Purchasing a second home in North Conway and deciding whether or not to list it as a vacation rental is a big decision! Here is what to consider as you decide if you would like to buy a vacation rental home in North Conway.
This is one of the major factors involved in the decision-making making process. Vacation Rental ownership is a significant time commitment, if you want it to be successful. The modern vacation rental industry is largely an online market, where guests can send in questions and make bookings instantly over the internet. This means a significant amount of communication, planning, and scheduling. Additionally, the home needs to be cleaned and inspected after every guest stay. Managing a vacation rental from outside of the local area is very difficult. You will not be able to personally stop by the house to check on it, perform quick fixes, or respond in person if a guest has an issue during a stay. Pinkham Vacation Rentals is here to help with all of these challenges and more, so please inquire about our program today!
Decor and Amenities
Visitors to the Valley are often planning a trip to the mountains from the big city. Many have a certain idea in mind when they picture a vacation in the country. That picture involves a certain rustic charm (bear-pattern couches, deer antler lamps, and moose photos, for example). But visitors also expect an immaculate level of cleanliness and access to modern conveniences and appliances. Chief among these expectations is wireless internet and air conditioning. These are two absolute musts for modern travelers. In days past, travelers had a much lower level of expectation for a vacation rental home. They were OK with dated furniture, a broken lamp, or a non-working dishwasher. As the vacation rental industry has expanded, traveler expectations have greatly risen. Guests expect a hotel-level experience where the house is spotless, everything works seamlessly, and they have all of the modern conveniences. This can mean an additional expense after purchasing the home to make it competitive with the rest of the market!
One of the largest determining factors in whether a vacation rental home succeeds or falters is location. There are certain areas of Mount Washington Valley that are major draws for visitors to the area. Other areas that are less appealing. In general, the areas to look to for a successful rental are within a mile or so of the major area attractions. This means near the ski areas, downtown North Conway, Echo Lake, Eidelweiss in Madison, or access to a pool. Homes located in residential areas off the beaten path are less of a draw to tourists, who want to be close to the action. Contact Pinkham Real Estate to speak with an experienced agent if you are interested in making a purchase!
In general, a vacation rental home is NOT a major source of profit in the short term. It takes a few years of steady guest stays and positive reviews for a vacation rental to build steam. For the first few years, it is realistic to expect to offset most expenses of owning the home by renting it out short-term if the home is up to date, well appointed, and managed well. Over time, if guests have smooth and enjoyable stays at your home, your positive reviews will build. Once that happens, other guests will have more trust when booking your home. Additionally, you will start to build repeat guests. If everything goes well for the first few years, you can then start to see larger returns!
A major reason to buy a vacation rental home in North Conway is flexibility for personal use. In the Pinkham rental management program, you can block off dates for your own visits between rentals for yourself, friends, and family members. You can plan a last-minute getaway to the Valley without having to worry about booking a hotel or rental of your own! However, the largest money-making times of the year are vacation weeks and 3 day weekends. That may be time that you want to use the home yourself. So, if you plan to use the home during February Vacation, winter break, Labor Day weekend, on weekends in the winter, or very often during the summer, you will be missing out on the most significant profitable times of the year. Thus, you may have to sacrifice some of your desired times for using the home.
Click here to learn more about our services! Contact Pinkham Vacation Rentals to see if our program would be a fit for your needs. We look forward to talking with you!