If you’ve traveled in the last few years, you may have stayed in a vacation home at some point. You may also have wondered whether you could turn your own home into profits by renting it out to travelers. If this is the case, and you are looking to flip your home into a profitable vacation rental property, there are some simple steps you should take to maximize your ROI.
Clear Out Any Clutter
When folks travel for work or vacation, they want to feel relaxed and calm in their vacation rental home. So before you rent your home out for the first time, make a concerted effort to get rid of clutter that can cause guests extra stress. Wondering where to put all of that excess furniture and decor? You may need to consider renting a storage unit. Self-storage in Naperville can be rather affordable, especially when you use online search tools to find the best prices in town. Self-storage units have averaged $71.73 for customers renting in the last 180 days, but your rental rate may be higher or lower depending on how much room you need and where you rent.
Invest in Home Security
Hopefully, your rental listing will be popular and your home will be booked throughout the year. Even so, it’s highly likely that your property will be vacant from time to time and you may not be nearby to keep an eye on it. That’s why homeowners who are thinking about listing their homes as vacation rentals should consider adding home security. With so many options available, from monitored systems to security cameras, talking with a local security expert about what’s best for your vacation rental can ensure that you make the right investment. As you think about home security, you should also think about updating your locks to allow convenient access and to prevent the key to your home from being copied by renters.
Choose Furnishings Wisely
Installing smart locks and a security system can help protect your property, but you also need to think about preserving the contents of your home if you want to fully protect your investment. To ensure that rental guests don’t damage sentimental or expensive home furnishings, you can replace those items with budget-friendly furnishings that still look luxurious. Ikea is a top shopping destination for homeowners looking to deck out a vacation rental, but stores like Target can offer options too. As you select new decor and furniture for your vacation rental, you should also include themes and design elements that will attract renters and garner glowing reviews.
Add Some Extra Amenities
If you want to guarantee more ROI on your new vacation rental, it’s important to understand which amenities guests are looking for the most when they choose a vacation home. This list may seem fairly long, but the items included really just consist of little touches that help travelers feel at home in your rental property. Adding smart locks to allow for 24-hour check-in and access to the home can definitely help too, but you should go through each room to create a truly relaxing and memorable experience for your guests. If you want to impress more discerning guests, try adding some luxury amenities to enhance the vibe in your new vacation rental.
Create a Stand Out Rental Listing
Now it’s time to make sure all of your hard work pays off by creating the perfect online listing for your vacation rental. Helping your rental listing stand out to travelers requires some staging and quality listing photos. For the latter, make sure that the lighting is just right and also take pictures of every area in your home so that there are no surprises for potential guests. Once you have your photos perfected and your home set up, you can list your property on one or multiple vacation rental sites, such as Airbnb, Expedia or VRBO.
Transitioning a home into a successful vacation rental is all about creating an experience for potential guests, but it’s also crucial to protect your investment. If you follow these steps carefully, you should be able to accomplish both and earn bigger returns on your rental.
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