7 Ways To Increase the Value of Your Vacation Property
Written by
Virginia Anderson
Edited by
Rebekah Evans
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For many, a vacation home is a financially savvy purchase. You can rent it out for extra income and use it as your primary residence when it comes time to retire. The longer you own it, the more time you have to build equity and watch the property appreciate in value.
But you may not be making the most of your vacation home’s worth. Little imperfections can add up, lowering its market value and desirability among potential tenants. Those flaws may knock thousands of dollars off the property’s value.
Here are a few ways to increase that value.
Buy a Few Buckets of Paint
Over time, walls get dirty. You may notice scuffs near the doorways and smudged fingerprints close to the light switches. While you can probably scrub those marks with a Magic Eraser, you might be better off with a new coat of paint.
Paint is relatively cheap and it can completely transform a room. Try experimenting with different colors to find one that complements your furniture nicely. And if you’re not willing to stray too far from white, you can add a single painted accent wall instead.
Clean Up the Yard
Next time you visit your vacation home, take a close look at the front yard. Is it meticulous, with closely-cropped grass and colorful flowerbeds? Or do you notice lots of weeds and debris cluttering up the lawn?
If it’s the latter, a day or two spent working the yard can do wonders. Get rid of any weeds and dying plants and spruce up your flowerbeds with freshly laid mulch. If you want to go the extra mile, hire a professional landscaping service to upgrade the yard for you.
Replace Broken Fixtures
You probably know how to set the shower knob so the temperature’s “just right” or that the upper left gas burner on your oven doesn’t work. But a tenant might find those little defects annoying and request a lower rental rate to compensate.
Instead of ignoring problem fixtures, invest a little money into restoring them. You may find the repair isn’t that expensive. And if it increases your property’s value, it’s money well spent.
Change Out Old Carpet
The average carpet lasts anywhere from five to 15 years, according to HomeInspectionInsider.com. During that time, it accumulates dirt and debris tracked in by people and pets. Your carpet may hold a few stains you can’t seem to get rid of and even if you ignore them, they’re noticeable to others. Old carpet can sometimes smell bad, too, giving the house a musty or stale odor.
If it’s been a while since you last replaced the carpet, consider doing an overhaul. You might even decide to forego the carpet in favor of wood or paneled floors, which may be easier to clean.
Get Rid of Clutter
If you rent out your vacation home through Airbnb, Vrbo or another short-term rental company, you probably have an influx of tenants staying at your place for a few days or weeks at a time. Those tenants probably expect a hotel-like stay, completely devoid of any junk that clutters up the rooms.
Instead of storing unwanted items at your vacation property, move them to your primary home or sell them. That may improve the property’s appeal among your clients.
Invest in Professional Photographs
Short-term rental sites include pictures of different available vacation homes. Those photos are the first thing potential clients see when they’re looking for a rental. If the pictures are grainy or taken in bad lighting, they aren’t giving your vacation home the credibility it deserves.
Splurge a little on a professional photographer for better results. A professionally edited photo can up your vacation property’s appeal by leaps and bounds, attracting far more bookings than your original images.
Add a Few Luxury Touches
Think about the last time you stayed at a hotel you truly enjoyed. What stood out about it? Did it have a huge bed to stretch out on or ultra-luxurious towels? Those things can make a big difference to short-term renters and if you offer them, you’ll probably get better reviews — and more clients.
Besides a nice bed and towels, look for other ways to add luxury. You might buy a fancy coffee maker for the kitchen or a huge flat-screen TV with movie theater speakers in the living room. Even changing up your ceiling light fixtures can add to your property’s ambiance.
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