For business-minded people looking to enter real estate investing, a vacation rental home seems to be one of the best places to start. This cannot only provide you with a profitable investment, but you also get the bonus of having a nice spot for an R&R when you need one. You can rent it out for as long as you want then use the money to cover up your future living expenses, healthcare, and travel.
But managing a rental home is not all sunshine and rainbows; this investment requires a lot more work, including upgrades. Improvements in the vacation property are necessary if you want to keep the guests coming in to rent. To give you a head start, we compiled the best rental home upgrades that you could do.
Consider a full kitchen
Guests who book places for more than a day generally require a full kitchen where they can prepare and cook their meals. If your vacation home is lacking here, it’s best to invest in a great kitchen. To give you a clearer idea, an outdated kitchen space has no supplies to utilize and no area to eat. Keep it this way won’t help you get bookings.
Fill up your calendar by creating silverware-stocked drawers, having a good-sized dining table, and updated appliances in the kitchen. If the area is poorly lit, install some under-cabinet lights. Or if you have a wear-out linoleum in the kitchen, consider replacing it with a more appealing and durable material like wood or tile flooring.
Create a bathroom oasis
Apart from the kitchen, the bathroom is also top considerations for many guests when picking a place to book for vacation. The problem is, most home rental owners put this room on the least priority of upgrades. Don’t make the same mistake by investing in a bathroom improvement. Start with the basics: check if the hot water works, if the toilet is flushing out properly, and if the plumbing fixtures function.
Some of the best upgrades you can do include installing better lighting, updating plumbing and water pressure, repairing chips and cracks on fixtures, replacing the flooring, and giving walls new paint. You can also create a spa-like experience by adding small touches such as bathrobes, nice-smelling soap, shampoo, and candles.
Invest in a tub or pool
Looking for more amazing additions to your property? You can consider installing a hot tub or pool indoors or in your backyard. Obviously, a hot tub is a more affordable option. You’ll only need the tub itself, some electrical requirements, and a good surface to set up. This doesn’t necessarily require plumbing, like most people think. You can fill it with your garden house. If you’re prepared for a bigger yet more profitable investment, an inground pool would be fantastic.
This project will require you to hire professional builders, a bigger space, and more water-relevant systems to acquire. For one, you’ll need to obtain a muriatic acid substitute for pools to make sure the pool water isn’t toxic for the swimmers. The last thing you want to happen is your guests getting sick in your rental. You’d also need to invest in other water-filtration systems such as sand and cartridge filters to keep the pool clean at all times.
Provide secured parking
As you know, parking plays a major factor in the guests’ convenience. Not having a good, designated space for guests to park their cars can leave you with an empty calendar. If your rental property is a single-family home with extra outdoor space, you can either give the guests access to the garage or build a new carport just for guests.
The problem is that you might need to buy door openers if you’re going for the garage option. With that in mind, you can consider installing smart garage door openers to make guess access more convenient for both sides. This gives you access to video monitoring and mobile device control.
Set pet-friendly policies
This is not necessarily a home improvement, but adding this to your rental offers can allow you to broaden the group of people who can book your place. In short, more people will be interested in renting out the vacation home. Thousands of pet owners out there often have a tough time searching for vacation rentals that allow their furry friends. Welcome them into your rental and increase your earnings. All you need to do is to charge additional fees, especially if their furry family members cause unexpected damages to the property. You get to attract more guests and increase occupancy rates.
Investing in an attractive real estate property like vacation rentals can be an amazing earner. You get to take advantage of equity appreciation, have more tax deductions, and have a private and personal getaway for yourself. Invest in a well-kept house, play it smart, and you’ll absolutely get to reach your financial goals.