When it comes to maximizing the value of your vacation home, there are two approaches you can take. First, you can work on enhancing the actual property value of the home itself. Second, you can focus on enhancing the rental value of your property by making it worthy of a higher average daily rental price.
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In reality, improvements in either area are generally complementary, meaning if you're improving the value of your home, you're likely also increasing its rental appeal, and vice versa. Here are some of the best ways that you can boost the value of your vacation home.
Make All Necessary Repairs
Ongoing home repairs may be a nuisance, but neglecting to attend to them can prove even more costly over time. A house in disrepair is also less likely to appreciate in value, and it's certainly less appealing to potential renters.
At the very least, you should ensure that there are no plumbing issues in your vacation home, that your insulation is intact and that your HVAC system is operational. You should also attend to any electrical issues and the general safety and security of your home.
Spend on Visible Improvements
Spending money on visible improvements is a huge benefit when it comes to increasing the appeal of your vacation home to renters. For example, while shoring up the foundation of your home or updating the pipes in your house may improve its value, it's not going to do anything in terms of attracting renters. If that is where you're looking to maximize the return on your investment, the best option is to improve things that people will see.
Buying new appliances, for example, can give your kitchen a brand-new feel, as can new shower fixtures, a new large-screen smart TV, or even a fresh coat of paint.
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Allow Self Check-In
While some renters enjoy meeting their hosts, many others don't want the hassle of coordinating their schedules to meet someone who can let them in. They simply want to be able to come and go as they please.
Adding an electronic lock to your home that allows guests to access your home with a code is a convenience that can bring you additional renters. At the very least, you won't have to worry about scheduling a time to meet your guest, and you'll attract renters that might not otherwise consider your location.
Add Interesting Flourishes
One of the things that can make your rental property stand out among a sea of competitors is unique touches. By giving your home features that few other homes have, you may be able to snag higher rental prices and generate better reviews. These flourishes need not be expensive either, they just need to stand out.
For example, you may consider adding a Bluetooth speaker in your bathroom so that guests can listen to music while they shower, or you may want to provide unusual amenities like a heated towel rack or a bidet. None of these items is particularly expensive, but they can help your place stand out to renters and may improve the overall value of your home as well.
If you really want to maximize the earnings of your vacation rental, you can't wait for potential customers to find you. Rather, you must actively seek and find them.
Advertising on social media sites is a great way to get the word out about just how wonderful your place is. Consider hiring a professional photographer to capture your vacation home in the best possible light. Highlight your good reviews on websites that will accept your listing. Look for local vacation rental message boards or websites and make sure that you get your place listed in your specific market.
Provide Added Extras for Your Guests
Satisfied customers and high-ranking reviews lead to repeat customers and more revenue in your pocket. One way to help accomplish this is to provide unexpected extras for your guests.
One example is to set out a bottle of wine, coffee and snacks for your guests when they arrive. Another would be providing a concierge book full of information about the local area, and perhaps discounts at local businesses. Happy guests lead to repeat bookings and perhaps the ability to raise your rates.
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