Investment properties can range in size from a small house with room for a single-family to a sprawling complex with hundreds of apartments for rent. While you can buy homes and properties that you rent as family homes, you can also enter the vacation rental market. With a vacation rental on the lake, you can rent to families, individuals, couples, and groups daily or weekly. Though you have the potential to make thousands or more every year from these properties, you should do your research before buying lakefront property.
Once you have lakefront property, contact Karina Lakefront Maintenance for all your lakefront management needs.
Earnings Potential
A tiny log cabin on a small lake in the middle of the wilderness may appeal to those who want peace and quiet, but you’ll likely find that you have a harder time finding people willing to rent those cabins. If you want to make more money, you have two options. You can purchase a property conveniently located near a popular lake or purchase a cabin with multiple bedrooms and appeals to move people. Larger homes have enough space for business meetings, family reunions, and other groups of travelers.
Property Size
The amount of money you can make often depends on the size of the property as well. For sale in McHenry County, Illinois, a lake house with three bedrooms and two bathrooms might appeal to families and smaller groups. In contrast, a smaller cabin with an open layout will appeal more to couples looking for a romantic getaway. The size of the property refers to all outdoor space as well. Many travelers who rent lakefront homes want to have plenty of space to explore. They look for rental homes that have large front or back yards without feeling like the neighbors are right on top of them.
Additional Features
Other features you might look for in a lakefront investment property include a large front porch and convenient access to the water. Those looking for rentals want to know that they can walk outside and get to the lake in seconds, and they may want a front porch that lets them enjoy the views of the water too. A property with a pier or a boat launch may appeal to potential renters. Those features make it easy for them to bring their boats or enjoy fishing and relaxing on the pier. Vacation properties can pay off big, but you’ll want to find the right lakefront property for your next investment.