Short term rentals are a great idea for anyone with a vacation home they don’t often use, and can provide homeowners with an additional source of income for doing very little. However, it’s important that the property is in good condition, otherwise paying guests – short term or otherwise – simply won’t want to stay there.
If you’ve got a short term rental property that’s in need of some TLC, here are 7 compelling reasons to have it remodeled:
- It will be more appealing to paying guests
So many more homeowners are operating vacation rentals nowadays, whether it be privately or through companies such as Airbnb, and competition is fierce. If you want to attract paying guests, you’ll need your property to be more alluring to them than other rentals in the locality, and remodeling is a great way to achieve that.
2. You’ll be able to accommodate more paying guests
A lot of vacation homes are on the smaller side, making it hard for larger families or parties traveling together, to find somewhere to stay that can comfortably sleep them all. If you remodel your property to create more livable space, you’ll make the place more attractive to larger groups vacationing together.
3. You can charge more rent
If your property is professionally remodeled and looking welcoming and appealing, demand will likely increase for it, and you’ll be able to charge higher rates.
4. More guests will return
Vacation rentals are proving far more popular nowadays than ever before, with more and more people preferring to do business with individuals as opposed to hotel chains. And often, once a paying guest finds a property they love, they’ll keep returning year after year.
Remodel your vacation home and enjoy the benefits of repeat guests and glowing reviews.
5. Operating costs can be lowered
By thinking about ways to reduce the utility bills you have to cover for your paying guests, you can potentially make some big energy savings. Talk to your remodeling contractor about having low-flow faucets, LED lights and other energy-efficient fixtures installed throughout your home, to lower your electric and water bills.
6. Enjoy the property yourself
Even if your short term rental has become a full-time source of income, you can still use it for your own pleasure during off-peak times, and enjoy the remodeled upgrades that you’ve invested in.
7. Sell your short term rental in the future
Your recently remodeled short term rental could turn you a tidy profit should you decide to sell it in the future, and there may be a whole host of reasons for doing so.
Short term rentals can be a great investment, and if you remodel the property to make it as appealing to guests wanting to vacation in the area as possible, you could very quickly recoup your money, and some!