When it comes to vacation rentals, the goal is to attract tenants to rent your property temporarily. The fact that it is a vacation rental implies that people may only be renting your property during a certain time of the year, but it is possible to have guests rent your property all year long.
One of the best ways to ensure this is by purchasing a rental property that is in or located near a top tourist attraction or destination. This will ensure that there will be a market for those searching for vacation rentals, but your property will be one of thousands to choose from. Because of this, you’ll want to make sure that the property itself is more likely to be chosen among the others.
#1: The Decor
Just about every vacation rental listing site will allow you to post pictures of your property. Because of this, you’ll want to choose your interior decor carefully. Some of the most popular decor styles include Modern Farmhouse, Art Deco, Boho Chic, Industrial, Mid-Century Modern, Shabby Chic, and Minimalist. Of course, design trends change every year, but the Minimalist style is a pretty safe decor choice. This style is the embodiment of the phrase “less is more”, and this is exactly what you want when designing a vacation rental.
In addition to creating that sleek, minimal, and clutter-free look, you’ll also want to take the time to research and purchase the best furniture for your vacation rental. This will seem like a lot of money upfront, but quality furniture is a great investment for your property. Going with cheaper options for sofas, bedding, and other furniture may result in having to replace it more often, requiring you to spend more money in the long run.
#2: Smart Home Technology
This is another relatively expensive investment for your vacation rental, but it’s also an investment that will attract the attention of potential tenants, save you money on water and electricity, and increase your property value, allowing you to charge more for your property and increasing resale value if you ever decide to sell. There are several different types of smart home devices to choose from, all offering different benefits to the home:
- Smart appliances that reduce the amount of energy you use (e.g., smart ovens, smart refrigerators, and smart toilets).
- Smart light bulbs that use less electricity than conventional light bulbs.
- Smart plugs that reduce the amount of energy used when a device isn’t in use.
- Smart thermostats that regulate the indoor temperature.
Living in a digital age, some people still may not be able to experience everything technology and artificial intelligence have to offer. Stating that you have smart devices in your vacation rental that will help make your guests’ stay more convenient is very likely to get guests to choose your vacation rental. Keep in mind that many smart devices require Wi-fi, so that’s something else you’ll need to invest in.
#3: Luxury Amenities
The definition of “luxury” may be explained differently depending on who you ask, but most of the time it can be described as something that makes everyday life extra comfortable, but also something that not many people have. When speaking of luxury amenities in a home, a few things come to mind:
- Indoor/outdoor pool
- Jacuzzi /hot tub
- Home gym
- Different and unique garden fence
- Tennis court or some other sports area
- Theater/game room
- Spa bathroom
- Walk-in closets
Consulting a contractor for these home renovations and/or remodels may be required to gain some of these luxuries in your vacation rental, and they can be much more expensive than the other investments mentioned above. Another option would be to look for vacation rental properties that already offer these amenities (such as a backyard pool and a walk-in closet), or even a home spacious enough to create a home gym or theater/game room. For some, it will be much easier to finance a vacation home that already offers these amenities, as opposed to hiring a contractor to create them.
A lot of time and money goes into investing in a vacation rental property, but the right amount of work will definitely pay off in the long run. If you’re able to find a vacation home in a prime location with luxurious amenities and you invest in the decor of the property, you’re more likely to have guests wanting to rent your vacation home, which will result in you generating a steady stream of income from your investments.
