Creating a getaway that others can use as a vacation destination takes a lot of work, but anyone who has transformed their home into an AirBnB or VRBO rental can tell you how beneficial it can be. Besides earning extra income, you’ll have the chance to create something of your own that could potentially allow you to pad your nest egg or even retire early. Front Range Stage has the expertise to help you keep what’s important in the forefront of your mind when transitioning a space to a valuable rental opportunity. It will take some capital to make the necessary changes and ensure it’s filled with all the things your renters need, and you’ll want to think about upkeep and security as well, especially if you don’t live near the home year-round.
You should also think about what renters in the area will be looking for. Making some small updates to spaces like the kitchen or bathroom can go a long way toward helping you find renters who are willing to pay high-dollar for their stay, as can adding things like more sleeping space. Once you know what changes need to be made, figuring out a budget and a timeline comes next. Read on for some great tips if you’re wanting to transform your second home into a vacation getaway. Give us a call if you want to take advantage of our checklist that has over 100 items every vacation rental needs.
Whip your basement into shape
Basements have tons of potential when it comes to rentals; you can turn the basement of your home into an AirBnb or VRBO, or spruce up the lower level of your vacation rental to include more sleeping areas or even a game room. If you have an unfinished basement, consider hiring contractors to turn it into something any guest would love. When budgeting, just keep in mind that the cost for a basement remodel in Colorado Springs runs between $12,238 and $27,417. If you’re going this route, it stands to provide a significant bump in what you can charge guests.
When it comes to renting a vacation home, most people are looking for something that will allow them to feel relaxed and comfortable during their stay. One of the easiest ways to achieve those things is to keep the home clean and neat. The difference between a rental that is dusty and unkempt and one that is spotless and organized is huge when it comes to the amount of happy visitors you’ll get, and a happy visitor is one who will leave good reviews online and recommend your house to others. If regular upkeep is difficult for you to maintain, think about hiring a professional cleaning service to come in between guests to keep your rental sparkling.
Make some upgrades
Turning your home into a successful vacation rental can be costly, but it doesn’t have to be. If the house already has good bones, there are some upgrades you can make that visitors will gladly pay a little more for, such as more bedding for families, a patio area for relaxing, flat-screen televisions in the bedrooms, a hot tub, and keyless entry for added security. Do a little research to find out what the most desirable upgrades are for the average rental home in your area; this will give you a good idea of what will go over well with your guests.
Remember the details
It can be difficult to think about all the little details when you’re converting a home into a rental, but think of it as starting from scratch. When you bought your home, you likely needed flatware, dishes, bath towels, and comfortable furniture, and renters will expect all those things too. To ensure you check every box, consider hiring a professional home stager who knows which renovations, upgrades, and decor are desirable in your local area and can get you the discounts you’ll need. It’s these details that will make a big impact on your guests because they will create a homier environment that will allow them to relax and have fun.
Creating a getaway out of your home can be a lot of work, and it requires some careful thought and, often, help from a professional or two. Take the time to plan ahead and make the most of the resources you already have; do some research to make sure you have all legalities covered so there won’t be any nasty surprises down the road. With some planning, you can turn your home into a beautiful getaway in no time.
Additional information provided by Front Range Stage. Guest Author: Erin Reynolds of diymama.net