Flipping that house!

Thu, Apr 10th 2014, 11:01 AM

Some things just don't seem to be on the cards or fall into place when we want a particular thing to happen quickly in this shifting real estate market.
If you have an apartment or home that you've outgrown, or that costs too much to maintain, and on top of that, the market may be too soft for a sale, you may want to consider transitioning that property into an income producing one.
This might just be the right time to join others who have bypassed appealing to the local market and instead, have focused on securing a rental with those in the international market.
In my opinion, many Europeans appear to prefer vacationing in a private home as opposed to hotel, and, for them, in most instances it's a whole lot cheaper. Aside from that, it is suited to what they're looking for while they maximize their vacation experience.
For a prospective landlord, it is profitable because you are able to receive top dollar for the rental on a short term basis and those tenants won't be on property 24 hours a day because they will want to explore the island.
Top dollar may be relative, based on the amenities you are able to offer, such as whether it's on or very near to the beach, vehicle rentals and meals. Those are things you may want to consider, if you want to be competitive and a viable option - people are always looking for a bargain.
There are websites that cater to this mega business like www.homeaway.com and www.airbnb.com, which, for a small fee, will provide pictures and the amenities you offering, with the benefit of regular traffic to your rental property.
Obviously, the better experience your guests have, the more chances you have of them telling their friends about the wonderful experience in that vacation home in The Bahamas.
This may be something Family Island residents may also want to consider or potentially consider linking it closer to a bed and breakfast experience. Tailor the rental project to your specifications and what you think will provide the best returns.
It goes without saying that your place should be spotless with everything in proper working condition.
It would be nice to stock the fridge with drinking water and other essentials until your guest are able to make it to the food store to purchase their own grocery items. Additionally, a list of attractions with things to do, public transport and basic safety guidelines is not a bad idea either.
So, be that roving ambassador, make some extra cash, and possibly earn some life-long friends in the process.
o William Wong is the co-partner at Darville- Wong Realty. He was also a two-term president of The Bahamas Chamber of Commerce and The Bahamas Real Estate Association. Questions or comments can be emailed to William@wongsrealty.com.

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