Owning a vacation rental is an investment that’s full of potential. It’s an opportunity that can be lucrative, but it takes some careful preparation to be successful. Whether you’re searching for a vacation home to buy or preparing your own home to rent, don’t overlook these key steps to protecting your property and making the right upgrades to get the best return on investment.
Explore the Possibilities
If you haven’t already bought a home, the first decision to make should be based on location. Most people choose to buy in a location they already love, but you also want to think about achieving a wider appeal. Picking the right spot, for example, will help make sure your home stays rented so that your investment pays off. According to Turnkey, Myrtle Beach appeals to vacationers — families and couples alike — due to its warm climate, 60-mile stretch of beach, multiple golf courses and extensive shopping and dining. This holds true for new buyers and those who are considering turning their home into a rental because vacation rentals in this area are in high demand.
Stand Out From the Crowd
To get the most out of your investment, you want to keep your property rented consistently and have repeat guests. The way to do this is by making sure your home fits what vacationers are looking for.
Comfortable Living Spaces: When someone rents your vacation home, they want a retreat where they can unwind and enjoy time with their friends and family. This is why open concept plans are popular because guests can prepare meals, lounge around, and have a good time all in a central living area.
Guests will also appreciate plenty of seating for dining and comfortable sofas and beds. Dwell recommends getting a pullout sofa bed to create extra sleeping space. Above all, don’t skimp on mattress or bedding quality because guests will notice! Getting a good night’s sleep is critical for guests to give your property good reviews and want to return.
Creative Decor: When people choose a vacation rental over a hotel stay, they want the place to feel homey. According to Architectural Digest, the best way to decorate is with a combination of trendy brands and local accents. That will make the space feel current but it will also reflect the locale they’re visiting.
Indulgent Amenities: When it comes to setting up a vacation rental, don’t think of amenities as optional. Besides the absolute basics like a fully equipped kitchen, consider extras you can add to make a stay at your place truly special. Some of the best amenities that create a memorable experience are the little touches. Create a welcome basket with water bottles, snacks, and treats from a local bakery. Leave an array of carefully chosen toiletries, and supply a lot of fluffy, comfortable towels. You can also act as a concierge by leaving guides with insider tips to the area.
Other Extras: As Jeremy Resmer of Myrtle Beach Homebuyers notes, your rental will be even more alluring to potential guests if you have features like a hot tub or pool access. Proximity to shopping, dining and the beach are also big draws, as are having a kid-friendly space, so make sure to underscore these features when you promote your listing.
Protect Your Property
Depending on how frequently your home is used as a rental, you will likely need vacation rental insurance. These policies are different from standard homeowners insurance because they also cover liability in the event of an injury on the property, as well as loss of income due to damage.
Another essential step for protecting your property is the installation of a home security system. You want to know your home is secure when it isn’t occupied, which is especially important if you don’t live close by. There are different options out there, so do some research to find a security system that suits your needs. Some property owners use a monitored service, while others prefer security cameras you can access with your mobile device. Either way, this is a crucial step toward keeping your investment safe.
Even if the property is in a popular destination, you’re more likely to keep it rented when you add these amenities. You want guests to think of your place as their home away from home. These special touches, along with nice upgrades, are the keys to maximizing your profit and making your vacation rental a rewarding investment.