Would your home make a perfect vacation rental?
Maybe you’re looking for a way to earn additional income, or you may be looking for a smart real estate investment. Either way, owning a vacation rental property can be a wise financial move, and you can make that move even smarter with the right setup. So, if you are looking to maximize the return on investment for your vacation home and minimize the stress, look no further than these handy tips.
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Make Sure Your Home Is in a Travel Hotspot
If you live in the Santa Barbara area, this one is going to be pretty easy, as it’s a destination that appeals to both domestic and international travelers.
So, if you already have a home or are just thinking of purchasing a vacation home here, you’re in good shape to turn a profit.
Taking Care of Business
So how do you get from dream to reality? First things first, you legally establish a business entity. LLCs are great for flexibility as well as for the legal protections they provide. Next you’re going to need a small business bank account so you can write – and deposit – checks easily.
Lastly… the money. Once you have secured your rental financing, it’s time to find a realtor whose love for real estate investing matches your own!
Update Your Decor to Match Current Trends
Location is not the only factor that determines the success of your vacation rental. One of the reasons people are renting vacation homes rather than staying in hotels is that they get to experience a taste of life in a different city.
They get to live like locals, even if it’s only for a day or so, and those looking for this experience will be paying attention to the decor and style inside your home. When you furnish a vacation property, opting for minimal decor and furniture will help guests feel more relaxed, no matter what type of theme you use. Try to keep things interesting using local artwork or even affordable pieces purchased online.
Spring for a Few Professional Quality Photos
If you’re going to put all that work into sprucing up your vacation rental, you want to show it off to potential renters. You could take some DIY photos and videos of your home, but the difference between DIY and pro vacation rental photos can make a major difference in how many renters your listing attracts. A professional photographer who has experience with real estate will be able to use angles and lighting to help your property stand out from all of the rest. Don’t have the budget for professional listing photos? You can use these photo tips to take some quality photos of your own and highlight the effort you put into getting your home ready.
Offer Your Vacation Guests Extra Amenities
Getting renters into your vacation home is all about marketing. Keeping them coming back, however, is all about amenities. Remember that travelers are looking for an experience when they book your home, so make sure it is an amazing one! Reliable WiFi is a must, but also consider stocking your home with some books, games, and a TV equipped with streaming services. Make sure you hire a premier cleaning service like Master Clean USA to get your home spic and span between guests. Go through each room in your home and look for ways to really pamper your guests throughout their stay. Offering travel toiletries and even a welcome basket can be thoughtful extra touches but these perks can also help you get more positive reviews. Those reviews are crucial because that’s one of the first things travelers look at when booking a vacation home.
Investing in a vacation rental can be an easy way to earn extra income, whether you already own a home or are currently looking to buy one. You just need to take the right steps to get things set up, but working with a reputable vacation rental site can help as well. So, consider the steps above before you list your home, and then consider looking for a property management company that can make those steps even easier.
Photo Credit: Unsplash
