Vacation rental homes are a popular investment option. They save us lots of trouble and money when it comes to planning a trip, and they are also typically profitable if you rent it out frequently when you aren’t using it.
But circumstances change, and sometimes we want to make different plans for our travel. We may want to break up our trip with multiple destinations or take a cruise instead of staying on dry land. There could be health issues, work conflicts, or other things that make the property impractical, or we may just want to cash in on our investment.
Whatever the reason, if you choose to sell your vacation home you can do a few things to increase its value before placing it on the market. These are proven steps that will bring in more money than they carry out, and they’ll help the property sell sooner as well.
If your place will be hitting the market, think about these potential upgrades.
There are few travel concerns more universal than safety. Travelers want to know that their belongings will be safe while they visit the sights during the day, and they want to know that intruders won’t be able to gain access at night either. Owners also want to know that their property is safe from crime when they aren’t even in town.
To improve safety and security for your property, check on a security system. Reviewing a variety of ADT plans will help you find a way to protect your property from theft and fire whether you’re on the beach, resting from the day’s activities, or hundreds of miles away at your permanent home. Security systems have a strong appeal with buyers, so consider this step very seriously.
Many potential buyers are concerned about the operation of the property when they aren’t around. They don’t want wasteful utility consumption in an idle occupancy, and they don’t like wasted water or electricity when they’re at the property.
There are a number of things you can do to address this. You can update appliances to modern, energy-efficient models that can even provide rebates. You can also replace the water heater and install programmable thermostats, even ones with Wi-Fi capability to allow climate control from your home.
Travelers today are very conscious of both energy consumption and utility costs. You could say they are minding both types of green. If you can address these concerns, your property’s value will rise.
Vacation homes can be a bit like a time capsule. They’re built, then sometimes used very gently for many years. Before you know it, you walk into your beach-front cottage in 2017 and it looks like a pristine 2004 home.
The lower wear and tear in a vacation rental property is due largely to less activity in the unit, which is a combination of the occupants simply being out enjoying their vacation and the simple fact that the unit might sit empty a good part of the year. The impact of that lighter use is that things go out of style before they actually wear out.
You may be accustomed to the out-of-date looks because you have only known it that way, or you may be sentimental because it has served as the backdrop for some great family memories. If you’ve chosen to sell, though, you need to understand that potential buyers won’t see it through your rose-colored glasses. Replace outdated carpets, wall coverings, and other features before selling so that it looks modern.
A vacation rental property is a unique piece of real estate. Its market is different than that of a standard home. Recognizing and acting on these distinctions is key to making a profitable move at sale time.
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