Are you considering turning a property into a vacation rental? The market is ripe for those looking to host guests regularly, whether you have a house ready to convert or are considering investing in one. If you’re thinking of turning a home into a moneymaker, here’s how to set yourself up for success.
Select a Smart Location
When it comes to factors contributing to the success of a vacation rental, little compares with a well-chosen location. Your best bet to ensure a steady flow of guests is setting up in a locale people seek out on a regular basis. If you manage that, you’re well on your way to owning a profitable vacation rental.
Tend to Business Duties
The housekeeping side of starting up your business can be taken care of in a few simple steps. Start by researching different business structures to figure out which is the best option for you. An LLC is a popular choice because it offers flexibility and protection and ensures separation between your personal and professional assets.
After you’ve created an LLC in your state, you can then set up a business checking account to use for rental property revenue and expenses.
Protect Your Investment
As a property owner, keeping your investment secure is a top concern. Think about what sort of home security options will fit your circumstances best. A monitored service can alert you and the authorities if there is an emergency, which is a prime concern if you aren’t close by.
Another consideration is smart home features. Think about adding a security camera, lights, and locks, which allow you the flexibility to make adjustments from your phone.
It’s an easy way to ensure your peace of mind, and guests often appreciate the added features, too. As a bonus, if you should elect to sell your property at a later date, smart home features also appeal to house hunters.
Another way you can keep your home secure is to hire a property management company to handle rentals. A property manager in the area of your rental property can carefully screen tenants to reduce the chances of your home being damaged by unruly guests. They can also provide ground-level support if there are any issues with your home, which is a boon for you and your guests.
Catch Guests’ Eyes
Are you thinking of making some updates to draw the attention of potential guests? Offering a property with desirable features is a way to not only attract guests but also keep them coming back. However, it’s in your best interests to think in terms of ROI when making your choices.
When it comes to yielding returns, some experts feel the most worthwhile renovations will improve the aesthetics of your home, as well as functionality. For instance, upgrading your kitchen with new appliances and refurbished cabinetry is a pleasing touch, even if coffee is the only thing your guests make in the space.
Another popular upgrade is adding universal design elements in a bathroom, as it can provide a touch of luxury while allowing visitors of all ages and abilities improved access.
You can also add a home office so tenants staying longer term can get some work done in a quiet space. Make sure to outfit your home office with a comfortable desk and ergonomic chair and that your home has a speedy Wi-Fi connection.
Find out how to give your home a complete makeover in one day here.
Just like at hotels, guests generally come and go from rental properties throughout the day as they attend events and attractions, and then settle in at night. With that in mind, think about the various creature comforts people look for in hotels and design your bedrooms accordingly.
A comfortable mattress is a must-have, since one of the last things visitors want when traveling is a night spent tossing and turning. Along those same lines, consider going with traditional white sheets, since your guests can see the linens are brilliantly clean.
Check reviews to find the best sheets for your budget, and top off your guest’s slumber with a cozy comforter in an easy-care down alternative. For more tips on preparing a guest room for guests, click here.
In addition to a good night’s sleep, guests can appreciate a bathroom that makes them feel pampered. Make sure you offer high-quality towels, and even if a renovation isn’t feasible, consider simple upgrades, like a heated floor or towel warmer.
To make visitors feel welcome, add an attractive basket with necessary toiletries, and include some essentials they might forget, such as cotton balls, cotton swabs, and a hairdryer.
The time is ripe if you’re thinking of investing in a vacation rental. Choose a smart location, keep the place secure, and make some upgrades that will appeal to guests and future house hunters alike. With good planning, a successful vacation rental can mean added income, and it’s a terrific investment opportunity.