Waterfront properties are loved everywhere in the world. Recently, this type of property has seen a surge in popularity and demand in the US.
According to The New York Times, many places in the US are witnessing a growing demand for waterfront homes. These places are attracting thousands of interested homebuyers, many of whom are eager to buy waterfront houses and later rent them out.
One such place is Texas, where waterfront houses are being rented out as vacation homes.
If you, too, want to rent out a waterfront property in Texas as a vacation home, here are a few tips:
Set Competitive Rental Prices
Pricing your waterfront vacation rental can be a delicate balancing act. Setting rates that are too high may deter potential guests, while pricing too low may not yield the returns you desire. Therefore, you must decide on a competitive rent.
Location is a big factor here as some waterfront areas are more expensive than others. It’s also important to keep in mind how much money you paid to buy the properties.
That’s especially important if you want to make back some of the money you had originally invested in them.
Take Canyon Lake as an example. Canyon Lake waterfront homes for sale are priced between $1 million and $4 million. When renting out these homes, people set the rate at around $400-$500 per night.
Other places, like Lake Dunlap, have a comparatively cheaper price point for waterfront homes. However, if these places have a lower number of rental properties, you can charge more rent despite paying less money to buy them.
According to The Lakefront Group, Lake Dunlap waterfront properties will cost you around $2 million on average. If that’s the case, how much would you rent out a Lake Dunlap waterfront home for?
If the Lake Dunlap homes for sale cost you $2 million, renting them for $200-$300 per night is justifiable. However, if there are fewer rentals available in that area, rent them out for $350 or more.
Invest in Safety and Amenities
Waterfront properties have an inherent allure, drawing vacationers seeking relaxation and recreation by the water’s edge. However, according to Bankrate, this allure often attracts random strangers. Thus, safety and privacy are often a concern at these properties.
To ensure your guests have a memorable and safe experience, invest in essential safety measures and amenities.
Start by installing proper fencing or barriers, especially if your property has direct access to open water. This ensures that young children and pets are safe and can’t wander into dangerous areas. In addition, consider offering life vests, floatation devices, and clear safety guidelines for water activities.
Amenities also play a significant role in attracting renters and enhancing their stay. Hot tubs, kayaks, paddleboards, or even a private dock can make your property stand out. Additionally, a well-equipped kitchen, comfortable furnishings, and high-speed Wi-Fi are vital for providing a comfortable and enjoyable stay.
Create a Memorable Outdoor Space
Lifestyle & Properties reports that a major reason why people love waterfront properties is the opportunity to enjoy the tranquility of the surroundings. To add to their enjoyment, a serene and enjoyable outdoor space is more than enough. Hence, investing in creating a captivating outdoor space is essential.
Ensure your property has comfortable seating areas, such as lounges, hammocks, or Adirondack chairs, where guests can relax and soak in the views.
Adding a fire pit for evening gatherings and a BBQ grill for outdoor cooking can also enhance the outdoor experience. Well-maintained gardens and landscaping can elevate the overall aesthetic appeal of your vacation home.
Moreover, consider adding outdoor games like cornhole, horseshoes, or a volleyball net to encourage physical activity and bonding among your guests. By creating an inviting outdoor space, you not only enhance the guest experience but also attract more bookings.
Offer Unique Experiences
To make your waterfront property truly memorable, consider offering unique experiences that set it apart from other vacation rentals. Depending on your location, this could include water-based activities like fishing charters, boat rentals, or guided kayaking tours.
Collaborating with local businesses and tour operators can help you provide exclusive experiences to your guests. Offering packages that include these experiences as part of the rental can be a significant selling point, attracting adventurers and outdoor enthusiasts.
Another way to stand out is by providing information on nearby attractions and cultural experiences. That’s why you’ll see that the New Braunfels waterfront homes for sale in Texas are quite expensive.
According to The Hill Country Luxury Group, these New Braunfels waterfront homes cost upwards of $3 million. A lot of it has to do with the nearby attractions, which include antique shops and boutiques. Plus, there are also local festivals that your guests can enjoy.
Prioritize Property Maintenance
Waterfront properties are exposed to unique environmental challenges, including saltwater corrosion, humidity, and extreme weather conditions. To keep your property in top shape and ensure the safety and comfort of your guests, prioritize regular maintenance.
Invest in high-quality, durable materials and finishes that can withstand the waterfront environment. Perform routine inspections to identify and address any issues promptly, such as rust, water damage, or erosion. Consider hiring a property management company or local maintenance professionals to take care of regular upkeep tasks like landscaping, cleaning, and pool maintenance.
Additionally, have an emergency plan in place for situations like hurricanes, floods, or power outages. Communicate this plan to your guests and provide them with essential contact information for local authorities and emergency services.
The waterfront home renting business is booming, and you shouldn’t hesitate to be a part of it. When you do join in, don’t forget to keep these tips in mind.
They’ll help you turn your waterfront property into a must-visit vacation home for the rest of America, if not the world.