So you’ve just joined the club and now you’re part of a group of investors looking forward to making a nice income off of a vacation rental property. Well, if you’re ready to make money, you may want to spruce up your rental so you can really make the big bucks.
Owning a vacation rental in 2021 is a great way to build wealth. In fact, studies have shown that vacation rental owners have seen a huge surge in profits since the onset of the COVID-19 pandemic.
But if you’re wanting to make the most out of your investment, you might want to consider adding as much value as possible to your rental. Thankfully, you can do so with very little upfront cost in most cases.
If you’re ready to make your vacation rental the place to be during peak vacation season, the following will offer some simple and affordable tips.
Modernize Your Home
When you go out somewhere on vacation, unless you’re seeking a place that speaks to your sense of nostalgia, you’re probably looking for all the modern comforts that a place can offer. And in order to make your vacation rental appeal to the masses, you’ll want to spruce up your place a little bit.
Modern home designs are attractive to a large number of vacationers across the country. This is because it gives the feel of living in style and comfort. And this is exactly what most people want to experience while on vacation.
For example, you could consider the following home improvements to give your rental a modern feel:
- Modern security monitoring
- Virtual assistants
- Energy-saving appliances
- Streaming entertainment
- Heated floors
Though the above list only provides a few examples, consider what other rental owners are incorporating into their homes to bring in a modern feel and added convenience. Because the latter is what most people are seeking in their lives.
Outdoor Lounge Areas
One thing that you’ll have to consider when forming a plan for your vacation rental is that people will want a space to gather. And most vacationers will gather outdoors.
If you want to make your rental property more attractive to potential renters, facilitating an outdoor recreation area of some sort should be on your list.
For example, when you plan your next vacation, you want to be sure that the place you’re staying has adequate facilities that can accommodate the whole family, or for inviting friends. And since most of your business will be in the spring and summer months, outdoor lounge areas are going to be a huge attractor.
Some ideas to consider are building a BBQ area with ample seating, or installing a pergola with plenty of space for gathering under. Additionally, you could also create a fire pit area for those who want to enjoy a late-night vibe.
One thing that you’ll need to remember is that many vacationers will be traveling with children. And this is a huge demographic that you can tap into if you offer the right amenities.
Installing a simple playground is easy, and you don’t even need to be too elaborate. Just a simple swing set or jungle-gym will suffice, and provide a way for the kids to get out of the adults’ hair and burn off some energy.
You may also consider setting up an obstacle course, or even have a treehouse if you have the available trees to do so. This is the type of home improvement idea that will surely entice the modern family to check into your rental.
At the end of the day, there are a number of home improvement ideas that you can implement to bring your vacation rental more views and more value. But what you decide needs to relate to your target customer group. As long as you’re offering your target renters what they’re after, you’re sure to see a spike in inquiries.