5 Tips on Smart Investing in Vacation Rental

5 Tips on Smart Investing in Vacation Rental

Vacation rental is a great way to generate passive income and is much higher compared to regular home rentals. This also requires a higher amount of investment compared to a normal home. There are a lot of things that needs to be taken into account before investing in a vacation rental. We will be looking best 5 tips to invest smartly. Also Read: NRI’s should avoid these Mistakes while Investing in Real Estate 1. Choose the Right Location If you are planning to buy a house for vacation rental, then it is important to understand the type of locations available. There are 2 kinds of locations namely tourist destination and City hotspots. The most common type of vacation rental is tourist destinations. You need to wisely pick a place which will have enough tourists throughout the year. If you invest in a place which is seasonal then you will get rental income only for a small period in a year. For other months, it will be idle which is a bad investment idea. With respect to cities look for places which are business active. Pick tier 2 and 3 business cities where you can afford to buy. 2. Register it as a Rental Property. Vacation rentals are different compared to renting your home. This is considered more as commercial income than a rental. You need to register this property as a vacation home and fulfill all the legal obligations. Get necessary approvals from local Government bodies including Police Stations for smooth and hassle free functioning of the Vacation Rental. 3. Invest on a Budget Buying a property in a...
House Hunting Problems Faced by Bachelors in Chennai

House Hunting Problems Faced by Bachelors in Chennai

If you are a bachelor and recently moved to Chennai, one of the first and biggest hurdles you will face is finding a shelter. House owners in cities like Chennai are hesitant in renting their homes to bachelors due to a variety of reasons. We have come up with possible issues that you might face when you search for a home. Also Read: 10 Key Tips for Smooth Home Buying Experience Rejection due to safety and security One of the primary reasons why owners don’t prefer bachelors is because of safety concerns. It is a common myth that youngsters are prone to doing a criminal activity and this has created a bias mainly for single guys. If you are a single person and looking for a home for rent then you will be facing 100s of questions related to security. Some owners even ask youngsters to get bonafide from a police station that you don’t have any criminal cases. It becomes even difficult for North Indians If you are from down south or neighboring states like Andhra or Kerala it is relatively easier to get home for rent. If you hail from a Northern state like Bihar, Orissa, etc then it becomes almost impossible to get home for rent. As a lot of criminal cases have been registered on North Indian migrants, people from gated communities and large apartments have a policy for not letting out home to north Indian bachelors.   High Cost for bachelors It is obvious that house owners prefer families for rental than bachelors as families are stable and safe. A house owner might be...