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Vacation rentals part III - location
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When considering a vacation home as a lodging option during vacation, the first priority is not the number of bedrooms or amenities; it is location, specifically what I consider a location analysis. From my years of travel planning, the old real estate axiom is also valid concerning travel, Location, Location, Location.
Orlando (MCO) Florida: Orlando is a great area to consider a vacation home rental. While many families have ventured to the many hotel properties within the Disney theme park, others have opted to consider a vacation home rental of which there are plenty of options throughout Orlando from small condominiums/flats to expansive homes with private pool and tennis courts.
My first question to clients is “What do you plan to visit in Orlando?” Is Disney World the only purpose of the trip? If yes, consider a property as close to the theme park as possible. Some condominium complexes are affiliated with neighboring hotels which may offer shuttle service to the park. Or, “We plan to visit Universal Orlando, maybe take a day trip to Kennedy Space Center and so forth”. Well, all of a sudden, close proximity is not an issue. Distance from a major attraction will affect the price. For example, a small one bedroom condominium within walking distance of Disney World may be the same price as a 3-bedroom townhouse a few miles away. Of course, being a distance away means use of a car or public transportation. However, if planning on visiting Universal Orlando and doing day trips from the area, is the proximity close to Disney World important?
Vail (EGE) Colorado: Vail is an example when seasonal variations can alter pricing strategies concerning vacation home rentals. During the winter months, homes and lodging close to the slopes (walking distance) or ski-in/out command the highest rates. This is common sense. As you move away from the slopes, prices drop, values increase and BTW: the free bus system is an excellent alternative to being walking distance to the slopes if on a budget.
However, summer season changes demand. While homes and flats close to the mountain and in town command a premium, savvy vacationers know the value and attraction of residing in the outlying areas. For example, during summer, the alpine neighborhood of East Vail (4 miles east of the core village) is in demand. The elevation is slightly higher, the density of buildings is lower and with the mountain terrain, temperatures are generally cooler. In addition, East Vail offers the best proximity to hiking, biking and fly-fishing (as well as access to the Vail Golf Club which is open to the public).
I have heard from clients residing in the town core during summer months concerns about the heat (the core of Vail is paved, surfaces trap heat, make sure an air-conditioner or at minimum a fan is available), noise from activities i.e. Sunday Farmer’s Market, public concerts, bar crowds, delivery trucks. These are not issues during the winter months when windows are shut. BTW: the core of Vail is glorious during the summer months, however, with the “Billion Dollar Renewal” program, construction will be an issue for a few more years. Be sure to ask when booking a property in center Vail proximity to new construction or any public works projects.
Thus, when considering a vacation rental residence, keep in mind location and ask the owner or property manager to be honest with you based on your desires. While Google maps are a nice resource, its best to consult with someone familiar with the property i.e. the owner or management. Be sure to explain in detail what you are looking for in your rental vacation residence.
I would suggest mentioning the following:
-Proximity to local/regional attractions
-How close is grocery store?
-Does area allow “transient lodging”, some communities restrict this activity
-Dynamic of the guests i.e. family, friends, multi-generational
-Any issues concerning physical challenges i.e. stairs
-Children: is the pool gated? Is there a water motion alarm?
-Parking: on-site or on-street or public garage?
- Pets: are they allowed
Basically, the value equation must not just be dollars saved, it must be “will you be happy?”
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