As more travelers move away from the traditional hotel models and look for vacation rentals to enjoy during getaways, property owners are feeling the thrill of the prospect of jumping into this exciting industry! While some are drawn to owning a vacation rental for the opportunity to create an amazing customer experience for guests, others are intrigued by the profitable options that come from this unique business venture.
While the world of vacation rentals comes with a lot of potential, there's also a lot of change and fluctuation built into the process of inviting guests to stay, creating an amazing experience, and keeping up with property details too. Being prepared for the future is always important whether you eventually decide to sell a vacation rental, or upgrade to something more specific.
There are a variety of changes that can be made to a vacation rental to quickly and rather easily increase the overall property value. While investing in these changes covers you for future sale down the road, they're also upgrades that are sure to please guests looking for a one-of-a-kind escape. A win-win for everyone involved! The following are a few practical, functional, and durable changes to make when you're looking into
how to increase your rental value successfully.
Make the Kitchen a Focal Point
While many travelers certainly enjoy heading out and exploring local restaurants, cafes, and bars, there's something to be said for booking a vacation rental that hosts a fully equipped and eye-catching kitchen perfectly designed for those times when a home-cooked meal would hit the spot. Investing in a spacious, well-appointed kitchen is a good idea whether your vacation rental plans include booking long-term tenants or you're hoping to increase property value when it's time to attract prospective buyers. Having functional cabinetry, beautiful countertops and even a central island in place all paired with upgraded appliances is a good way to boost value and really draw the eye of those interested in staying or buying.
Make Convenience a Priority by Pairing Bedrooms and Baths
Convenience makes a big difference when it comes to elevating a vacation rental's value, and a good place to start is to try and pair every bedroom in the property with its own bathroom too. If the budget allows for this type of change, it's one that will appeal to renters and potential buyers down the road alike. Making an attached bath part of every bedroom in the home enhances the sense of privacy and convenience available across the floorplan. This simple change is likely to lead to higher offers when you sell, and more attention during the time the home works as your vacation rental.
Add a Washer and Dryer Unit
Similar to including a bath for every bedroom, including a washer and dryer unit in the property that you're willing to leave behind if you decide to sell is sure to boost the home's overall value. These
improvements to increase rental value are a welcome feature that many prospective buyers look for and many vacation rental tenants count on to make their stay as seamless as possible. It's an investment that makes a big difference in customer experience and is often a highlight of a home tour when a property is on the market.
Let Landscaping Enhance Curb Appeal
It's normal for vacation rental owners to get caught up in upgrading the interior of their property when they're looking to make changes that speak to tenants who arrive in seasonal droves. However, enhancing overall property value starts with paying attention to the exterior of the home as well! Curb appeal is important when you're trying to drive interest amongst potential buyers and looking for higher offers. This could be as simple as adding a fresh coat of paint to a home or changing out the gutters for maximum efficiency and aesthetic value. It could also go further and include the addition of outdoor entertainment features like a fire pit, outdoor fireplace, outdoor kitchen, or luxurious upgrades like pools and hot tubs that really boost value over the long term.
Knock Down the Walls That Separate
Focusing on creating an open concept floorplan is an essential piece of improvements to increase rental value overall. Tenants and prospective buyers alike are looking for homes that are spacious, easy to maneuver through, and create a bright and open sense of livability. If you own a vacation rental that's packed with small rooms and unnecessary separation walls, knocking them down and allowing the living, dining, and kitchen area to flow together is the place to start. When open floor plans are paired with larger windows, it enhances the feeling of space further and puts a marketable frame on the view outdoors.
Book Today
When you could use a vacation and you're looking for a place that pairs natural beauty with fun, St. Simons Island has it all and more!
Reach out to Lilmar Vacations today to learn more about booking one of our many rentals or to speak with us about our property management services and how to increase your rental value.
