Choosing the perfect property for Vacation Rental By Owner (VRBO) can be a struggle. Where is the perfect place? What about amenities? Does it have to be a particular style? With so many possibilities to factor in, finding the right real estate can be daunting. Luckily, you’re in the right place.
There’s no shortage of amazing properties in Vail, Colorado. Given the popularity of local restaurants and shops, any location is almost guaranteed to be popular. Even layout options and amenity selections are far from limited. Whether you’re looking for something large, small, slope-side, or not, the possibilities are endless.
Location, Location, Location
You’ve heard the saying. But why is it so important? And isn’t anywhere in Vail the same? Location is considered to be important for several reasons. First and foremost is the idea that location will always affect the value of your property. Let’s say you buy one property in Vail, and one property in the middle of (insert rural area in a random state). Which do you think will both increase in value significantly more and also be valued more initially? That’s right, the property in Vail will always be worth more.
The reasoning for this is simple, Vail has always been and will always be a tourist destination. Unless some meteor happens to destroy Vail or the world ends (same thing), it will always be a location with a strong economy for travelers, tourists, skiers, and anyone else. This in turn makes your property much more valuable, essentially forever.
Now that you are convinced Vail is the right location, where in Vail should you purchase? This really may come down to personal preference, but there are a couple factors to consider. Since Vail is indeed mainly a winter sports town, the closer to Vail Village and Lionshead, the better. On the other hand, your budget might provide limits on what’s possible.
The Price is Right
We all want the best, but how much does it really cost? After researching various mortgage prices within Vail, a common rule of thumb is that each bedroom costs roughly $1500 per month. So, if you want to buy a 2 bedroom, expect mortgage payments to be around $3,000 per month.
Want the most inexpensive option? Commonly, it is difficult to find anything valuable in Vail for under 450k. As with anything, there will always be exceptions, deals, and more. Just contact a local real estate agent for more information. We have taken the liberty to highlight some local firms for you to get started below.
Small Sized, Super Sized, and… Normally Sized?
Similar to pricing mentioned above, you get what you pay for. In Vail, the range of square footage in real estate is incredibly large. Want an 8,000 square foot, 10-bedroom estate? No problem. Want a 500 square foot, 1-bedroom studio apartment? Also no problem. You can see where we are going with this.
From a VRBO standpoint, size is also a deciding factor based upon how you want to rent the space. Typically rentals work in one of two ways: entire property, or per room rentals. But VRBO does not allow you to rent by the room. For VRBO, any size about 3 bedrooms or under will do just fine because smaller rentals tend to have higher occupancy. If you want a huge house for personal reasons, go for it—large family reunion groups are often looking to book a big property, and if you want to rent it out by the room, there’s always Airbnb.
What’s your style?
As mentioned, Vail really has it all. From modern to rustic, to anything in between! Okay, maybe not colonial style homes, but you get the point. When looking to purchase a home for VRBO, the style really won’t affect how much business you receive. Just as you enjoy different styles, so do others! The best idea is to get a place you enjoy when not renting it out.
Last but not least, you may want to consider a purchase that is attractive to VRBO guests for the amenities it offers. Let’s say you are looking at getting a condo, but there is no pool…why not buy a condo that offers one? Doing so will typically result in a higher ranking VRBO listing, more reservations, and more reviews. Set on a house that doesn’t have “amenities”? No problem. Many properties actually do have features that count such as wheelchair accessibility. Even just providing towels and linens counts! The small things add up to a great customer experience.