Privately owned vacation rentals are a booming business as of late. Homeowners are learning how to make some solid earnings by attracting guests to well-designed, well-maintained homes in desirable locales. If you’re looking to turn your main home or a side property into a top-notch vacation rental, here are some things you need to know.
Get the details taken care of first
Is there anything more annoying than having to think about taxes and insurance? Certainly not in the context of vacation rentals. It’s good to go ahead and deal with this stuff immediately, as you don’t want to be rushing to take care of it the week before your first renter arrives or — god forbid — forget about it altogether and suffer the financial consequences.
You’ll likely need to change your insurance and bulk up your personal property liability coverage. A far as taxes go, you’re allowed to deduct depreciation alongside normal deductible expenses like property-management fees, insurance, property taxes, and cleaning services and repairs.
Home improvements for best ROI
Being near the beach will certainly be a major draw for your vacation rental property. Of course, it also makes everyone else’s rental home highly desirable. Meaning you’ll need to do what you can to make your property stand out in a crowded selection of cool rentals.
Turning your home into a great vacation rental will require certain updates and improvements. First, make sure you provide the basic amenities that renters crave. Some of their top requirements include a washer and dryer, usable closet space, smart home technology, and well-maintained outdoor spaces. Next, think about return-on-investment when it comes to the more-involved home projects you take on. For example, painting and landscaping are fairly cheap on the front end and pay off well. Moderate kitchen and bathroom remodels pay off better than full-scale projects, but even a moderate renovation can cost at least $4,000 in West Palm Beach.
Staying ahead of the game on home maintenance is the whole game
Once your rental property is up and running, you won’t be changing it up that often. You’re in maintenance mode. But this isn’t a set-it-and-forget-it sort of situation. Proper home maintenance requires a big-picture approach when it comes to owning a top-notch rental property.
Keep in mind that home maintenance is all about preventing a major catastrophe. For instance, one easy way to make sure your HVAC system is running smoothly is to have a schedule for changing your air filters. A great way to ensure you remember this is to set up a filter subscription service so you always have filters on hand. It’s also a good idea to take note of your roof and gutter systems as well. Poor drainage can lead to serious foundational issues and cost $10,000 or more. Keeping your pipes, drains, and faucets leak-free and cleaned is vital. A great vacation rental that makes money for you is one that is trouble-free.
Know where and how to list it
Drawing attention to your property is the final step in making sure it’s successful. You’ll want to list your property on as many quality sites as possible (AirBnb, ClickStay, and Booking.com to name a few). Each listing should have at least 20 good-quality photos, and you should set up message notifications for every site so that you can quickly respond to inquiries.
Your home will likely bring you plenty of renters looking for stays of all lengths. Make sure your home is a top rental property in the area by incorporating smart upgrades, staying diligent when it comes to maintenance, and being proactive with your listings.
Guest Writer: Erin Reynolds of diymama.net | email@example.com