IS A VACATION RENTAL IN PHUKET A SMART INVESTMENT?
Airbnb and VRBO have widened the market for holiday properties. Vacation houses are no longer a luxury reserved for seniors and well-off families; they are now a feasible investment. Over 40% of holiday homeowners make enough money from the rental revenue to cover all of their expenses, and nearly one-third earn a profit from their vacation rental.
These are tempting figures if you're considering purchasing a Phuket vacation home as an investment property, either to rent solely or to utilize part-time for personal use. However, not every property is suited for success as a holiday house. To earn money, your vacation rental property must be an appropriate property in the right location.
LOCATION
Location is by far the most essential consideration when purchasing a vacation property. You may purchase a beautiful house with all the amenities guests want, but if it is not in a popular location, you will struggle to remain booked or charge lucrative rates.
If you're looking for a seaside vacation property, Phuket is hard to beat. Phuket, according to Vacation Rentals, is a popular vacation destination each year; due to the area's many white-sand beaches, cool beach bars, and golf courses, investment property owners can rely on year-round visitors. Prioritize homes located inland near supermarkets, restaurants, and bars, since renters nearly always want convenient access to amenities throughout their stay. And if you want to utilize the property for personal purposes, you'll have no difficulty locating a place that suits your preferences, whether it's a seaside apartment or a large house near a golf course.
SIZE
Vacationers choose two- and three-bedroom houses, particularly in locations that appeal to families and groups. Even one-bedroom homes, however, may rent well if they are in a desirable area. Property owners may expand the capacity of a unit by installing a pull-out bed in the living room or den, but they must ensure that there are enough restrooms to accommodate all visitors. Vacationers want to go out and see the region, not queue for a shower. The most popular kind of residence is one with one bathroom per bedroom.
APPEARANCE
The look of a house or villa has a significant effect on its profitability and maintenance. Consider this if you will be away from home for an extended period of time and do not want a house with many issues that need care. If a house is in excellent condition but needs aesthetic improvements, a modest investment in home renovation may transform it into a profitable rental property.
Update the kitchen first, since this is where tenants spend most of their time. A property's high-end vibe is enhanced with stainless steel appliances, contemporary hardware and fixtures, and upgraded worktops. Repaint the walls throughout the remainder of the property; you may create a calm atmosphere by painting the bedrooms blue or green. To make maintenance easier, replace old floors with new tile or even laminate. A rental house requires a greater level of maintenance than a private residence, therefore employ a cleaning firm to turn the property over between visitors.
AMENITIES
The following are the amenities that are most important to vacationers:
- Parking is free.
- Automatic check-in
- Centralized air conditioning
- WiFi at a high speed
- Cable television or online streaming
- Washing machine and dryer
- Completely equipped kitchen
- Toiletries
The simpler things are for your tenants, the happier they will be. Along with these facilities, offer a handbook with comprehensive information on transportation, events, and activities, as well as where to eat and drink.
All of these nuances add up to a very difficult task. Before purchasing an investment property or converting your primary residence into a short-term rental, ensure that the property will generate a profit after mortgage payments, renovations, and other costs. Whether you want to fund your Phuket holiday property entirely via short-term rentals or just to subsidize your personal usage, you want the time and work you invest in planning and maintaining a Phuket rental property to be profitable.
If you enjoyed reading this, give us a like or a share. As always, feel free to Call, Whatsapp, or message me if you need any assistance or just looking for a Phuket Rental. Scott +66 80 052 8082
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