So I’m sure you’ve heard about Airbnb and VRBO, and other vacation rental platforms out there. Maybe you’ve even thought to rent your home out to tourists and visitors to make a little extra cash.
Not a bad idea really. Choosing to list your home could be for a variety of reasons- you have a second property that is not fully being utilized, your kids have moved out and on to college and their rooms sit empty, you want to travel part of the year and not commit to renting your home out full time, you have a great basement that would be an excellent source of revenue, or you live in a very desirable vacation location and are willing to find other accommodations for yourself to make a little money while someone else sleeps in your bed. It makes sense!
Now you’ve decided to rent your home or a room of your home out daily, weekly or even monthly. How do you go about doing it to maximize the amount of money you make, but minimize the amount of money you spend?
Well today we offer a few home renovation tips and insights to get your home ready to list on your preferred vacation rental website.
You are basically creating a space for travelers and visitors to sleep and enjoy. When it comes down to it a little cosmetic makeover and furniture that will maximize the look and space of your property.
Furniture – Do away with old, outdated furniture, unless a good professional cleaning will do the trick. Opt for furniture and decor that accommodates the number of people able to comfortably stay, as well as an for an additional visit from a friend or two. Keep it classy, but simple.
Paint – A fresh coat of paint can dramatically increase the value of you space.
Outdoor Fun – If you have a yard or any area outdoors, include a barbeque and a couple of outdoor activities, such as corn hole, horseshoes, a mini basketball hoop (if you allow kids, this is great). Have a couple of chairs and flowers to make it feel warm. Very inexpensive way to up the value by having things to entertain you at the property.
Basement Remodel – You have an unused, possibly unfurnished basement that needs a little love and is a prime candidate for Airbnb……well get in reno mode. Basement renovations will not only add an additional space to generate income, but provide a higher sales value of your home should you sell it in the future.
Kitchen or Bathroom Remodel – Kitchen and bathroom remodels are probably the two rooms that can bring you the largest return on investment. They can also be the two rooms that contribute to your loss on investment in not remodeling smartly. If these two rooms are extremely outdated and worn looking, renting or selling can make it a bit difficult. Keep in mind that simple renovations, such as paint, new sinks, new toilet and new hardware (faucets or knobs) can make a big difference without a big cost!
Landscape – Your property may be great but the landscaping is trashy and needs a little love. Many people choose rentals based on the outdoor area, especially if it is in a prime weather location. Keep it simple, but put a little love into the outdoors.
These are just a inexpensive ways to help you get more out of renting your home out as a vacation rental. Keep in mind what others are charging in your area and any features that are unique to your property. If you live by a beach, keep a little snorkel gear and chairs on hand at the property. This little touches and amenities will go a long way!