With miles of sandy beaches and its close proximity to New York City, the Hamptons is attractive to vactioners and weekend warriors alike. It is also a great market to own a rental home in the hamptons due to the area's lack of hotels. Here are my tips on finding and buying the perfect hamptons vacation rental.
Location
A property's location is the defining charateristic in determining a home's potential rental value. This goes without saying but oceanfront properties tend to command the highest rental value but keep in mind prime rental season is from Memorial Day to Labor Day making a oceanfront house difficult to rent in the off-season. These properties are also often the most expensive requiring several millions dollars in order to buy.
For those who are looking for more of a deal, it pays to head north of Montauk Highway.
Co-Op or Single-Family Home?
After you decide where to purchase you will need to decide whether to purchase a co-op or a single family home. While a majority of homes for sale are single-family there are some co-ops along Dune Road in Westhampton Beach, Westhampton Dunes, Quogue, East Quogue, and other communities.
If you prefer a lower maintenance rental, then a co-op could be a perfect opportunity as the board will usually take care of the maintenance. However, keep in mind that you will need to follow all the co-op board rules which could limit how often you rent the property or for how long you can rent the property for.
Know Your Audience
While co-ops tend to cater to one audience single-family homes tend to cater to another with their own set of needs with both groups requiring different types of montioring.
You will need to think about management, maintenance, and restrictions especially if you are going to list your property on homesharing sites or apps. On top of that, you will also need to take into account any town rules or regulations when listing your home on those sites.
Interested in searching for the perfect Hamptons real estate rental? Get in touch today.
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