Upgrading your vacation rental can lead to a long list of benefits, among those being maximizing your ROI. In addition to increasing the value of your property, vacationing guests will appreciate the upgrades and leave great reviews online. Upgrading your vacation rental may also allow you to charge a higher rate, depending on your upgrades. Vacationers are willing to pay more for a superior experience.
The following tips will increase the overall value of your home, delight guests, and ultimately increase your profits.
1. Upgraded outdoor living space.
When asked which features motivated them to book a vacation home, 82 percent of travelers responded that stunning views were a key attraction, according to Trip Advisor’s 2016 Vacation Rental Survey. . A private pool, outdoor grilling area and a hot tub were among the top five responses.
Adding a deck can give guests a comfortable place to enjoy the scenery and relax outdoors. If you already have a deck, be sure to have it pressure washed and re-stained every year to have it looking its best. Consider adding additional features such as a gazebo, outdoor kitchen, custom roof, or landscape lighting for evening entertainment.
2. High speed internet matters.
If the internet connection to your place tends to be slow, check options available and upgrade the Wi-Fi to something lightning fast. Providing a fast continuous connection will leave a positive impression with guests. You’ll also be able to mention this feature when renting the space and attract guests who want to stay connected to family and friends during their stay as well as business travelers.
3. Kitchen upgrades make a big difference.
Even a minor kitchen remodel has a high ROI, according to Remodeling Magazine’s 2016 Cost vs. Value Report.. At a minimum, start by repainting or replacing cabinets and making sure countertops are in top-notch condition to make a big difference.
“Upgrading to a gourmet’s delight restaurant-style kitchen is a sure-fire way to ensure your vacation rental remains full – even if the guests aren’t big on cooking they’ll appreciate the aesthetics,” explains luxury design expert Charmaine Wynter.
4. Turn a bathroom into a luxurious spa.
A bathroom remodel can bring a return of 65.7 percent, according to Remodeling Magazine.
To entice guests and create a new level of comfort, consider putting in a spa bath, suggests Wynter. This could involve a simple shower with a rain head, hand-held shower and four body jets. If you’re willing to invest even more then consider a shower system complete with a sauna, steam room and hot tub.
5. Add touches of luxury to your rental.
Small touches can make a huge difference when it comes to luxury. Choose an espresso maker over a standard coffee pot. Invest in top quality pillows for the beds. Have ceiling fixtures updated to something modern while making sure there are ceiling fans with lights in every room. Invest a bit more when upgrading furniture and it will make a difference both in your guest’s stay as well as how long and how well the furniture lasts.
Making regular upgrades can lead to guests who return again and again to enjoy the comforts they find at your place. Don’t let your vacation rental property show neglect and you’ll never have to worry about having vacancies.