How to Add Value to Your Vacation Rental Property
No matter what your budget is, there are upgrades that add value to your vacation rental property. These range from expensive renovations to simple accessories. Both interior and exterior updates increase your property’s value.
Interior Changes For Your Vacation Rental
According to Consumer Reports, having the right paint color adds value to a closing price. Though Consumer Reports discusses paint color in the context of selling a home, the same concept applies to the vacation rental industry.
If paint selections deter someone from buying a home, they impact rental bookings as well.
How Does Paint Add Value to My Rental Property?
A new coat of paint modernizes your property. Fresh paint makes the property appear well-maintained, clean, and luxurious.
As a vacation rental owner, you should choose neutral paint colors. A neutral interior palette draws in a variety of guests. If you want pops of color, use changeable accessories such as:
- Throw pillows and blankets
- Area rugs and cushions
- Vases with seasonal flowers
A gallon of paint can range from $30-$100+ depending on the brand and if the color is custom. If you paint your vacation rental property yourself you will save money. The rates for a professional painter vary based on location. Some professional painters charge an hourly or daily rate.
Remove Dated Features
Other dated features detract from your vacation rental's value and appeal. By removing these features, you can update your property and increase bookings. Popcorn ceilings are one feature to update.
Popcorn ceilings were a trend from the 1950s-1980s. Today, popcorn ceilings are a hassle to maintain. They are difficult to repair and hard to clean. Thus, removing a popcorn ceiling yourself saves money.
Before you begin, you should have the ceiling tested for asbestos. You can test your ceiling sample yourself, or send it away to a lab.
If your ceiling contains asbestos, you have to hire a company to remove it. If your ceiling doesn’t contain asbestos, grab a tarp and scraper, and get to work. After you’ve finished, you can sand or re-texture the ceiling as you wish.
The Bathroom and Kitchen
These are the two most influential areas in a vacation rental. An outdated bathroom or kitchen can decrease the value of a vacation rental property.
The benefits of updating your bathroom or kitchen are worth the investment. A remodel may “Yield a 65% increase in [property] value when compared to the expense.” Meaning you can charge more per night if you have a beautiful property.
But, you might not have the money to do this type of renovation. Here are some simple updates that increase your properties value:
- Replace light fixtures: Lighting influences mood. Play with natural lighting and be thoughtful. Lighting fixtures add character to your vacation rental property.
- Under-cabinet lighting
- Over the island, pendant lights
- In-cabinet lighting
- Puck lighting
- New tiling or backsplash: A simplistic way to add color. Backsplash and tile can update a space.
- New appliances: Shiny new appliances make an older home feel new.
- Bathrooms: Update the shower-head, sink, or towel racks for a sleek look.
- More Kitchen Appliances: Renters book vacation rental properties over hotels since they have kitchens. Use this to your advantage. Draw in foodies by purchasing extra culinary tools, such as coffee makers, mixers, or a mini ice cream machine.
Hire a Professional Cleaning Service
After you have updated your vacation rental, it is important to clean thoroughly. A dirty property detracts from the updates and changes you have made. Potential guests will focus on the cleanliness of your property first.
Thus, you should hire a third-party professional cleaning service. A professional cleaning service ensures that every part of your property is ready for guests.
Use Design in Your Favor
Think about the type of blinds or curtains on your windows. Window coverings add style, but shouldn’t prevent natural light from entering your space. This is important because natural light helps cut back on your electric bills. It also improves the mood of your property.
A beautifully illuminated vacation rental home creates a welcoming environment for guests. Bright lighting also equates with cleanliness, an important vacation rental value.
Vacation Rental Architecture as a Focal Point
The value of your vacation rental is what makes your property different. Your property’s unique characteristics are seen in its location, space, design, and architecture.
For added value, highlight focal points in your property.
You can achieve this by photographing your property’s architecture. Or staging your home around interior features. These features include large windows, built-in bookshelves, outdoor areas, and more. You can also use interior design to emphasize them.
The easiest addition to your vacation rental property would be adding everyday items. For example, provide a collection of DVDs, books, board games, or stereo/gaming system. These are simplistic items that guests use throughout their vacation.
Provide a “Welcome” basket or tickets to local events. This will surprise guests. Your generosity will be the added value for your property.
Exterior Changes For Your Vacation Rental
Choose greenery that does not require a lot of attention. Purchase drought tolerant, local plants. This helps ensure that your property has curb appeal, yet this doesn’t require large amounts of maintenance.
Perennials are good choices because as long as they are watered, they will come back every year. This saves you money and time since planting annuals can be costly and time-consuming.
Bushes, mature trees, and different sized rocks also add dimension to your property, without needing constant care.
Remember, your landscaping should complement your vacation rental property. Overgrown landscaping, particularly if it overshadows the building or home, detracts from your main selling feature.
Walkways and Driveways
For curb appeal and safety, repair any cracks in your walkways, sidewalks, or driveways. If you seal or repave your driveway, you will have a smooth surface that lasts for a longer amount of time. This will also save you money long term, and add to your property’s visual appeal.
Sidewalk lighting adds charm and style to your vacation rental property’s exterior. Front porches, garages, decks, and back patios should also have exterior fixtures. This provides added value for guests who like to entertain in the evening.
How Have You Updated Your Vacation Rental?
As you can see, there are a variety of ways to add value to your vacation rental property. This ranges from additions like movie collections to kitchen renovations.
The upgrades you make to your property depends on your budget, target audience, and property type.
Tell us, do you have any other tips and experiences? What have you done to add value to your vacation rental property? Leave your stories and comments below.
Futurestay pioneered the first operating system designed to empower rentalpreneurs with the connectivity and automation previously out of reach for everyday people running short-term rentals. Building on its promise to help rentalpreneurs succeed at any stage, Futurestay is so much more than a platform, offering anyone with an entrepreneurial spirit and a room to rent the chance to learn, earn and grow at every stage of their rentalpreneur journey.
For more information about Futurestay:
- Please visit futurestay.com
- Connect with Futurestay on Facebook
- Follow Futurestay on Twitter
- Follow Futurestay on Instagram
- Visit the Futurestay Newsroom