If you’re considering buying a vacation rental property in the Palm Springs area, there are several things you need to know before taking the plunge. With nine cities in the Coachella Valley area, each with different rules and regulations regarding vacation properties, it can be an overwhelming task to navigate. But fear not, we’ve put together a guide to help you through the process.
Location is Key
To make the most of your investment, you need to consider the location carefully. Palm Springs is a world-class resort destination, offering sunshine, golf, swimming, mid-century modern architecture, great shopping, and dining. The area is also home to several high-profile events, such as the Coachella Music Festival, the BNP Paraba Tennis Tournament, the PGA and LPGA golf tournaments, the Palm Springs International Film Festival, and Modernism Week, among others.
Remember, the more desirable the location, the more revenue you can bring in. Take a look at the average home prices for Palm Springs as of March 2022 – $1.3 million for an average-sized home. Keep in mind, if you’re looking for a property with four or five bedrooms, the prices will be higher.
Do Your Homework​
Before making any investment, be sure to budget your finances and learn the rules and regulations of the city in which you’re interested. While shorter-term vacation rentals are allowed in Palm Springs, Indio, a few areas of La Quinta, Bermuda Dunes, Palm Desert, and Desert Hot Springs, it’s important to note that the regulations vary by city and HOA. For example, some areas prohibit short-term rentals altogether.
Engage a Local Realtor
It’s beneficial to engage a local realtor in the early stages of your search. A realtor in the Palm Springs area can provide valuable insights into potential properties, tours, and even recommend local services. Having someone with experience and knowledge of the area can be incredibly helpful in the search for the perfect vacation rental property.
Get Your Property Ready
Once you’ve found the right property and made any necessary renovations, it’s time to start marketing your rental. Popular sites like Airbnb, Facebook, Instagram, HomeAway, and VRBO are great platforms to promote your property. Consider hiring a local company to manage the property and rentals on your behalf if needed.
Buying a vacation rental property in Palm Springs can be a great investment for your family, both as a source of income and a place to enjoy when it’s not rented out. If you need further assistance in buying or selling a home in the area, I’m happy to offer his professional guidance and free resources, such as the Living in Palm Springs PDF guide.