Step One: Dream It
Step one is all about envisioning your perfect vacation home and turning that into a clear, actionable plan. Through a combination of brainstorming exercises, worksheets, quizzes, and checklists, you’ll refine your vision, set priorities and lay the foundation to turn your dream into reality.
Set Goals that Work for You
Turn your big dreams into actionable goals. Take the Vacation Home Owner Archetype Quiz to determine your priorities and discover your unique approach. Whether you prioritize personal enjoyment, aim for a balanced mix of personal use and income, or wish to maximize profit, understanding your archetype will shape your next steps.
Your Ideal Vacation Home
Dream big as you define your perfect vacation home—its location, style, and must-have features. Through virtual research and an engaging Sticky Note Exercise, you’ll move from abstract ideas to a concrete, personalized vision of your perfect getaway. Capture your ideas on the Vacation Home Vision Template and use this as a guide when viewing properties.
The Red Tape
Before moving forward, understanding the legal and zoning requirements of your destination is essential. This section covers permitting, applications, and the necessary ways to ensure compliance. Use the included Due Diligence Checklist to guide your inquiries and gather essential information.
Local Competition
Once you’ve confirmed you can legally rent in your desired destination, it’s time to assess the local competition. This section will guide you through virtual research to understand the area and identify potential opportunities. Explore competitor pricing, reviews, availability, amenities, cleaning fees, locations, and more to spot gaps in the market and pinpoint where you can stand out.
Window Shopping
Create your "Buy Box"—the specific criteria for your dream vacation home—using insights from previous steps and the included Worksheet. Virtually browse properties (both recently sold and currently for sale) that match your desires, and use the Comparison Template to evaluate them. Gain clarity on what your ideal property will cost and use recommended tools to estimate potential rental income. Start conversations with local realtors to understand their perspective.
