Boost Your Income by Making Your Home a Getaway for Guests
Are you thinking of turning your home into a vacation rental? Making your house an inviting getaway can mean ongoing income, and done properly it can also mean bolstering market value down the road. Whether you expect lengthy stays or short-term guests via the sharing economy, here’s how to ensure you keep visitors coming while also grabbing great return on investment.
Taking advantage of the times
Now more than ever, it makes sense to turn your property into a vacation rental, as some statistics indicate travelers are increasingly choosing homes over hotels. On top of the timeliness of the decision, a prime location means you can rest assured of steady business.
Since nearby Breckenridge is a renowned magnet for skiers, drawing visitors from far and wide to enjoy the extraordinary slopes and resorts, many visitors would likely consider traveling a little further to Kremmling knowing that a hotspot is just close enough. Whether you’re investing in a property or converting an existing home, Kremmling offers affordability with brilliant prospects for rental opportunities.
In order to feel at ease with your decision, installing a home security system makes good sense. According to Think Realty, it’s one of the best tech options for boosting ROI as well as for drawing renters. And no wonder - there are services that notify you when something’s amiss, such as broken glass or water leaks, as well as camera options that provide real-time visuals, meaning you can check on things regardless of how far away you are. It’s also a boon for travelers, as guests sometimes feel vulnerable in new locations. If you elect to sell the property in the future, it’s a feature that’s sure to catch the eyes of house hunters, and, topping it all off, some studies indicate many home insurances will drop your rates substantially with a security system on board.
Polish your presentation
In addition to providing a secure experience, renters and buyers alike are drawn to properties that are clean and well-maintained. With that in mind, do a deep cleaning and bring any maintenance concerns up to speed. It’s a logical step toward a future sale, and it makes your home that much more appealing to travelers. Ensure the house is sparkling from top to bottom, inside and out, and think through how you will do tidy-ups between guests. If you live far away or it’s too much to add to your routine, you might opt to hire a housekeeper. In that case, be sure to ask what services are included, what would be extra, and make sure your personal requirements are covered.
Pretty up the package
Your home’s exterior is what makes the first impression on guests and house hunters alike, so think in terms of making some upgrades that will appeal to your guests, and also improve your home’s value. If your place could use a facelift, Bankrate points out certain home improvements boast especially good ROI, such as stone veneer siding and deck additions. Also ensure your landscaping is tidy, and aim for low-maintenance plantings to lighten your upkeep.
Heart of the home
When renting a home to travelers, you’re in competition with hotels and resorts. Ideally, you will offer some of the luxuries guests seek in those locations, balanced with a warm, inviting, private environment. Kitchens are the heart of the home, and a minor remodel can make a major impact both in terms of attracting guests and a future home sale. If the room is tired and worn, you can re-energize the space by painting the cabinets, installing new hardware, and then adding one extravagant feature, like a striking light fixture, stylish faucet, or farmhouse sink. A little bit of indulgence in the kitchen can go a long way toward how the whole house feels.
The time is ripe for turning a home into a vacationer’s getaway. Start with a well-chosen location, and make your property appealing to travelers. Good choices can not only mean income from rentals, but a great future home sale.