Tips for Buying an Airbnb Home in NH
We know that home rental sites, particularly Airbnb, have become very trendy and popular in recent years. What is even more interesting is that Airbnbs have continued to increase in popularity because of the pandemic.
During COVID, those traveling have preferred Airbnbs over hotels as they offer more privacy, much less interaction with others and feel safer and more cleanly. If you’ve ever been interested in buying a home as a second income property, now may be a great time to finally invest.
Start the process of right: Work with an agent.
We say it’s the first and most important step, because choosing to will save time, money and effort and help you avoid much frustration, stress, and even regret. Our real estate agents have a network of connections with access to exclusive deals on the market and professional negotiating skills. Furthermore, note that it is the seller, and not the buyer, who pays the agent fees, so you don’t have to worry about that additional cost. Pick an agent who is experienced in rental and Airbnb properties so that they can best advise you on the best property types, the best neighborhoods and guide you through the legal processes. There is a lot that goes into finding and buying a rental property, so let an agent save you the time and money, and help make the whole experience a good one instead of an overwhelming one.
Pick a Prime Location
Your Airbnb is meant to make a profit, which means you need bookings. One of the most important things you can do to help ensure that you have enough bookings is to look for a town or city that is popular and has many visitors. That doesn’t mean your Airbnb can’t be in a rural town or small city, but you’ll want to focus on places that have something extra special about them, like a must-go-to restaurant, scenic views or attractions. Cities like Portsmouth, Sugarhill, Keene and Jackson are great options as they are scenic towns that offer guests much to see and experience. Additionally, with the gorgeous lakes like Lake Winnipesaukee, lakeside cabins in New Hampshire are a very popular choice for seasonal travelers and worth looking into. You can also choose a place where there are frequent business travelers. The more interesting and popular the location, the more chances you will fill your bookings.
Set Your Budget
Again, you are not looking for a home for yourself; your Airbnb must make a profit in order to make the investment worth your time, money and effort. Although most investments require a bit of debt to cover the upfront costs, the best investment property will be one that you can afford without struggling to pay your own mortgage payments or go into severe debt over. Also keep in mind, there are many additional and unexpected fees that come with investment properties; like closing fees, property tax, insurance and more. You’ll want to spend time looking at your sources of income and all your bills to determine what a good budget for your Airbnb property would be. Consider whether you can afford a fixer-upper Airbnb, or if one that needs minimal work would be a better option. Remember, as cool and fun as you may want your rental property to be, you are not looking for a perfect property or one that meets all of your family’s needs — it needs to be a good temporary home and vacation property for your guests.
If you’re interested in buying an investment property, speak with one of our expert agents to gather all of the information you need to begin the process. We will advise you on what the whole process looks like and help give you all the tips and tricks! Go to Verani.com today to speak with an agent in your area
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