Conferences, retreats, getaways – all are perfect business opportunities for owners of retreat property. However, when looking for the right real estate, there are a few things to think about. The following is a list of considerations to help you choose the property that’s right for you.
No matter what type of real estate you’re investing in, location is always key.When it comes to retreat property, there are several things to consider including:
- The property’s proximity to grocery stores, medical facilities (in case guests become sick or injured) and any other necessities for running your business on the property.
- Ease of accessibility. For instance, a luxury home for sale mchenry county illinois is located on beautiful, green open space but is close enough to major roads to make it easy to get to. Is your potential property near any major airports, roads, highways? Will it be relatively easy for guests to arrive or will they need to hike in?
- Available activities on the property. Are there walking trails? Ponds or rivers for fishing? Tennis courts or other recreational facilities?
What does your property have to offer guests? Do you have wooded areas, water features or a swimming pond with a beach? What about the home or building itself? How many bedrooms and bathrooms do you have? What about a patio, spa, fireplace? These are all things guests enjoy and that certainly add value.
It’s important to be able to use the property as many different ways as possible. For instance, a versatile retreat property could be used to host professional conferences, weddings, spiritual retreats or other events. You should be able to host various events year round in order to keep a steady stream of revenue coming in.
Of course, your overall budget is an important consideration. How much do you have to invest in the property itself? What about any repairs, renovations or upgrades? Keep in mind you’ll also have to take our various forms of insurance, especially if you’ll be running a business on the property.
Size is important because it will have a big impact not only on how many guests you can host at once but also on the cost of upkeep. Larger properties will require more upkeep, staff members and will have higher utility costs.
Keep these considerations in mind and you’ll be sure to find a fantastic property suited to your particular needs.