6 Things To Consider Before Investing In A Scottsdale Vacation Rental
So you want to invest in your own Scottsdale vacation rental? That’s great! The vacation rental industry in Scottsdale is even hotter than Scottsdale itself. The city is accessible to tourists, offers plenty of exciting things to do, and hosts a ton of properties with great vacation home potential.
That said, we do suggest taking a few things into consideration before you buy a Scottsdale vacation rental. Not giving yourself time to find the right home or quantify what you hope to accomplish with it can lead to problems down the road. We’d like to help you avoid those potential problems by providing our top 6 things to consider before buying a Scottsdale vacation rental.
1) Choose Your Location Wisely
The appeal of vacation homes over a hotels is getting a spacious home-away-from-home experience while still having great access to local attractions. That’s especially the case here in Scottsdale, and the closer your rental is to a popular area, the more revenue it will earn you.
Properties near Old Town are some of the best to look at since that area is a major draw for tourists. Other places to look at would be homes near the TPC Golf Club or Kierland Commons. Almost any home within short walking distance of any of these locations would be perfect to purchase!
2) Check Out Desirable Neighborhoods
In addition to the broad location, you’ll also want to consider the neighborhood in which your new Scottsdale property will reside. The right neighborhood can give your guests added feelings of security, luxury, and general peace of mind during their stay.
When searching for your Scottsdale vacation rental we recommend looking at properties in the following neighborhoods:
- Gainey Ranch
- Paradise Valley
There are plenty more great Scottsdale neighborhoods that we at GoodNight Stay can recommend directly to you. Feel free to contact us to learn more about these neighborhoods and our property management program.
3) Find Properties with COOL Amenities
It’s no secret that Scottsdale hosts some high temperatures through much of the year. Summer highs often reach above 100°F, and only winter months see highs below 75°F. When buying a vacation rental in Scottsdale, it’s essential to invest in a property that can keep guests cool.
Priority number one is to make sure your vacation rental has solid AC installed. Whether it comes pre-installed with your purchase or you install it yourself, AC is an essential amenity for living in or visiting Scottsdale.
If you want to maximize your bookings, look for properties that have either private pools or offer access to community pool areas. Pools are some of the most sought-after amenities for guests visiting Scottsdale, and they are well-worth the added cost when purchasing your new rental.
4) Invest in Modern Appliances and Smart Home Technology
Modern appliances, especially kitchen appliances, offer tremendous appeal to prospective guests. Having up-to-date appliances that work quickly, easily, and effectively can greatly enhance any guest’s stay, which will help you earn more 5-star reviews down the line.
Additionally, smart home technologies are fast becoming part of the status quo for vacation rentals in Scottsdale. Things such as smart lock security pads, smart hubs, and smart thermostats are common features across Scottsdale rentals.
If you cannot purchase a property with modern appliances and smart home tech already included, then be sure to set some money aside to install them. Here at GoodNight Stay, we also sell smart home tech to our homeowners at great prices.
5) Consider the Finishes of the Property
In the age of social media, it’s not enough for top-tier vacation rentals to just offer clean and comfortable living spaces. Many prospective guests, especially bachelor/bachelorette groups visiting Scottsdale, expect the places they stay to be aesthetically pleasing for group photo shoots. Plus, homes and condos with great interior design often yield better property photos to attract more guests.
Like with modern appliances and smart home tech above, it’s not absolutely essential to purchase a property with outstanding finishes included. However, you should take the costs of redesigning your rental into consideration when making your purchase.
GoodNight Stay has a sister design team that can help you transform your property into what we know sells best. They order all the furnishings and paints as needed, and they can install everything for you.
6) Determine Your Revenue Requirements
Probably the most crucial considerations you need to make when investing in a vacation rental are your revenue requirements and owner expenses. It’s paramount that you know how to price your rental realistically so that it can operate competitively in the market and earn profitable revenue.
In this instance, there really is no substitute for having great experience in the Scottsdale rental market. We at GoodNight Stay are the local experts in competitive pricing for the vacation rentals we manage. Our revenue department will help you take into consideration every aspect of your rental and match it to the market for realistic, competitive pricing.
That’s our list of the 6 things you need to consider before you buy a Scottsdale vacation rental. If you want more information or assistance with getting your rental up and running, then be sure to contact us here at GoodNight Stay and learn about our Property Management program in Scottsdale. Also, be sure to check out our other blog post: 5 Ways to Maximize Vacation Rental Bookings as a Homeowner.