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Customised new build vs renovation of existing property

heather bayer Huntsville, ON

November 17, 2018

I'm interested in hearing from people who have custom-built a property for vacation rental rather than buying an existing property and renovating it. What were the advantages/drawbacks? How did you analyse the potential from a risk perspective?

Comments

Matt M. , CA

Jan 13 2019, 06:55 PM

I think it depends on the building regulations of the municipality, especially for new construction. Having done both, I prefer renovating an existing property and tweaking the features of the house to accommodate STR usage. For example I always work with my rehabbers and fix and flip clients to add smart home features to the house during remodel. Most smart home and security features are attractive to end buyers whether they decide to do STR or not. All else being equal, especially since we are entering a slowing economy added features such these will help the home be more attractive to fickle buyers/investors.

Matt Malouf

Author-Adventurepreneur

Tyann M. Saint Louis, MO

Jan 24 2019, 02:00 AM

Having done both...I like the new build better because I can create the floor plan and features from scratch, adding in nuances I know that my target guest will want. Although being creative on how to make a space work for a vacation rental and stay within budget can be fun as well!