If you have decided to invest in property, for the purpose of using it for a , your choice in location is going to be paramount in the success of that investment. For this business model to work successfully, you are reliant on getting as close to ‘guaranteed bookings’ as possible. The location you choose will play a very big part in making this happen for you.
You may have chosen to keep your property close to home and therefore in
your local area. This has a number of advantages; you are able to get
there quickly if maintenance is required, to personally meet your
guests, to be on hand easily if guests need help throughout their stay
and maybe even to manage the whole change over process yourself (saving
you money on using a
management company /
You will also be in the fortunate position of giving your guests personal recommendations on places to eat and drink, local attractions and local amenities, all key to making your experience more personal and helping guarantee those five star reviews.
However, if you have chosen to buy your property further a field, it’s
worth considering the demand for service accommodation in that area.
There are the more obvious coastal locations, attracting those looking
for a seaside break.
The ‘staycation’ has become ever more popular in recent years, with people choosing to stay more locally instead of jetting off abroad for their beach getaways. With this sort of property, you will need to consider its distance from the beach, as most guests will be looking for a short walk there, as opposed to a drive.
If you’ve settled on a more urban location, it’s worth considering the top local attractions in that area. Being able to easily get to those popular landmarks could be the difference between securing those bookings or not.
You might also find that visitors are less inclined to drive to such properties, if parking isn’t as readily available, and therefore will want to know that they are close to popular public transport routes, another factor worth considering when purchasing your property.
It’s worth considering the type of stay a property may attract. Some
will be ideal for those looking for a longer staycation, whilst others
are more suitable for a shorter business trip. The location will play a
part in this. If your property is near a large arena or conference
centre you may find that the majority of your bookings are based around
events happening there. If this is the case, the closer you are to the
arena / conference centre the better.
You will also need to consider the length of stays in a property like this. You may notice your bookings are shorter, as they only require the property for the duration of the conference / event, and therefore you will be managing and paying for a higher frequency of changeovers.
Finally, the location you choose may be swayed by the prospect of higher property values in the future. Certain areas are seeing higher increases in value over a shorter period of time. So if you’re looking for a long term investment, coupled with the benefits of the short term gains of s, it would be worth researching which areas offer the highest potential.