Are you thinking about investing in a short term rental (STR) in the Smoky Mountains area? This type of investment can provide you with monthly income and a great return on investment over time. Before you invest in Pigeon Forge TN cabins for sale, take a look at these tips and things to look for in your new STR investment.
1. Location is Key When Investing in Short Term Rentals.
Location is always one of the most important factors in real estate, and this is especially true when investing in short term rental properties. When you start looking for Pigeon Forge TN cabins for sale, make sure you pay close attention to the location. Do you want a secluded property, or one that’s located close to attractions in town? Choose a property with a location that will make it easy to promote the cabin and ensure you receive a great return on your investment.
2. Pay Attention to the Amount of Work Required.
One thing you should keep in mind when investing in a short term rental is the amount of work that the property will require. As you look for Pigeon Forge TN cabins for sale, pay attention to whether the property is ready to rent out immediately or if it needs some work. If you’re handy, you may want to invest in a fixer-upper to save money on the initial cost. If you don’t want to put in any extra work, search for a luxury Pigeon Forge cabin for sale that is ready as it is.
3. Consider the Size of Pigeon Forge TN Cabins for Sale.
Size is very important when it comes to real estate investments. As you search for Pigeon Forge TN cabins for sale, make sure you consider how large of a property you want to invest in. You will be responsible for paying the mortgage, insurance, and property taxes. A larger property will have higher costs. However, it can also yield a higher return. Make sure you weigh the pros and cons as well as consider the costs of the size of the property you are interested in.
4. Keep Your Budget in Mind During Your Search.
Pigeon Forge TN cabins can vary greatly in price. You need to decide how much you are willing to spend on your short term rental property before you start looking at cabins for sale. Are you able to invest only $100,000, or would you like to invest $1.5 million? There are Pigeon Forge TN cabins for sale at all price ranges, so you will easily be able to find something that fits your budget. Make sure you get pre-approved for a loan before you decide on your budget, as this will help you understand how much you can comfortably afford to spend on a cabin.
More About Investing in Pigeon Forge TN Cabins for Sale
If you know you want to invest in a short term rental in Pigeon Forge TN but you aren’t sure where to start, take a look at our Buying 101 Steps to Buying a Home to help you visualize what the process looks like. If you have any questions, please don’t hesitate to reach out to us at Local Realty Group! We look forward to helping you achieve your investment dreams!