A vacation rental property can be a source of a lot of additional finances or an endless money pit. It depends on how you approach the matter.
One of the major issues is, of course, the location, and the popularity of each vacation location tends to change, meaning the value of your rental property will too. Each year there is a list of the most popular locations for owning a vacation rental property.
But regardless of the location, there are other important factors that determine whether or not your property is actually going to make you some money. One of them is the state it is in, and how appealing it is to potential renters. And, clearly this is something that you can control, and with some of the ideas from this article, you can make your vacation rental property a really hot commodity.
Start With the Essentials
In most cases, essentials include electrics, plumbing, and a paint job. You cannot do any work on your property until this is in order. Start with plumbing – get a professional to check all the pipes and replay anything that looks suspicious. Low-quality plumbing can lead to leaks and clogs that can cause a lot of damage to the foundation and walls.
When it comes to electrics, apart from checking all the wiring, you should also take a page from Australians who have a lot of experience with vacation rental properties. Hiring a trusted electrician to install your smoke alarms and ceiling fans will ensure that your renters feel both safe and comfortable.
Finally, there are the walls – you need a fresh paint job for both the outside and the inside of your property. It is a good option to stick with the nude palette so that you can have a lot more freedom with the furniture. You don’t want your vacation rental property to look damaged or rundown in the photos, after all, the goal is attracting prospective renters.
Invest in the Curb Appeal
For a vacation rental property, the outside is as important as the inside. This means that you need to invest both in the front and the back yard. Regularly cut grass and a tidy appearance are important. But you don’t want to pay too much each year for plant life.
This is why it is a smart option to get local plant life, one that will not only look good but also be very durable so that you don’t have to invest money every year just do regular maintenance after that initial investment.
In addition, adding a patio is always a great option to increase value. Whether your rental property is in the colder or warmer regions, a patio with a fire pit is always a great idea, and it can significantly increase the curb appeal of your rental property.
Make It Warm and Comfy
Now it’s time to move to the interior. When choosing the furniture, it is important that you don’t go overboard with the cost, but you also can’t be too cheap especially when comfort is at stake. So, you don’t have to get the latest brand name furniture, but the one you get needs to be comfortable and durable.
Considering that it is a rental property and that there are going to be a lot of different people vacationing there, you need to make sure that your furniture can withstand frequent cleaning and constant usage. So, keep that in mind when you choose couch materials and carpeting.
In addition, you should pay special attention to the color palette. You don’t want to go with strong, dark colors or décor with too much character as it can be a bit disconcerting to some possible renters. For a rental property, light nude tones usually work best. They provide the necessary warmth without being too in-your-face for your renters.
Finally, make sure you hire a cleaning service that will come in on a regular basis to maintain everything clean and smelling fresh. This can do wonders for your property reviews.
Learn More: How to Furnish a Vacation Rental Home to Attract More Guests
Don’t Forget About the Appliances
One of the more common mistakes that owners make is that they tend to put in their old appliances into the vacation rental property and get brand new ones for their home. This is not a good idea. It will have a direct influence on the renter satisfaction and can lead to a lot of costly repairs.
It is far smarter to invest in new appliances that will not only photograph well but also serve you for years to come. They will be used often, and you will probably make good on the warranties you get. Also, your renters will appreciate the investment as they get to enjoy quality new appliances, and that is one of the reasons for them to not only give you a good review but also keep coming back and renting your vacation property.
It is these little things that show them that you respect and appreciate them. Getting new items instead of the handy downs that even with the best cleaning job cannot look their best.
Taking the time to create the perfect rental property can result in the perfect return on the investment. If you simply throw old things in without a lot of care, you might get a few guests who will rent your vacation property, but they will certainly not be coming back. And for the vacation property owner, this can be disastrous.
You want to have loyal guests that will come back year after year. That way you can count on regular income and won’t have to invest additional funds on marketing and promotion. So a bigger initial investment that will make your property stand out is essential.
An eye-catching curb appeal, comfortable and clean interior, and safe installations along with quality appliances will make your vacation rental the ideal place to come back to for most of your renters.
This article has been contributed by Diana Smith.