When planning to turn a personal residence into a rental, how you go about it can make all the difference in your results. Good planning and preparation can mean a money-making dream come true, but handled poorly, homeowners could be in for more of a nightmare. Additionally, certain preparations can boost property value. Here’s how to ensure a successful conversion that provides comfort and safety for your guests and brings you added income.
Proper Maintenance Is a Must
While your immediate goal is to appeal to guests, much of what you do to make them comfortable will also set your home up for a successful sale later. One of the best ways to appeal to potential buyers and renters both is a well-maintained, move-in ready property.
When you live in a house, keeping things up can be pretty natural. As issues arise, you manage them, and you get into a routine that ensures your basics are covered. However, when a place isn’t your primary residence, it can be easy to let things slip by; out of sight, out of mind can mean forgotten key elements. For instance, keeping your property clean is a must. Guests will expect a spotless, well-maintained house and yard. Many homeowners hire a cleaning service (if you live in Westminster, you can expect to pay $114 and $250 on average), or you can develop your own routine. If you are close enough to spruce things up between guests, then you have an opportunity to look for any damage or maintenance issues that may arise. Tidy.com offers a handy house-cleaning checklist to help you cover all the details.
Safe and Secure
In addition to a clean, tidy house, guests need to feel safe in your home. With that in mind, consider installing a home security system. It’s an option chock full of perks, and it makes good sense for owners of rental properties. In addition to helping guests feel at ease, you can rest assured your property is safe, even if you’re far away. There are ample bells and whistles to consider, from alerts when a window is opened to temporary key codes that expire when guests check out. On top of all that, some experts believe that a home security system can increase your property value, so it’s a win in all respects.
Upgrading the Atmosphere
Vacation rentals walk a fine line in certain ways. People might choose them over hotels because they provide a homey, private atmosphere, but at the same time, they don’t want to be reminded they are in someone else’s home. To help your guests feel comfortable, do some depersonalizing and aim for a neutral decor. Stick with simple, classic, gender-neutral choices, and make sure the house is uncluttered and organized. Also, if anything is dated-looking or worn, consider investing in some updates.
If you need to prioritize your projects, the room to focus on first is the kitchen. As HGTV points out, kitchen upgrades can make or break sales for house hunters, especially since they can run around $21,571 on average. Consider a fresh coat of paint, stainless steel appliances, and a tile backsplash to get things up to speed. You’ll find those same improvements will impress guests. To put you ahead of competing rentals, boost your home’s appeal to guests even more with a bit of luxury. One idea is to install wine cooler, and add a personal touch with a complimentary bottle of local wine, some gourmet cheese, and some nicely packaged crackers.
When managed properly, turning a personal property into a vacation rental can be a terrific money-maker for homeowners. Many of the same things which appeal to guests will also catch the eyes of house hunters if you decide to sell at a later date. Think in terms of providing comfort and security and you’ll ensure success.
Article courtesy of Erin Reynolds - see more of her helpful info on her website