Right now, millennials make up about 45% of all homeowners. It is their time to invest in houses. Many millennials are buying because they are ready to settle down in one place and perhaps even start a family; others view their homes on more financial levels. Whether you’re thinking about how to make money off your home now or in the distant future, you need to consider what would make your house valuable as an investment well before you buy.
If you’re looking into homes for sale in new subdivisions, you may want to consider making money off your new house as a short-term rental property. Rather than renting out your home for long stretches of time to a single tenant, you could advertise on VRBO and Airbnb. You could even do this if you live in your home for most of the year; think about advertising it for dates when you will be out of town, perhaps on your own vacation. This way, you could maximize the value of your house. With that being said, let’s look into some questions you should ask yourself before investing in a house to advertise as a short-term rental.
Where Do You Live?
There are many benefits to looking into homes for sale in new subdivisions as opposed to focusing on older houses. But a lot of these benefits will mean less if you invest in new houses in areas that are not attractive to travelers. If you live in a suburban area without many conveniences or attractions, advertising your home as a short-term rental may not be a good idea in the first place. But if you live near theme parks, historic sites, museums, or important areas like concert venues or airports, you may want to think about your home as an investment opportunity.
Why Buy A New House?
There are older homes available, of course. You don’t necessarily have to buy homes for sale in new subdivisions. But newer homes tend to be much more low maintenance. The last thing you want is for a traveler to have a hard time with your house, and new homes have newer appliances, less damage, and typically a more appealing aesthetic. Additionally, you won’t have to invest in fixing issues with a newer home, as you might with an older home.
Can I Do It Myself?
You do need to think about how much work goes into managing a property from afar, even for short-term rentals. Additionally, you should take this into consideration before you stray away from new homes for sale in new subdivisions. Newer homes can really advertise themselves in a lot of ways. People like the idea of being in a bright and new space, and you will have to work less to advertise a new house on sites like Airbnb and VRBO.
While there are options for you to outsource property management for your short-term rental property, it can be done on your own as well. Finding a good property to advertise is half the battle. Therefore, you should be careful and scrupulous when making your selection.