The Bahamas is one of the most popular tourist destinations in the world. In 2019, the island-nation shattered tourism records when it welcomed over seven million foreign visitors to its shores.
Citing this archipelago’s popularity as a hot tourist spot, know that tourists will always need a place to stay. This is one reason why investing in long-term rentals in The Bahamas is worth looking into. If you are already a
homeowner and an occasional island resident, opening your vacation home to long-term tenants can be a lucrative venture. Below are four reasons why.
Fewer cancellations
Compared to their long-term counterparts, short-term rentals are always at risk of cancellations. It could be because of a variety of personal reasons or force majeure events such as natural disasters and global pandemics.
Depending on the contract, cancellations also translate to loss of income. This can spill over to other aspects of property management, including maintenance. Constant cancellations and high vacancy rates can eventually put you in the red.
Long-term rentals provide more stability. Even in the case of force majeure, you will be able to earn rental income from the property.
Maintenance
The high turnover rate for short-term rentals means you will need to have the property constantly cleaned up, checked, and maintained. And since they are only staying for a short period of time, vetting would-be tenants is usually out of the question.
With a long-term rental, you have the capacity to properly pick tenants who can take care of your property during their stay. They will handle the basic maintenance of your home. All you need to do is to handle major repairs.
Financial security during off-seasons
No matter how heavenly your vacation rental is, there will come a time when you will receive zero reservations and bookings. Even the most famous hotels on the island are not impervious to the effects of off-season months.
A long-term rental, however, will ensure you that the stale months will not render a blow to your finances. The business and flow of income will continue, whether it’s peak or low season.
It entails less work
Dealing with reservations for a short-term rental can be tedious and time-consuming. You will have to go through the long and repetitive process of opening up the listing for rental inquiries, replying to messages, preparing the rental, and doing maintenance every time you have a new guest over.
Once that guest has checked out, it is time to do the same process all over again.
With a long-term rental, you can avoid this repetition. You can devote the extra time toward your personal life, other work, and more business opportunities in The Bahamas. If the tenant chooses to renew their lease, you can save money and time which you would’ve otherwise spent on marketing your vacation rental and screening tenants.
Start your venture by looking for the perfect property in The Bahamas. Viceroy Luxury Real Estate Group can show you the homes for sale in Nassau, Old Fort Bay, Lyford Cay, and Kamalame Cay. Reach our team at 242.502.3400 or info(at)viceroybahamas(dotted)com.