Purchasing an oceanfront vacation rental is a wise investment – especially here in the sought-after destination of Myrtle Beach. But to go all-in and make it an even wiser decision in this market, there are certain variables to consider and questions to answer.

Here is some information from our research, which we’ll go over in more detail to understand how to get the most out of owning a vacation rental.

Create a target and zero in.

Oceanfront vacation rentals should target a specific renter that can’t wait to book yours, from budget to luxury or from couples to travelers on business to families on vacation. This will help you decide on the type of property to buy, from the condo to the onsite amenities, and what you want the occupancy limit to be. If your audience is a larger family or multiple families traveling together, a condo may not fit. And, once you decide on the property you want to make an offer on and move forward with the purchase, all of its design elements should properly match your audience, whether that means high-end finishes and furniture or an entire remodel.

Take a closer look at the amenities available onsite.

Once you have the target renter you want to cater to, you’ll have a better idea of the amenities this audience is looking for and what should be on your radar in your search for an oceanfront rental. Are their pools and water attractions onsite for families, or are bars and restaurants on site for the vacationer’s convenience?

Take a closer look at nearby amenities.

While your rental property may be located oceanfront, with the beach as a valuable amenity, vacationers are also looking for other amenities within walking distance, such as souvenir/beach stores, grocery stores, great restaurants, family attractions, and outdoor activities. Having a golf course next door or within a short drive away is also lovely if they’re on a golf vacation. Also, if you find that many guests are flying to the beach rather than driving, how close is your vacation rental from the airport?

Take a closer look at the general location.

As when you search for your home, location is everything. Certain sections of the beach and nearby neighborhoods bring in different visitor audiences. Please take a closer look at local occupancy rates that will reveal the area’s popularity, as well as the average length of their stay.

What can you charge for rent?

It’s time to start factoring in your gross rental income, which estimates the projected revenue from renting your property before expenses. This can be determined by researching the average rental rates in the area for similar properties – even the past rental history of the previous owner or, if it’s an existing vacation rental, you can look at future bookings.

Should you look for a rental management company?

It may be beneficial to consider working with a rental management company, so they can:

  • Manage your rental property, from marketing it on the proper online networks to regular cleanings between bookings to maintenance.
  • Increase profits from bookings. Just make sure you understand their fees and services included.

What else should you consider in your budget?

Expect to keep things regularly updated in your condo, including replacing appliances, flooring, painting, or more significant repairs season after season. Anticipate padding a long-term maintenance budget for this purpose. It would help if you remembered that you’re responsible for the mortgage, taxes, and other expenses.

To sit down and discuss your plans to buy an oceanfront vacation rental, please call one of us at the Sands Realty Group at 843.839.4878.