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- Post\u2013pandemic vacation homes need a whole new set of amenities that complement current reality.<\/strong><\/li>\n\n\n\n
- More people are taking longer breaks from the city and working from home, so connectivity is important.<\/strong><\/li>\n\n\n\n
- With more communities toughening rental rules, buyers must stay abreast if earning extra income is a goal.<\/strong><\/li>\n<\/ul>\n\n\n\n
\n\n\n\nDuring the second half of 2020 and through 2021, vacation home sales skyrocketed, according to a report<\/a> from the National Association of REALTORS\u00ae. Today, vacation houses provide important stress relief to the woes of post-pandemic life. As COVID-19 transmission continues to ebb and flow, these homes offer a mental and physical escape as well as a way for extended families and sometimes groups of friends to gather safely, particularly those whose primary homes are in dense urban areas.<\/p>\n\n\n\n
Some buyers also view their vacation house as an investment opportunity for rental income. Since vacation homes are typically used for short spurts of time, short-term rental<\/a> services like Airbnb and VRBO provide opportunities to generate income when the house isn\u2019t in use by the owner.<\/p>\n\n\n\n
What works and what doesn\u2019t have changed since the pandemic began, and making a smart purchase requires attention to a different playbook than in years past. These days, a getaway may require more time than the occasional weekend, so different amenities may appeal. With work culture still trending toward the hybrid and work-from-home models, people might spend more time at a vacation home, since where they work is flexible. There may also be more people under a single roof, since extended family members gravitate to be together. And if extra income is desired via short-term rentals, there\u2019s a need to pay attention to a municipality\u2019s rules as more tighten up on the number of days and the number of guests permitted.<\/p>\n\n\n\n
Because the pandemic has upended inventory, prices, layouts and more, help clients fine-tune their plans based on what\u2019s available so that they can also fine-tune their wish list. Sometimes a vacation house may even transition to a primary residence, says broker Linda Novelli of The Novelli Team at Compass Real Estate in Margate, on the New Jersey shore.<\/p>\n\n\n\n
Working With Available Inventory<\/h2>\n\n\n\n
As with listings for non-vacation houses, most housing stock remains in short supply, which will influence where and what clients buy. \u201cSales have been very strong, and the market hasn\u2019t softened. We ran out of good inventory after fall and winter,\u201d says broker Diane Saatchi of Saunders & Associates in East Hampton, N.Y. \u201cWhen a new house is constructed, it gets purchased right away\u2014and above the asking price,\u201d she says. <\/p>\n\n\n\n
In Telluride, Colo., vacationers come for the two prime seasons of winter skiing and summer relief from hotter climates such as Florida, Arizona and Texas. \u201cThey may pay 25% more than they did a year ago,\u201d says broker-owner Anne-Britt Ostlund of Mountain Rose Realty.<\/p>\n\n\n\n
In contrast, the Michigan and Indiana vacation areas near Chicago have started to slow. \u201cThere are still sales, but it\u2019s not as crazy as it was with 15 offers,\u201d says Jason Milovich, whose Union Pier, Mich.\u2013company, Bluefish Vacation Rentals and Property Management, handles rentals. \u201cThe rental market has also slowed a bit,\u201d he says.<\/p>\n\n\n\n
Thinking About Distance and Location Accessibility<\/h2>\n\n\n\n
Without a private plane or helicopter, getting to certain vacation locations may not be easy. For example, Telluride requires flying into its small regional airport or a larger one in Montrose, 40 miles away, and taking a shuttle, says Ostlund. \u201cI\u2014and others who come here\u2014like it because it is so far away and quieter than Aspen or Vail,\u201d she says. As a result, many stay for three to six months, or otherwise longer than they used to, she says. <\/p>\n\n\n\n
Even vacation havens in New York\u2019s Hamptons or Massachusetts\u2019 Cape Cod require longer drives due to increased traffic. Many spend extended weekends or longer stretches to avoid going back and forth. The communities reflect that change by offering more services and shops. In some towns in the Hamptons, New York City art galleries, luxury retailers and hospital satellites have opened locations to cater to the increased population and the longer stays, Saatchi says.<\/p>\n\n\n\n
Another factor buyers care about is how far a house is to a downtown, beach, ski slope or entertainment. The main attraction for those buying in Orlando is Walt Disney World, says James Mitchell with Buy Orlando Properties. In Vail, being on a bus route helps renters do without a car, says Tyra Rudrud, broker-owner with Engel & V\u00f6lkers\u2019 office there and in Beaver Creek.<\/p>\n\n\n\n
But because of less inventory and higher prices, some buyers are willing to compromise on proximity. \u201cYears ago, summer residents didn\u2019t want to be five or six blocks from a beach, but now they\u2019re more flexible and willing to be in parts of town once considered less appealing,\u201d Novelli says.<\/p>\n\n\n\n
Rudrud also sees that kind of change. \u201cBefore, people were looking to be in the center of town or close to slopes, and now, they\u2019re willing to look outside core areas and be in the valley.\u201d she says.<\/p>\n\n\n\n
Today\u2019s In-Demand Features<\/h2>\n\n\n\n
The most critical feature to attract buyers is a house in move-in condition, since many don\u2019t want to do work, even if they can line up a contractor. \u201cI used to say \u2018location, location, location\u2019 was most important. Now I say \u2018new, new and new,\u2019\u201d Saunders says. \u201cThat\u2019s another reason why some will purchase in locations not as popular\u00ad\u2013if the homes are in ready condition,\u201d she says.<\/p>\n\n\n\n
Ostlund agrees. \u201cThey don\u2019t want to be bothered since they want to get in and enjoy their house. To get work done, they might have to wait one or two years because skilled carpenters remain hard to find,\u201d she says.<\/p>\n\n\n\n
Second on many wish lists is high-speed connectivity, as more people have the flexibility to work from home, says Milovich. In some remote locations, it requires planning to gain a strong connection.<\/p>\n\n\n\n
Also high on the list is the still-popular open plan with a spacious, functional kitchen, which remains the family hub. In kitchens where there\u2019s extra space, a new trend is two islands\u2014one for socializing and the other for kitchen prep.<\/p>\n\n\n\n
The increased number of people that occupy a vacation home at one time has led to renewed interest in dining rooms. Buyers don\u2019t want formal spaces, but a room so everyone\u2019s not eating only at a breakfast bar in the kitchen, Rudrud says.<\/p>\n\n\n\n
The greater number of people has also led to demand for more bedrooms and bathrooms. \u201cNo longer is a three-bedroom, two-and-a-half-bathroom house sufficient,\u201d Novelli says.<\/p>\n\n\n\n
And if constructed with a basement, the lower level may be finished to include an exercise room since many homeowners still avoid going to a gym, Saunders says.<\/p>\n\n\n\n
What\u2019s Important on the Outside<\/h2>\n\n\n\n
Having some property available outside is a must, though how much depends on location, budget and how buyers plan to spend their outdoor leisure time. Strong connectivity outdoors, if possible, is also important, as more are moving their home office outdoors in good weather and seek strong connectivity there, too.<\/p>\n\n\n\n
If internet is available inside, a strong Wi-Fi signal may be available outside, especially if the router is placed to facilitate it, according to Rebecca Lee Armstrong, with Salt Lake City\u2013based HighSpeedInternet.com. The company is comprised a group of internet and tech experts who help consumers find the best options in their area. Residents can also use Wi-Fi extenders that can send the signal in specific directions, she says.<\/p>\n\n\n\n
Another popular feature for vacation homes is a swimming pool. In Saunders\u2019 area, \u201ceveryone wants a pool, and an in-ground gunite design,\u201d she says.<\/p>\n\n\n\n
Milovich sees that trend slightly slowing, though. \u201cAt the height of COVID, a private pool was the number one amenity, but that\u2019s tapered off since there\u2019s not as much trepidation now about going to a beach,\u201d he says.<\/p>\n\n\n\n
Other amenities that appeal include a deck with heaters for colder climates, roof overhangs for sun protection and outdoor gathering, and a hot tub, says Rudrud.<\/p>\n\n\n\n
![\"Infographic](\"https:\/\/cdn.nar.realtor\/sites\/default\/files\/styles\/inline_paragraph_image\/public\/assets\/images\/2208_HD_VacationHomes_WiFiSpeedInfographic_500px%20%28700%20%C3%97%20700%20px%29.png?itok=Vk3oPPW9\")
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\n\n\n\nBONUS: Using a Property Management Company to Rent Out Your Vacation Home<\/h2>\n\n\n\n
Although many homeowners successfully rent their homes<\/a> on vacation platforms such as Airbnb and VRBO, another option is to work with a property management company. Many brokerages are now offering property management services. Though the company usually takes a percentage of the rent\u2014typically from 10% to 50%\u2014many also place their listings on well-known vacation platforms for wider exposure. Milovich\u2019s company does and receives 60% of its bookings from its property management work, versus 40% from the other sites.<\/p>\n\n\n\n
They also offer the advantage of knowing an area\u2019s rules and regulations, like:<\/p>\n\n\n\n
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- How many days the property can be rented annually<\/li>\n\n\n\n
- Whether short-term rentals of fewer than 30 days are permitted<\/li>\n\n\n\n
- The number of guests and cars allowed on the property, since there may be limits<\/li>\n<\/ul>\n\n\n\n
In Ostlund\u2019s Telluride area, the town has placed a moratorium on short-term rental licenses through 2023 so officials can study how they affect the community\u2019s fabric, she says. Vail is studying restrictions because of the shortage of workforce housing, says Rudrud.<\/p>\n\n\n\n
Another advantage of property management companies is that many have reps who handle all the nitty-gritty, such as checking renters in and out, setting out fresh linens and towels, stocking the kitchen pantry, and removing personal items. They may also spiff up the decor to make the listing appeal to the widest possible audience.<\/p>\n\n\n\n
![\"\"](\"https:\/\/www.anthonydidonato.net\/wordpress\/wp-content\/uploads\/2023\/04\/architecture-1477099_1280-1024x576.jpg\")
<\/a><\/figure>\n\n\n\nImage by giovanni gargiulo<\/a> from Pixabay<\/a><\/p>\n\n\n\n
\u00a9National Association of REALTORS\u00ae
Reprinted with permission<\/p>\n","protected":false},"excerpt":{"rendered":"Today\u2019s vacation homes require an updated set of features to maintain appeal in a post\u2013COVID-19 world, including space to spread out and top-notch Wi-Fi connectivity Key takeaways: During the second half of 2020 and through 2021, vacation home sales skyrocketed, according to a report from the National Association of REALTORS\u00ae. Today, vacation houses provide important … <\/p>\n
- More people are taking longer breaks from the city and working from home, so connectivity is important.<\/strong><\/li>\n\n\n\n