Owning a resort in USA & foreign countries
Buying a Resort
Buying a resort property is tempting to too many. While owning a resort property is a lot of maintenance, it comes with significant upside. From wellness hotels and sanatoria to RV parks, campgrounds, and fishing lodges, there are many different types of resort properties to buy. Each type of property will have its own unique set of considerations. Yet, the freedom to own and operate your own resort may be reason enough. For the purposes of this blog, we have assumed that you are considering buying a resort property comprised of buildings and facilities located together that provide lodging, entertainment, and other amenities for visitors. With this in mind, let’s weigh the pros and cons of purchasing one.
Being Your Own Boss
One of the most valued aspects of buying a resort property is being your own boss. As the owner of the property, you set the rules and hire the workers. You are in charge, which allows for more freedom than you typically have as an employee. Being your own boss can help push you to perform to the best of your ability. It also allows you to set your own salary and gives you permission to do basically anything. If you are the sole person in charge of your resort property, you will have a lot of details to keep organized. Hiring other workers, maintaining a proper budget, and keeping everything in order and running correctly will certainly lead to more stress than you might be used to. The best way for the investor is to have a manager on the property.
Income Potential
Having greater income potential is almost always a good thing. In particular, increased income gives you the ability to hire others to take care of some of the aforementioned stressors. Overall, as your business grows you will be able to hire more people to take care of tasks that you might have otherwise performed on your own.
While buying a campground or other resort property will cost you money in the beginning, the pay-off can be quite lucrative. As you learn the ropes, you will be able to make improvements with a view to increasing revenue. As revenue increases so too will your income.
Access to the Landscape
If you own an RV park or other resort property, you will have access to the surrounding landscape. This may include lakes, rivers, and hiking trails. Experiencing your resort’s beautiful surroundings will no doubt bring you great joy and inspiration. Even if the resort property is not particularly scenic, you will have the ability to create your own piece of paradise. If you are an active person or otherwise enjoy resort-style amenities, buying a hotel or other resort property will give you the opportunity to utilize the facilities. Swimming pools, tennis courts, and other sporting areas that are otherwise difficult to access are now in your backyard. Rather than paying hundreds, if not thousands, of dollars a year to be granted access to these types of facilities, people will now be paying you to utilize these areas. Now that you have taken these pros and cons into consideration, you are ready to buy a resort property! Well not quite. Be sure to conduct proper due diligence on the resort property, including a careful review of the financial records. Hire properly qualified advisors to assist with the purchase, including legal and accounting. If you need financing, talk to your bank early in the process and be prepared to submit a detailed business plan. After completing the necessary due diligence, getting input from your advisors, and considering the above, you can confidently purchase a resort property and feel good about your decision.
Owning a resort in foreign countries
Owning a resort in foreign countries can be largely beneficial to you in so many ways. First thing first, it will help internationalize your investment portfolio. In a developed country like America, you will be less likely to get a considerable profit out of your real estate investments. Owning a resort outside the US can help you with plenty of things if you own a resort in a country. For example, if you own a resort in Indonesia, the operating cost would be very cheap if you want to operate the resort using your American dollar. At the same time investing in foreign countries is one of the most convenient routes to getting a permanent residence
