Now that you have decided to buy a property to start your holiday home rental business, the first question that comes to mind is how many bedrooms are ideal for letting out to travelers?
There are several factors based on which you should take this decision. But first of all, when you buy a property, even if it is to be used as a holiday home, there will be times when you would love to go and stay for some days with your family. So the property should have enough space and bedrooms to accommodate your family and an occasional couple or friends of yours whom you would like to take along in one of your vacation.
You must understand, why travelers like to stay in a holiday home instead of a hotel. Ideally the larger chunk of travelers who decide to stay in a holiday home is a group of say 5-6 people – two couple and their kids. For them staying in a holiday home is cost-effective and they are entitled to a greater common space which otherwise in a hotel is non-existent. So a three bedroom house – two for parents and one for the kids – is best suited.
Now, you need to look at location, which of course I’m assuming is invariably a tourist destination. Does it see a lot of families visiting the place or is it just couples/ honeymooners? If the area see a lot of families then a property with 3 or more bedrooms is best suited, however if it witnesses couples then a 2BHK property would be best suited.
While buying a holiday home depends on the availability of your funds there are also some design aspects to be taken into consideration. For instance there are many developments offering 3BHK properties with two bathrooms or 4BHK properties with 3 bathrooms. In such cases, the third/ fourth bedroom becomes hard to rent out because travelers would ideally prefer to have attached bathrooms with their rooms. And if you are individually renting out rooms then the room(s) with no attached bathroom will be hardly occupied – a waste of your investment.
The rental of a holiday home you will be charging will mostly depend on how well you will furnish it. While all the rooms need not look the same as hotel rooms, some level of consistency needs to be maintained. So when you are looking to buy a property and you are undecided whether you should buy a 3 or 4BHK property take a look at the funds you have for furnishing the house. You may have the potential to earn more rental from a well furnished 3BHK property than a ill-furnished 4BHK holiday home.
However, most importantly, how many bedrooms are ideal for a holiday home will rest on you. It will depend on how much time you can give to look after its daily affairs. If you feel that you have very less time in hand then a 2-3BHK property is best suited. If you have a larger property and you hardly have any time you might even have occasions when you are being paid the rental for three guests, while there may be more guests staying without your knowledge.
Also before you decide how big a property you will be buying, you must decide how many guests you are comfortable hosting. You must be aware that larger groups ideally mean greater wear and tear to your interiors which is of course understandable. So if you feel that you are comfortable with smaller groups go for a smaller property of two-three bedrooms.