Best Timing to Buy a Vacation Rental in Canmore
Are you dreaming of investing in a vacation rental in Canmore? With such a steady demand for vacation rental properties all year long in Canmore, this is a great way to create a stream of passive income while acquiring an asset you can benefit from immediately. Whether you plan to invest with friends or family, or are looking for something you can purchase yourself, we are here to help.
Contact us any time to learn more about finding the right property to turn into a Canmore vacation rental. We can help you find homes for sale in Canmore in a range of prices and style to work with your goals.
Keep in mind that timing is everything. Here is what you need to know about the best time to buy a vacation rental property in Canmore.
Consider the seasonality of your desired location. In general, Canmore is a desirable vacation destination all year round, but there are some seasons when you could earn the highest rental income. This tends to be during the summer months when the busiest tourism season is taking place and most international tourists come to see Banff National Park and more.
With this seasonality in mind, consider whether you would like to have your property ready to host guests by summertime or if you would like more of a soft start in the "off-season."
As you look for properties, consider how long they would take to be ready for renting. Will you only need to decorate and furnish, or is this a property that will require a renovation.
Ideally, you will have the property ready in time to start booking for the busiest tourism season. That means being able to start booking months in advance, so you should ideally have a property you can list online in the early spring.
Ultimately, any time is a great time in Canmore to invest. Though there is a busier season, the demand for vacation rentals stay relatively steady throughout the year.
Evaluate your own financial situation and ability to finance the investment. Consider your budget, down payment, and ongoing costs like property taxes, insurance, maintenance, and property management fees.
This may affect your timeline if you anticipate a change in your finances in the near future. For example, if you are expecting a bonus at the end of the year, you may want to wait for that to use as capital toward the investment.
Determine your long-term investment goals. Are you looking for a property that will primarily be a vacation rental, or do you plan to use it occasionally for personal use as well? Your long-term vision for the property may influence the timing of your investment.
While owning a short term rental property in Canmore is designed to become passive income, it will require some significant time and effort upfront, and some level of ongoing management.
Take a look at your personal and professional life and determine whether you have the time required to turn a property into a vacation rental right now, including furnishing, marketing, and stocking the short term rental. You should also determine whether you have the capacity in your current schedule to be a property manager, or if you should outsource these tasks to a management company.
With smart home features installed in your vacation rental, you can make the process of managing the property more efficient, but you should still assess when the right time is to take this new task on and work through the initial learning curve and increase time commitment.
Ready to begin the search for your vacation rental property in Canmore, or do you have more questions? We would love to help. Contact us any time.