Purchasing a vacation home in Cape Cod is an excellent investment option, especially during 2021 when mortgage rates continue to stay low. The demand for suitable properties is on the rise thanks to Cape Cod’s fantastic seaside location and awesome climate. Investors are primarily looking for houses where they can move after retirement. Up until the time they’re ready to relocate, they use the property as a rental and use the earnings to cover the mortgage payments and other overheads. If this is something you would like to do, here’s some information on how to rent out the place profitably and get the house to pay for itself.
Managing the Rental Using Digital Platforms
Investors living in other states need not be concerned about managing the rental from a remote location. You can connect with short-term or vacation rental guests using digital apps that allow you to organize bookings on various sites like Airbnb, Turnkey, Flipkey, and Tripping.com – all from a single platform. You can contact guests, confirm their scheduled stay, and receive payments, among other functions. Most importantly, this management software allows you to call in cleaning and repairing services to oversee the place and have it ready for the next renters.
Decorate and Upgrade the Rental
Keep your guests comfortable and ensure that they have a memorable holiday by furnishing the home with high-grade mattresses and quality couches and tables. You would want to invest in upgrades for the bathrooms and kitchen with essential utensils and appliances. Having a cooktop oven, fridge, dishwasher, laundry units, and microwave will ensure that vacationers enjoy their stay in a home away from home. Your objective here is to provide the experience of living in a hotel, but at affordable fares. Including a swimming pool, plunge, pool, Jacuzzi, or play yard where kids can stay busy can also fetch you higher rent and repeat customers.
Amenities are Always Welcome
Small touches can go a long way toward enhancing the appeal of the property. Get high-thread-count sheets, fluffy towels, napkins, and bathrobes that guests can use. You can also provide toiletries and skincare products like an Uncle Bud’s face mask, shampoo, conditioner, moisturizers, sunscreen, body washes, and dental care items that guests are sure to appreciate. In keeping with current health and hygiene requirements, having a generous supply of sanitizing sprays, wipes, and handwashes are welcome add-ons.
Artwork and Curios Add to the Aesthetics
Decorative artwork and local pieces crafted by artisans are a great way to enhance the aesthetics. You could commission and hang house portraits that are essentially hand-illustrated paintings of the property that capture a special moment in time. Paint the interiors in colors that brighten the place and make it look warm and inviting. Area rugs in place of carpeting add an element of coziness and are easy to clean and maintain, especially when guests have kids and pets walking in from the beach.
Insurances
As with any other real estate, you must get adequate insurance to secure your investment. You’ll check with the applicable laws and regulations of the location where you’re buying the house, like in, Upper Cape, Lower Cape, Outer Cape, and Mid Cape. Accordingly, you’ll need to get flood insurance, liability coverage to protect against injuries to visitors on your property, and Loss of Use coverage for damage to any belongings inside the house. You might also want to get coverage for conducting repairs in case of damage to the structure in case of perils covered in the insurance terms.
Investing in a vacation home in Cape Cod in 2021 is a viable proposition. Consider outfitting the home and renting it out as a short-term or long-term rental before you’re ready to move in after retirement.
This article is brought to you by the good folks at Uncle Bud’s Hemp.
