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 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. It’s important to keep some things in mind, however. It will take some capital to make the necessary changes to your home and to 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.
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 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. 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.
Guest Author: Erin Reynolds of diymama.net
Over the winter months, I’ve been researching and transforming my business to ensure Front Range Stage stays in the forefront of the staging industry. Yes – we have the best team of designers with the freshest inventory and continue to provide superior staging and customer service as we have over 13 years….AND we’ve been selected as part of a luxury home concierge platform (a very competitive process). By partnering with them, I can now offer you cosmetic renovation services and professional staging services with NO CASH OUT OF POCKET until the home sells.
You heard (read) that right: Front Range Stage can now offer remodel and design services AND professionally stage homes where homeowners pay nothing out of pocket. The homes get fantastically well staged, sell for more, faster, and the homeowner pays for nothing until the home sells. It’s painless to the homeowner and the Realtor.
According to the National Association of Realtors (NAR), the average staging investment is 1% of a home’s asking price and increases a home’s sales price by 8-10%. For a property listed at $750,000, even a modest 5% increase in sales price equates to $37,500, representing a 400% return on investment, all while reducing the time the home is on the market. In this respect, we add more value, we sell the homes faster and for more money. Homeowners benefit by making modest investments up front for the greatest returns on their largest personal investment!
Front Range Stage is busier than ever as we prepare homes for the Spring market. If you have any kind of design background and want to work part time for the premier home staging company in Colorado Springs and the Front Range, please email your resume and/or samples or your work (school, social media, etc.) right away. We have a company vehicle to use, a massive warehouse of fresh furnishings and accessories to stage any style of home and are excited to be growing or team! We offer the most competitive compensation in the industry. Apply today!
I know taxes are on your mind right now so discuss with your CPA your own situation but know that Front Range Stage offers our Realtor Partners an end-of-year summary of all staging expenses and W-9 for ease in determining whether you can claim our staging services as a deduction/contracted service when spending over $600 in a year. If you took advantage of Real Estate Staging to sell your home last year, those expenses are also deductible if used for marketing your home!