Invest in Victoria Airbnb: 5 Essential Tips for Buying the Right Airbnb (2019)

Are you looking to invest in Victoria? I think you’ll agree when I say:

It’s hard to know what type of investments are worth your time and money.

Well, it turns out, you can cover your monthly mortgage payments and expenses AND come out in the green with one of them.

In fact, these investment properties can yield upwards of $40,000 in gross earnings annually.

Short-term rentals – Airbnb and VRBO – are powerful investment tools. But, what exactly should you look for? Use these 5 essential tips for buying the right investment property in Victoria.

TIP #1: Research The Neighbourhood and Nearby Rentals

Why this is important: The neighbourhood and surrounding areas can play a big part in attracting guests to your listings. Is it close to restaurants? Great. Is it close to Victoria’s most popular attractions? Even better.

You should consider:

  • nearby amenities, shops, restaurants, and attractions
  • the proximity to primary transport services (ferries and buses)
  • the number of short-term rentals in the area
  • the overall feel of a particular “pocket” of downtown

TIP #2: Know Your Ideal Guest And What They Value

Why this is important: Airbnb has an array of “tiers” when it comes to the quality of listings available. Think about who your ideal guest is. Are they travellers on business? Do they value a higher-end product? Are they families on a budget?

You should consider:

  • the quality of other listings and where you want your suite to fit in
  • adding amenities that your ideal guest will use and appreciate
  • furniture and finishings that will make your suite stand out
  • pricing your listing accordingly amongst the competition

TIP #3: Learn More About The Strata’s Stance On Airbnb

Why this is important: Every Strata’s rules and bylaws are different. Each building in Downtown Victoria will have a different make-up of owners and renters. So, it’s vital you know a Strata’s position on short-term rentals before you invest in Victoria.

You should have your Realtor look into:

  • how many units are currently being used as short-term rentals
  • any complaints or comments about Airbnb in the Strata Council Meeting Minutes
  • rules or bylaws that negatively impact short-term rentals
  • any upcoming votes regarding short-term rentals

TIP #4: Consider Buying A Unique Property

Why this is important: There are over 1,000 Airbnb listings in Downtown Victoria. Purchasing a property with unique features will help you stand out from other listings and garner higher nightly rates.

You should consider:

  • buildings and units that offer unique vantage points of the city
  • buildings with “character” features or heritage status
  • top-floor or corner units that offer more privacy (and better views)

TIP #5: Think About Your Own Personal Use (If Desired)

Why this is important: Consider your own wishlist if you plan on using the property for personal use. Short-term rentals offer the flexibility to split time between personal use and “business” (rental) use.

You should consider:

  • the neighbourhoods and/or districts in Downtown you enjoy
  • how many bedrooms and bathrooms you want
  • if hosting friends or family is important to you
  • what building amenities (for example, fitness centers or pools) are important to you

Conclusion

Using these 5 essential tips, you’ll be better equipped to choose a short-term rental property that is right for you. Remember to think about which of these elements are most important to you or your guests when you invest in Victoria.

Are you interested in acquiring and managing your own short-term rental?
Click here to grab a free copy of my Beginner’s Guide to Airbnb.