The global vacation rental market is expected to grow to $193.89 billion by 2021. Whether you own a home currently that you want to rent out, or you are looking to purchase a property to use as a vacation rental, you need to do what you can to attract the most visitors and get the best return on your investment (ROI).
Upgrading Your Existing Home
By upgrading your home before you try to rent it out, you can charge higher rates, attract more guests, and garner more positive reviews, thus attracting even more renters. Some home improvements and upgrades make more of an impact on your bottom line than others.
Pay attention to the kitchen
Some tourists rent a vacation home rather than a hotel room because they want to cook and eat homemade meals rather than eating out at restaurants. A beautiful kitchen looks great in listing photos and really draws in customers. Consider refacing cabinets or replacing countertops with upscale materials. Also, a large stainless steel refrigerator is always attractive to renters as well.
Revamp the bathroom
The bathroom is another place where you should invest some money. Visitors want to feel like they are on a relaxing getaway, so turn your bathroom into a spa-like oasis. A large jetted bath tub or a steam sauna are wonderful additions your guests will appreciate.
Don’t forget about the Wi-Fi
One thing that travelers often complain about in vacation rental homes is the Wi-Fi speed. A slow internet connection can easily be remedied by upgrading your service. Do it without hesitation because you don’t want to rack up poor reviews about the slow speed and turn off future renters.
Buying Something New
If you are buying a new property, to maximize your income from the rental, you want it to be in an area that will attract a lot of visitors. Think about the type of properties you would rent when you are going on vacation. Many people prefer a waterfront (or at least waterview) property. For example, research from Tripping.com found that 83 percent of tourists want a vacation home by the ocean or a lake.
Look for a home with low upkeep
You don’t want to spend a big portion of your monthly profits on upkeep and cleaning. Therefore, you should look for a home that is built with low-maintenance materials to save money and hassle in the long run. Metal roofs, which can resemble slate, can withstand inclement weather, are fire resistant, and often come with very long warranties. Inside the house, low-maintenance flooring such vinyl planks and tiles, which are soft underfoot and easy to clean, are wonderful options. Quartz countertops are awesome choices in the kitchen and bathrooms. They are as attractive as granite but resist stains, scratches, and high heat.
Make a good deal
Enlist the services of a reputable real estate agent who knows your area well and try to get the best deal possible on the home. Come in with a solid offer and don’t overpay for what you are getting. If the seller isn’t willing to come down to your price point, be willing to walk away and move on to another property.
Listing Your Property
Before listing the home on Airbnb, Vrbo, or other vacation rental sites, check out your competition. Look at the listings in your area and compare not just the rental prices but all the features and amenities in the homes. Get professional pictures taken of your home, if possible, to increase the occupancy rate. According to Build Up Bookings, travelers will only spend about 59 seconds navigating your website and clicking through your photo. So, you have to make those seconds count with a great impression.
If you want to delve into the vacation rental market, you need to choose a property and a location that will attract visitors. It’s also imperative to keep the home clean, maintained, and updated. And of course, to maximize your occupancy rate and profit, you have to market it well. However with the effort and research, your vacation rental property can bring in a nice stream of income for years to come.
Photo via Pixabay