Real estate can be a productive investment when you make smart decisions. There is often a time of trial and error when you first take on the responsibility of a new property. Rental properties can be a great way to bring in extra income when you manage them properly. Your debt can increase, however, if your property is not in use or incurs damage. There must be a market for the type of residence you are offering. To increase your earnings, you must do your research, maintain the property, and make it attractive to consumers.
Get to Know the Area
You may not be able to rent out your property if it is not in a popular area. Do some research about the tourist activity in the area. You should also find out the average amount spent on accommodations. In a paradise like Aruba, people may spend more to have a luxurious experience. Look at Aruba condos for sale in areas that are near main tourist attractions. Easy beach access is a one of the main requirements, while many people also prefer nearby restaurants and shopping. Safety is also a concern for vacationing families. Check crime statistics in the area before you make a purchase.
When people choose to rent a condo they often do so for increased comfort and more space. Furnish the space with quality furniture and appliances. It is best to visit the location and try out the furniture yourself. It is a good idea to plan adequate sleeping space for groups of different sizes. Two beds in a bedroom or several sets of bunk beds are great for families with kids. The living room sofa should also convert into a bed to accommodate more people. Make sure the kitchen has all major appliances, as the ability to cook often helps families save money on their trip. Comfortable sitting areas inside and on the patio give individuals a place to relax after a long day touring the island. Provide plenty of seating for mealtime by purchasing barstools, folding chairs, or T.V. trays.
Amenities and Maintenance
It is important to make your rental stand out from the rest. Add some amenities that make people choose yours. You can offer a cleaning service once a week for long-term travelers to help keep the premises comfortable. Include a few vouchers for a taxi service or a pass for public transportation to help your renters.
When you know guests are on the way, have a someone in the area stock the fridge and pantry or have the essentials delivered to the guests. Stock up the closet with plenty of beach towels and extra linens, as well. Hang complimentary beach bags with a hat, sunscreen, and flip-flops on a hat rack for guests to find. These special touches give people a reason to recommend your property to others.
Allow a day or two between visitors to allow for cleaning and maintenance. If you do not live in Aruba, it is important to hire someone in the area to look after the condo. Send this person in as soon as guests leave to check the condition of the premises. This way, you can schedule necessary repairs or extra cleaning. Have a thorough cleaning done by a professional after each group leaves, including sanitation of linens. It can take a long time to recover from a bad review.
Real estate management is more than simply buying an expensive property. You must purchase something in a flourishing area and maintain it properly. It is a big responsibility to host guests all year round. Many people save for months to enjoy a one-week vacation. A luxurious property with great amenities can make the entire vacation better. You can also charge more money when you have excellent reviews and a steady flow of visitors.