With the off season quickly approaching, now is the perfect time to start planning upgrades to enhance the quality and appeal of your Breckenridge vacation rental. If the goal is to ensure your vacation rental home appeals to more potential vacationers next season, strategic upgrades will help you attract more guests and increase rentals. As you begin to consider upgrades, you should consider upgrades that will also increase the overall real estate value of your home. Many potential upgrades can be attractive to vacation renters, but if you choose the right projects, they will also add value to your home over the long term.
Below are five upgrades that can serve the dual purpose of attracting vacation renters, as well as adding value to your home.
1) The Kitchen Adds Function, and Creates Value
The kitchen is the heart of the home and many renters choose to rent a home or condo instead of a traditional hotel because it allows them to sprawl out with their family, and create family memories. A functional and inviting kitchen with updated appliances and plenty of seating will attract vacationers. Consumer Reports informs that having updated appliances and an attractive, granite countertop can boost the value of your home 3-7%.
Renters Tip: List all of the extras you have available such as a crockpot, grill, griddle, etc… anything that you think might be helpful for a renter. Renters will know they can save money by not eating out, and can allocate more of the budget to housing.
2) The Basement Can Hold Value, and Memories
Many renters are keen on plenty of space for their children and family to be able to spread out in, enjoy, and create memories. A finished basement is the perfect place for a large family of renters to recreate in, play video or board games, or have family movie nights. The more entertaining space available in your home, the more appealing it will be to vacationers with larger families. Buyers are also looking for multi-use spaces for their use, and a finished basement adds to the overall usable square footage and offers space for a home theatre, office, game room, exercise room, or playroom. The possibilities are endless and a basement can be easily customized by the buyer, and enjoyed by a renter.
Renters Tip: Including a pool or ping pong table or entertainment center in the basement will make your home appealing and unique.
3) “Eco” is Not Just for Show
Energy efficiency and sustainability is a growing concern with today’s vacationers, and “eco tourism” is a growing sector in the vacation rental industry. Making your home energy efficient and sustainable can be very appealing to renters, and can significantly reduce your energy bills, which will help keep holding costs down. Adding Solar panels, recycling centers, timed and motion lights, smart thermostats, or entire home energy management systems is unique and attractive for vacationers looking for the ability to vacation with a conscience. Adding these smart technologies to your home can provide property value for prospective buyers, who are looking to purchase a home with low energy costs, and eco-friendly impacts.
4) Bathrooms Are the Hidden Superstars of Homes
An updated bathroom may not necessarily draw in additional renters, but an unattractive bathroom will prevent them from returning. When you rent your property frequently, a bathroom can develop wear and tear quickly. While it may be perfectly sanitary and clean, stained grout, shower doors, and vanities can be very off-putting. Put some time into the bathroom to re-grout if you need to. You may want to consider adding granite counters, new cabinets, a large tub, or improving your shower heads. This Old House points out that even a new toilet seat can make a difference. Luxury bathrooms will keep guests happy and add long term value to the house as well.
Renters Tip: Be sure your bathroom is well stocked with toilet paper and small toiletries such as shampoo and soap.
5) Outdoor Attractions Are in Demand
Guests love to spend an evening around the fire, sitting on the patio set, grilling at the pit, or enjoying the hot tub to truly make vacation memories. An outdoor patio that makes it simple to enjoy the outdoors will attract renters, set your property apart from others, and be an attractive sales feature for prospective buyers. Creating a space outdoors that feels like an extension of the home is an easy way to add value, and improve the experience. A few paving stones, some nice patio furniture, a fire pit, and a little thought put into the landscaping will do the trick, and provide a new level of enjoyment for guests.
Renters Tip: Make sure seating is available. Patio chairs will do, but something whimsical like a hammock or a porch swing will really make a really nice impression.
A High Return
Try these five tips to attract more renters and add value to your home. An investment in your rental house can mean more revenue from renters, as well as a higher overall value when you are looking to sell.