Prepping Your Home as a Vacation Rental: Tips and Considerations
Preparing your home as a vacation rental can be a lot of work, but for many homeowners, it’s a beneficial investment that can help them retire early or simply enjoy life a little more. Whether you already own a property that can be converted or you are interested in buying a new home specifically to be rented, you have many options to explore. It’s important to understand how to make the most of a vacation rental, however, especially when it comes to getting back the money you put into it. Knowing what your rights and responsibilities are is also crucial.
Preparing a home for others can be tricky, and it’s smart to start with a budget that fits your needs. You may want to add some updates to the home or spring for upgrades like a hot tub, game room, or pool in order to attract guests. Think about what renters in your area might be looking for as far as amenities go and do some research into the best ones for your home. Keep in mind that your location will play a role in the type of amenities you should offer.
Visit this vacation rental- a Michael Buss design for Folly Beach South Carolina!
Continue reading for a few tips on how to prep your home as a vacation rental so you can get the most return on your investment.
Get the Right Management
Running a rental property, whether it’s for the short- or long-term, can be a serious investment of your time. Many property owners find it easier to work with a property management company, one that can handle tenants, payments, upkeep and repairs. This takes a major burden off the investor and ensures the property is well cared for. And even though a management company can take a bite out of your rental income, it’s worth the money knowing your property is in good hands and that it’s staying rented. When looking for the right agency, seek out companies that offer transparency and upfront fees, 24/7 support for you and the tenants or guests, and easy access to your rental portfolio.
Find the Best Upgrades for Your Home
Whether your rental is a property you already own or one you’ve just purchased, think about ways you can make it attractive to renters. Depending on your location, you may want to add a pool, a relaxing hot tub or spa tub, or an outdoor kitchen that will allow for grilling. Do some research on the project you’re most interested in to make sure it will be a good fit for your budget and for getting the most return on your initial investment. Keep in mind that updated kitchens and bathrooms and plenty of sleeping space are always big attractions for renters.
Set Up a Website
No matter where you choose to set up your vacation rental home, keep in mind that your online presence will be a crucial part of finding renters and keeping them happy. A website and a large social media presence will allow you to keep in contact with your clients and will give you a way to show off your home in beautiful, clear photos. You can build your own site fairly easily these days; look for a platform that will guide you along the way while still fitting your budget.
Know Your Rights and Responsibilities
Knowing your rights as a rental property owner is essential; your insurance will change, and you will have different tax responsibilities as well. Learn about all the things you’ll be in charge of and prepare ahead of time so you won’t scramble at the last minute. This might include taking care of the legal paperwork or obtaining a permit to put on an addition to your home.
Prepping your home for renters takes time, so give yourself plenty of it. You’ll need to furnish it with all the comforts of a year-round house for your guests, and keep in mind that expensive isn’t always best when it comes to filling a vacation home, as there will be a lot of wear-and-tear. Look for bargains, and keep your receipts in case you need them for tax purposes. With the right game plan, you’ll have a vacation property people will want to revisit time and again!
Thank you Natalie Jones for your contributing article.