’t put your guests at risk at any point during their stay.
Up-market rentals incorporate an increasingly sophisticated range of electronics, from power-operated windows to surround-sound systems. At the very least, you’ll need to offer a flat-screen TV, preferably with an international package to include foreign networks (or Netflix), decent Wi-Fi, a quiet and efficient air conditioning system, plus ceiling fans. You also need to consider adding the usual range of kitchen equipment and appliances. A washing machine is a welcome extra, although there are usually plenty of local laundries around.
This is perhaps the landlord’s worst nightmare. The leaks always happen in the middle of the night, usually buried in walls. Mexican plumbing can be very idiosyncratic, and cheaply-made parts quickly break down in a tropical climate. As plumbing is invisible, try to get a sense of how it works, where the weak points are, and if you’re investing in pre-construction, try to get it right beforehand. Also, find a reliable local plumber (or a reliable property management agency) that can help you fix these things quickly when necessary.
Although people come to the Riviera Maya mainly because of the turquoise Caribbean waters, having a pool (private or common) in your vacation rental home is a huge plus. Besides, a pool adds value to your home. So if you ever want to sell it down the line, then you are guaranteed a higher appreciation. Many tourists look for a home with a pool where they can chill in the morning or later in the afternoon after the sun has set. So, try investing in a home that has a pool – especially a rooftop one with amazing views of the Caribbean Sea.
You Choose What You Want in your Vacation Rental
At the end of the day, the vacation rental is yours and you get to decide what to do with it. However, these are tips from experts that can tell you how to keep your home rented for its amenities, location and style. So, contact us and we will help you find the perfect vacation rental home for you to generate greater income.
And remember, at Top Mexico Real Estate…we make it happen!