Wouldn’t it be fantastic if you could have a second home in the Bend area? You could rent it out and then use it when YOU want a vacation! And it would practically pay for itself! This dream could be your reality, but only if you make educated decisions along the way. In this blog, you will learn 5 valuable tips you must know before purchasing a home that you intend to use as a short-term rental in Central Oregon.
Tip #5:
Counting down from number five: If you have spent time in Central Oregon, you probably noticed that we are a very dog-friendly community. It’s not just people who love this area; dogs do too! Central Oregon is a great place to travel with your dog, as there are many trails for dogs to explore. Data collected by Vacasa.com shows that vacation homes that allow pets have 10–20% higher rental income than those that don’t. Visitors want to bring their dogs; when they do, the data shows that they stay a little longer, 6% longer on average. Furthermore, yearly trends show that guests’ spending on pet-friendly vacation rentals has increased by 20% yearly. I love bringing my dog on vacation, we have so much fun, and I don’t feel rushed to get home and see her.
Tip #4:
If your goal is to make money on your investment, the number of bedrooms can significantly impact what you could charge for a nightly fee. By purchasing a three-bedroom instead of a two-bedroom, you could potentially have two families with children rent your house. This would allow you to charge significantly more. Each couple could have their own room, and the kids could share a room. Consider putting bunk beds in the third room to increase the total number of available beds.
Tip #3:
According to Vacas.com, hot tubs are one of the most searched-for amenities on their website. The numbers show that adding a hot tub to your vacation rental can increase the number of bookings you get, earn you a higher nightly rate, and contribute to positive guest reviews—leading, on average, to a 15–20% increase in overall revenue. A hot tub would be especially desirable in Central Oregon, where we have cooler nights year-round and cold winter months with snow.
Tip #2:
Imagine sitting with your family for a Thanksgiving feast, and your phone rings. The renter is calling to inform you that the oven isn’t working correctly. If you don’t help them immediately, you risk the chance of getting bad reviews. If you don’t want to get in a situation like this, consider using a property management company.
Tip #1:
We have made it to tip number one, the biggest and best tip of all, location. Most visitors to Central Oregon prefer Bend, Sunriver, Sisters, and Black Butte. So you might be thinking yes, of course they do! However, you might not know the part of town that will attract renters. A rental in the right part of town will significantly impact your rental income. It would help if you had local insight on location, as it can affect your cash flow.
I hope you feel more equipped to make educated decisions when purchasing your Central Oregon investment property. Read my next blog to learn more about the best locations for investment properties in Central Oregon.
Please contact me if you have any questions about real estate in Central Oregon. I’d love to help you find your next investment property.