Are you thinking about converting your home into a vacation rental? The short-term rental market is booming, and it can provide you with a steady stream of income if you approach it the right way. It all comes down to planning, preparation, and making any necessary changes to provide your guests with a clean and comfortable stay. From knocking out needed repairs to working with a property management agency, here are some tips to help you get started.
Handle Necessary Repairs
You don’t want your guests staying in a home that has broken steps, fickle light fixtures, or holes in the drywall. Carefully evaluate your home to determine any necessary repairs to make before renting it out. Unless you have experience, it might be worthwhile to hire a handyman to come in and perform the repairs.
Give the Kitchen and Bathrooms Attention
Beyond the essential repairs, you may need to make some enhancements to attract renters and keep them coming back. In regards to ROI, the kitchen and bathrooms are the most important spaces in a short-term rental.
Guests typically want a pleasant and convenient cooking experience when they’re vacationing; plus, the kitchen often serves as a primary hangout spot. And it’s easy to understand why bathroom upgrades can boost your ROI too. Make sure your bathrooms offer updated fixtures, attractive colors, and an overall clean space for your guests.
Create an Outdoor Living Area
People often want to spend time outside when vacationing, especially if it’s in an inviting climate. Capitalize on the opportunity by creating an outdoor patio complete with attractive furniture umbrellas, and any other fixtures that will draw guests to the outdoors. If your home already has a patio, make sure it’s clean and has updated pieces. And while you’re at it, shape up the landscaping too!
Every short-term rental house is expected to have amenities like kitchen utensils and appliances, bathroom linens, and household cleaning supplies. But think of how you can go above and beyond. We suggest providing extra amenities such as luxurious bamboo bedsheets, kitchen towels, a hairdryer, and entertainment (e.g., books, board games, a cable subscription, etc.).
Hire a Property Management Company
Last but not least: Think of how you will manage the property. While it requires an investment, hiring a property management company can prove invaluable when it comes to relieving stress and saving time as a short-term rental owner.
A reputable company will ensure all management is handled efficiently and professionally—from tenant screening and property advertising to maintenance and end-of-year accounting. Working with a property manager allows you to focus on the fun parts of owning a rental, and it leaves more resources available to invest in additional homes in the future.
Turning your home into a short-term rental can be an excellent investment opportunity. Just make sure you approach it with thorough preparation and make any updates and upgrades necessary to attract and retain renters. Along with following the tips above, keep researching how you can make the most of your new rental, and who knows, maybe this will be the starting point of a lucrative investment portfolio!
Article written by: Lisa Walker