Your Guide to Buying Lake Keowee Vacation Rentals
Adding Lake Keowee vacation rentals to their investment portfolio is a no brainer for a lot of people. Investing in vacation rentals is one of the safest and most profitable businesses you could ever venture into in your lifetime.
Not only do you get to enjoy prolonged appreciation in value of the property, but you also enjoy several tax benefits and monthly cash inflows.
Simply put, owning and operating a profitable vacation rental increases your overall wealth portfolio. This further increases your capacity to save for retirement, major life events and emergencies, as well as other essential purchases.
It may appear rather scary to start, but investing in vacation rentals is for everyone. And with this exhaustive guide on Lake Keowee vacation rentals, you can begin the profitable journey from a place of understanding.
Continue reading to discover how you can buy highly profitable houses for rent in Lake Keowee, SC.
Why invest in Lake Keowee vacation rentals?
According to the industry projections of the Global Vacation Rental Market 2018-2022, the vacation rentals industry is set to grow at an exponential compound annual growth rate (CAGR) of about 7 percent.
This growth is mainly steered by the increased bookings of online travels, especially by millennials. The millennials are now spending more on travel, vacations, and accommodation than ever before.
For most people visiting Lake Keowee, they prefer staying in houses for rent in Lake Keowee, SC, to hotels because vacation rentals:
- Are cheaper
- Provide more comfort and flexibility
- Offer extra privacy
- Are more children and pet friendly
- Tend to be more secure
- Provide more amenities
If these recent statistics are anything to go by, then it is safe to state that buying houses for rent in Lake Keowee, SC, is among the investments with the best possibility of enjoying high returns.
With the tangible growth projection and return potential, investing in Lake Keowee vacation rentals is likely a prudent choice for you.
What types of houses for rent in Lake Keowee, SC, can you buy?
There are many houses for rent in Lake Keowee, SC, that you can add to your buying list. They range from apartment complexes, cabins, villas, and beach houses, to multi-family apartment buildings.
All these options have the potential to generate regular cashflows if harnessed well. You also have the option of converting them into either long-term or short-term rentals.
Short-term Lake Keowee vacation rentals offer the best alternative to pricey hotels when targeting vacation travelers and holiday makers as renters. Long-term houses for rent in Lake Keowee, SC, on the other hand, are ideal for anyone seeking consistency and stability by targeting committed renters and annual leases.
Before deciding on the type of plan to go with for your vacation rental, take some time to understand the pros and cons of each.
What should you consider before buying Lake Keowee vacation rentals?
Lying next to the Blue Ridge Mountains with an extensive shoreline is Lake Keowee. With its picturesque location in the northwestern part of South Carolina, Lake Keowee offers some of the most stunning views in the region.
This area, therefore, is a perfect location for anyone looking to buy a vacation rental. Besides its jaw-dropping views, people touring the area also enjoy fun activities unfolding by the lake, such as boat tours, water sports, and fishing.
But before closing a deal on the best houses for rent in Lake Keowee, SC, here are 5 things to think about first.
1. Work closely with a reliable real estate agent.
When browsing Lake Keowee vacation rentals intending to find the one that best suits you, be sure to find an expert in the property market too. To find the best agent in the region, avoid any agent that doubles up as the listing’s manager. This is because such an agent will be inclined to favor the seller, which means he or she may not get you the best deal.
Nonetheless, when you land the best agent, they can quickly and reliably help you narrow down your home selection in the Lake Keowee region. The best agent is one that listens to your needs and is able to recommend the most ideal houses for rent in Lake Keowee, SC based on those exact needs. This spares you the trouble of constantly browsing new listings and moving from house to house in search of the best vacation property to buy.
2. Start planning the purchase early.
Summer is the time of the year bustling with the most activity on Lake Keowee. To reap maximum gains from this wave of activity, therefore, you need to start shopping for Lake Keowee vacation rentals well before summer. The most ideal time to do this is usually in spring or fall when most people are setting themselves up for future summer vacations in a lake house.
Starting early also allows you to view the remaining marketable houses for rent in Lake Keowee, SC, from the previous fall season. You may land a good deal if you come across a seller willing to dispose of the house. Moreover, as new listings become available, you will have an upper hand before other buyers flock the market and push the prices up.
3. Understand your budget and investment strategy.
The price of acquiring any of the houses for rent in Lake Keowee, SC, can range from a few hundred thousand to over a million dollars based on their size, location, amenities, and condition. You may also incur extra administration expenses with some of these Lake Keowee vacation rentals.
For that reason, you should determine what you can afford prior to browsing the available listings. Beyond the initial purchase price, you can also factor in other expenses such as repair costs, maintenance costs, property taxes, and listing management fees in your financial plan.
To determine how much you can afford to raise, start by getting a pre-approval letter. This will also boost your bargaining power.
4. Beware that Duke Energy has the final word.
Being an artificial body of water, Lake Keowee is a property of Duke Energy. They use the lake primarily for their energy generation needs. Therefore, they control every form of development on houses for rent on Lake Keowee, SC.
Before making any adjustments to any of the Lake Keowee vacation rentals, therefore, you are required to file for a permit with the energy company to receive their approval. This a crucial factor to consider when seeking to add extra amenities such as docks to your vacation rental.
5. Prioritize your amenity preferences.
Houses for rent in Lake Keowee, SC, come with complementary activities like sailing, fishing, kayaking, swimming, boating, and water skiing. So, as you seek the best Lake Keowee vacation rentals, it is imperative to understand what lake activities you want to capitalize on and the supporting amenities you might require for them. For example, boat storage and a fishing pier might be perfect additions.
What to look for if you wish to attract renters to your Lake Keowee vacation rentals?
As the competition for vacation rentals’ bookings grows fiercer, standing out from the pack is increasingly becoming a necessity. In order to attract more bookings to your rental property, you should have a checklist of things that are likely to attract more renters.
As you shop for the best houses for rent on Lake Keowee, SC, ask yourself whether the house will be affordable to the average traveler and whether they will derive enough value from it.
Depending on what the selling package entails, the major considerations that will affect your property’s affordability and value include:
Bedroom Space and Amenities
Can the rental property comfortably accommodate an entire family? Family travel is fast gaining momentum, and parents will most likely be concerned about how (and where) their children will sleep.
Consider other options within the property to create more space. Check whether the living room can be converted into a sleeping area or whether the property has cribs, bunk beds, extra pillows, and extra linens.
The adjoining bathroom should at least have a baby bathtub, hair dryer, plunger, toilet brush, and towel hooks.
Family Friendly Features
Is the vacation rental family friendly enough to make your renters feel at home? Can it also delight children and teens?
Some of the features that you might need include quiet streets, playgrounds, restaurants and attractions suitable for families, first aid kits, fire extinguishers, and dining table and chairs.
Kitchen amenities mean a lot to travelling parents. When travelling with children, most parents prefer preparing and having breakfast as a family before stepping out. Ensure the facilities installed in the rental property can support family activities like family dinners.
Amenities like a microwave, dishwasher, refrigeration, coffee maker, toaster, grill, oven, ice maker, blender, coffee grinder, and kitchen island are important in Lake Keowee vacation rentals.
Having proper laundry facilities in the vacation rental helps renters and travelers pack less. As such, before picking specific Lake Keowee vacation rentals to acquire, check out the availability of laundry facilities first.
Are the vacuum, mop, broom, dustpan, white noise machine, night lighting, iron, ironing board, washing machine, dryer, and HVAC system present?
When travelling, most people want to stay entertained. So, as you inspect the multiple houses for rent in Lake Keowee, SC, check the guest entertainment options available.
The entertainment amenities on the property should include a strong Wi-Fi connection, children’s toys, games for adults, movies, video games, fitness equipment, communal pool or hot tub, music library, and satellite or cable TV.
With so many options of houses for rent in Lake Keowee, SC, renters prefer units with some outdoor fun. Most Lake Keowee vacation rentals are near the water, making water sports gear a necessity in these homes.
Additionally, make sure your renters have access to a fireplace or fire pit, woodstove, boat, kayak, map, umbrella, cooler, beach chairs, beach towels, and an adequate parking space or garage.
How should you furnish your rental house to best suit guests?
If you want to attract bookings to your vacation rental fast, then you must furnish it right. This means furnishing it with the guest in mind. Don’t know where to begin?
Well, here are a few tips to guide you.
Choose the right design style.
You can always find the right inspiration online to get the overall look and feel of your vacation rental. Sites like Instagram and Pinterest are a good place to start your idea-mining expedition.
Alternatively, you can check what works for the competition and borrow a leaf from them. This will help you define your own style based on taste, location, and budget.
Provide a comfortable workspace.
Some of your guests might actually need to work while on vacation. Therefore, as you furnish your vacation rental, prioritize making it suitable for remote working.
To make the workspace even more comfortable, provide extra ergonomic support in the form of foot support, pillows, and backrests.
You can also provide varied options like the dining room and outside patios as alternative workspaces.
Style your outdoor space.
You may not be thinking about your outdoor space, but your guests actually do. Your living room, kitchen, and bedroom might provide comfort indoors, but your guests will still want to enjoy your outdoor space.
Ensure the outdoor space is relaxing by providing comfortable seats, enabling outdoor dining, as well as adding some ambience to the space.
Create enough storage.
Some of your guests might stay for more than a week at your vacation rental. Ensuring they have adequate closet, clothes rail, and drawer space to help them unpack makes them feel at home.
Set up good lighting.
To minimize accidents in the kitchen and enhance the bedroom reading experience, invest in good lighting for your Lake Keowee vacation rentals.
Fixing lights next to all the beds provides extra lighting on top of the overhead light. Well-lit hallways, bathrooms, and living spaces also offer more convenience and satisfaction to your guests.
Selecting durable furniture
Because of the high traffic that will be flocking your vacation rental, your furniture is likely to wear out faster than typical home furniture does. As such, make sure that your dining tables, sofas, and beds are durable and less likely to break in the course of business.
Investing in long-lasting and high-quality furniture will save you a lot of money in repair costs and offer the best guest satisfaction.
To find more information that could help you understand the Lake Keowee vacation rentals landscape, get in touch with our realtors today. We will help you find the right houses for rent in Lake Keowee, SC, as well as the best terms in the market.