Making changes to a vacation rental can be tricky — you want to make your rental more appealing and possibly raise your price point, but you don’t want to spend a lot of money on amenities that could be ruined by heavy or inconsiderate use. If you’re ready to refresh your vacation rental, there are some things you can do to update the space without spending a bundle. You can try making small changes to decor or outdoor areas with these tips courtesy of Global Business Leaders Mag.
Investigate the Local Market
Vacation rental owners looking for upgrades should closely examine the local market for clues about what is working and what isn’t. By observing trends, they can determine which upgrades are in demand and at what price point. Additionally, this type of research can inform them on how much they should charge to be most competitive while still making a profit. For example, take a look at rental listings in Atlanta right now to get a sense of what sort of amenities are being offered as well as price points.
Set Your Sights on the Great Outdoors
One of the easiest ways to update your living space is to focus on the outdoors. A back patio provides plenty of ideas for upgrades that won’t leave permanent damage or bust your wallet, such as a sunshade or a fire pit for staying warm on cool nights. While you’ll want to ensure the pit is enclosed properly, there are several options for creating one that meets your needs. Typically, a raised fire pit is perfect for a rental as long as it’s done safely. If you build it with stones, give them several days to dry completely before putting them together.
Bring the Outside In
If you don’t have a patio, or if you just want to liven up your living space, add some greenery. Having plants around the house can be beneficial as they can help keep the air quality clean, reduce stress, and boost your mood and even creativity. There are several inexpensive varieties that do well in medium sunlight. Incidentally, incorporating some beauty and natural sunlight is also a great way to spruce up a home office! Just make sure the kind you choose is pet-safe, and look for budget-friendly plant stands to minimize mess and keep them thriving. During colder months, look for succulents or even faux plants that will provide some green without requiring much upkeep.
Double-Duty Decor
Plants are typically small enough that you can keep several around without taking up much room, but what about those odds and ends? Apartment Therapy points out that many people living in smaller spaces are always looking for ways to create more storage space, and one easy way to do this is to utilize decor that doubles as a place to keep things like bath towels, mail, or extra blankets. An old steamer trunk is perfect as it will have tons of room and can act as a coffee table or bench seat. You can also hang baskets on the wall or use an item like an over-the-door shoe caddy in the pantry to keep things like spices or cooking tools, especially if you don’t have much cabinet space.
Get the Look Without Paying the Price
You can achieve the look you want on the cheap by adding peel-and-stick wallpaper designs that can be easily removed. These are great for backsplashes or for adding a pop of color to the space without leaving marks behind when you’re ready to sell. Looking for a way to make your rooms look bigger? Add a couple of inexpensive mirrors. These will reflect light and give the illusion that your place is bigger. And if you’ve always wished to complete your entertainment system with great-quality speakers, but are worried about the cost, there are soundbars available at a range of prices to fit any budget.
Protect Your Investment with an LLC
Registering a vacation rental business as an LLC offers several benefits. By doing so, you create a separate legal entity that can protect your personal assets from any potential liabilities associated with running a business. Furthermore, forming an LLC gives you the flexibility to choose how you want to be taxed, allowing you to keep more of your revenue. Also, by registering as an LLC, you will also be able to take advantage of tax advantages such as deductions and credits offered by the government.
Market Your Rental Effectively
To ensure your vacation rental is consistently booked, marketing is key. Start by creating an eye-catching listing with a detailed description of the rental and photos that accurately capture its features. Leverage the power of social media to promote your rental and use relevant hashtags to grab the attention of travelers looking for a home away from home. Content marketing is also beneficial, as it enables you to provide more value through your website, particularly if you want to provide articles about the area where your rental is located. Offering discounts and special packages can also be an effective way to get people interested in renting.
Upgrading your vacation rental can be a great way to increase your return on investment. While it can take some time and money, taking steps like improving the quality of furnishings, upgrading the amenities, or offering discounts can keep your property competitive and attractive to renters. Just be sure to scout out what other people are doing with their rentals first to ensure you make the most beneficial changes. With careful planning, you can maximize ROI while making sure your guests still have a memorable experience.
