Many property owners wonder “How much could I make if I rent my home or holiday home out?” You could potentially earn a decent rental income from short-term renting, but there are important requirements when it comes to managing holiday rental properties.
To transform your property into a successful holiday rental, you need to develop a business plan, get required permits, create a rental agreement, provide excellent customer service, market your property, and more. But one of the things you should start with is making your property stand out from the competition. A surefire way to do this is to renovate your rental property to make it more appealing to guests.
Deciding to Renovate Your Holiday Rental: Things to Consider
There are some important things you should consider before you decide to renovate to rent out your property:
- What renovations are you planning for your rental?
- Will these renovations increase or reduce maintenance costs?
- What preparation needs to be made before renovations can begin?
- Will you be hiring a construction company or a handyman for the work?
- How long will the renovations take place?
- When is the best time to renovate your rental property? (You’ll want to avoid doing them during your high season)
Related: How to Turn Your Backyard into a Staycation Resort
Making a Planning and Preparation Checklist
Before you begin any upgrades, it’s a good idea to first spend time planning and making preparations for the project to avoid any unexpected roadblocks or costs:
Inform your neighbours about your plans
Property renovations can be noisy and dusty work. To be polite (and also avoid any potential complaints), let your neighbours know that you have plans to renovate your rental property. Give them an estimate of how long the renovations will go on for as well.
List and prioritise your upgrades
To avoid excessive renovation costs, list the areas you’d like to renovate and then estimate the required budget. From there, prioritise what areas need an upgrade the most, and decide what you want to work on first.
Identify renovations that will increase the rental value
Before you renovate your rental property, first examine if they will increase your property value and encourage more bookings. A swimming pool is a great investment, but if your rental is near the beach, how often will guests use it? A garage with storage space can also be useful, but not if most of your guests do not rent a car.
Search for money-saving opportunities
Consider showing your renovation ideas to an interior designer. They usually offer a free initial consultation and can advise on the best materials for your budget. Also, to save money, shop around for the best construction quote from several different companies. Before hiring, ask them for references or pictures of past projects.
Related: Renovation Project Management – What’s involved?
Creating the Perfect Home Away From Home
The living room is a major selling point for guests when booking a rental, so make sure you give it the attention it needs. Replacing old floors, giving walls a fresh paint job, swapping furniture, and installing eco-friendly light bulbs for energy efficiency are good ways to update. Avoid design trends for your furnishings that will quickly become outdated and need to be replaced.
Doing a kitchen renovation is a great way to renovate your rental property, and give it a bit of a makeover. Make sure your kitchen offers up-to-date and attractive cupboards and appliances. Granite or marble countertops are more expensive but last longer and withstand scratches better.
An outdated or plain-looking bathroom can look very unappealing to guests. A simple bathroom renovation, without changing its layout, can make a big difference. Replacing old showers, vanities, sinks, cupboard faces, fixtures, and toilets can give your bathroom an incredible facelift and make it seem brand new.
Read more: The Ultimate 2020 Bathroom Renovation Cost Guide
Invest in a comfortable mattress for your bedroom to ensure guests get a good night’s sleep. Update nightstands and lampshades. If your bedroom is carpeted, replace old carpets, or upgrade to a strip wood floor for a more modern finish, when you renovate your holiday rental property.
An instant refresher when renovating your rental property is upgrading windows. Swap old window frames for modern ones, test any blinds to see that they still work, and consider replacing them if they look tattered and twisted. Also, replace any curtains that might be faded or threading.
Your rental exterior is the first impression that guests will have of your property. Keep the walls looking fresh with a new coat of paint and do proper maintenance of any walkways, driveways, or gates. Adding accessibility updates, like making your entrance wheelchair-friendly, can also help attract more guests.
Don’t leave your garden neglected, as it can reflect badly on you to guests. Keep the lawn trimmed and regularly water any plants. Installing a fountain or doing landscaping adds to the overall style of your rental unit. Add some outdoor furniture so your guests can relax and enjoy your garden.
It can take a lot of work and planning but by renovating your holiday rental property, you can improve your guests’ stay, which can lead to good reviews, repeat bookings, and increasing ROI.
If you’re looking for help renovating your holiday home, the Houseace team can help. All our tradespeople are qualified and vetted experts in their trade, plus we work with the most talented interior designers and project managers.
Get an online quote for any renovation project online in just a few minutes through clicking the link. Or, why not try out our renovation calculator for an instant estimate of how much your renovation project will cost.