Top Tips for Turning Your Home
into a Profitable Vacation Rental
For many homeowners, a property that’s a money-maker can be a dream come true. If you’re considering turning a home into a vacation rental, there are strategies that will not only attract guests but also improve ROI. Here’s how to ensure you keep visitors coming and potentially turn a profit if you decide to sell in the future.
The top priorities for both renters and buyers will be two things: maintenance and cleanliness. Both aspects tell people they can feel at ease, safe, and secure. With that in mind, bring your home up to speed, and make a plan to keep it that way. If you live far away or will only be able to attend to duties on occasion, hiring a housekeeper might be in your best interest. However, many homeowners simply get into a routine and handle these tasks themselves. There are simple things you can do to help yourself in the long-term.
Clean and tidy
Start by assembling some appropriate cleaning products. Since guests can have sensitivities to odors and chemicals, natural and nontoxic selections are your safest bet. You can use a house-cleaning checklist to ensure you make a thorough sweep, and once you’re into a routine, you’ll likely see it goes by quickly. Make some notes as you go of any maintenance concerns, and fix them before the next guest arrives.
Keep them entertained
Although most vacationers won’t spend a lot of time inside your vacation rental, there are some who might enjoy an evening in. Or, the weather could force them to cancel their plans and stay inside where it’s nice and dry. In these cases, it’s good to have some entertainment on hand to keep them occupied. For example, if you intend to cater to families, stock up on board games or a video game console. You should also check into media players that allow guests to stream content, from movies and TV shows to YouTube videos, via your WiFi connection. Make sure whichever device you’re interested in can easily integrate with your TV, as some only work with 4K models. Whatever you choose, chances are, your guests will appreciate these amenities, even if they don’t use them.
Routines and reminders
In addition to the little issues that pop up, you need a plan for maintenance projects that inevitably come with homeownership. When you don’t live there, it’s easy to forget how frequently you manage certain things. Make it a point to formulate a schedule with clear reminders, like changing smoke alarm batteries when you change your clocks for daylight savings time. To help you remember to change your HVAC air filters, you can enroll in a subscription service plan, so every time a filter arrives, you know it’s time to install a new one. Some things might just require a calendar reminder on your phone. List your ongoing items, and figure out how you’ll stay on track.
Enhance eye-catching appeal
Your home’s exterior is going to make the first impression on both renters and house hunters, so it’s prime time to spruce up your curb appeal. Replace any worn hardware, tidy up the landscaping, and install new, easy-to-read house numbers. If your front door looks tired, give it a fresh coat of paint in a cheerful color, and add a few potted plants to make guests feel welcome.
Staging for success
When it comes to aesthetics, the same principles apply for both renters and buyers: create an environment with broad appeal. Aim for an overall look that evokes comfort, warmth, and a touch of luxury. Remove items that reflect your personal life and sense of style. Creative Home Stagers suggests neutral decor without knickknacks, family photos, collections, or expressive colors. Give the rooms a fresh coat of paint, and one recommendation is to select a hue that is in keeping with your floor color.
One room where you should exercise special attention is the bathroom. There was a time when bathrooms were a bit of an afterthought, more or less spaces that were purely functional. Those days are long gone, reflected by some statistics which indicate bathroom remodels are on the rise. On top of simply removing anything that is obviously dated (such as a toilet in an odd color), replacing worn fixtures, or transforming a popcorn ceiling, it’s a prime area to add a sense of indulgence. Consider spa-oriented upgrades, such as installing a heated tile floor, adding a steam shower, or furnishing guests with a heated towel rack.
There are several upgrades to consider when you’re thinking of turning your home into a vacation rental. Let ROI guide your decision-making when you’re planning on renting out your home. In the long run, making your home attractive to potential renters also means making it attractive to potential buyers.
By: Erin Reynolds of diymama.net