Vacation rentals have kept millions of Americans comfortable and safe while they’re relaxing and taking time off, and with all the options out there today, it’s no wonder. No longer are vacationers forced to choose between an expensive hotel room and an even pricier condo; there are tons of rentals available for all price points in most cities around the country, meaning anyone can find the right getaway for their needs. For homeowners, this means an opportunity to earn extra income throughout the year by renting out an existing property or investing in a new one, but there are a few catches.
First, you have to think about how often the home will be used and what the location will offer. There’s also maintenance and upkeep, security, insurance precautions, taxes, and making updates or upgrades that will keep your renters happy. The latter is especially important since many people are looking for specific amenities during their vacation to help their stay remain relaxing and fun.
Some things you should think about when turning a home into a rental property include:
Location, location, location:
The location of your rental home is a crucial part of the entire decision-making process when you’re ready to get started, so you’re going to have to carefully consider the best spots to own a vacation rental. Look for areas that have many activities that attract tourists and proximity to other major vacation destinations.
When you have a vacation rental that’s open, how will you let potential guests know what you have to offer? Consider setting up a website for your rental, and hop on social media to promote the listing. Take clear, well-lit photos of the exterior and interior so visitors will be able to see what they’re paying for, and be sure to list all the amenities and what you’ll include in the home, such as a grill, utensils and kitchenware, or access to Wi-Fi. If your home is in an area that attracts a lot of tourists, it might be a good idea to look online and find sites that compile rental information so you can reach out to them and ask about including your home.
An alternative option is to hire a management company to take care of many of these tasks. These companies can help market your home and handle all bookings. Some property managers also offer 24-hour support and will clean your home between guests.
Adding the right elements:
If you want to upgrade an existing property to a vacation home, it’s imperative to make sure you add the right features to turn it into a dream getaway. This might mean some extensive renovations if you have the budget, so plan carefully in order to get a good return on your investment. The changes you want to make will vary greatly depending on the home’s location, your timeline, and how much you have to spend, but in general, homeowners often update bathrooms and kitchens, add a hot tub or entertainment room, or build a deck or front porch.
Prepping the house:
When it’s time to add items to your vacation home, it’s important to think about what you’d like to have if you were renting. What are the most important details for you when you’re away from home? Making a vacation home comfortable is crucial, so look for the right bedding and furniture, but also think about how to make it safer. Adding security features, such as motion-sensor lighting or an alarm system, can help give your renters peace of mind and may even help lower your insurance rates.
Vacation rentals come in all shapes and sizes, so remember that your home doesn’t have to conform to any one style. Work out a budget and a time frame, and think about what your role will be as far as maintaining the home’s upkeep and security. With a little preparation, you can transform your home into a beautiful rental property