While investing in your home, it is obvious to think of it as a long-term asset, an investment that can reap long-term benefits. But here’s the thing. Why wait long when you can reap returns on your investments today?
Post pandemic, it is essential that we get creative with our property investment sourcing plans too.
Go ahead and be bold. Renting out your property for vacations can immediately give you returns on your property. But while the competition grows every day in the staycation industry, you must start with a strategy before getting into action.
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Here are a few points that you should remember that can keep you on track.
- Develop a customer-centric design for your property.
- Invest in good quality products to minimize maintenance costs in the long term.
- Develop a property differentiation factor to stand out in the crowd.
- Develop a promotion and marketing strategy for your property to get the best quality leads.
- Invest in high-quality photos and video portfolios of your property for first-hand interaction with your customers.
- Use vacation rental software to make your customer onboarding journey hassle-free.
So now, when you have the high-level knowledge of what you need to do, let’s take a look at the top elements that can improve your property’s sellability.
1. Make Your Foundation Strong
The basement is usually one of the central attractions for a lot of customers. And with the right reasons. The basement does not only ensure that your property has solid foundations but can add a cherry on the top for your property. You can add an extra zing to your property by making that fancy man cave or a spare bedroom, or even that big desirable attic.
Pro Tip: This place can be beautifully used to make an underground swimming pool if your internal property architecture enables so.
No matter what you plan, never forget to finish it out. It can instantly boost your property equity and square footage into your home, making it more desirable for your customers. All you need to ensure is you have the right permit and obey all the codes.
Otherwise, the square footage might not be added to the rest of the house. This will categorize it under a “non-livable” space. It is essential to notice here that different states have different codes. Ensuring you are legally squared hiring a contractor is the smartest decision you can make.
Selling Tip: Remember having a stellar basement more desirable does not always ensure a higher price. It can give an overall boost to the desirability of your property. If your house’s carpet area is small and your client is looking for something broad and open, then it is a hard sell for you. But if the customer is more interested in a well-designed property with enough space to meet expanding needs, then the basement can prove to be a strong selling point.
2. Rethink Your Plumbing
Poor plumbing can prove to be the biggest turn-offs for interested clients. Old, rusty iron pipes having the vulnerability of iron ingested water, leaking taps are the last things you want your potential clients to witness. It is always advisable to start with putting your plumbing first. But unlike the old days, contemporary plumbing isn’t toilsome.
Modern day plumbing is hassle-free and more comfortable to execute. Gone are those days when you had to tear up walls and had drywall flying everywhere. Today, re-piping is done via PEX (basically plastic tubing) that can be easily set up through your walls like an extension cord. This means you have fewer holes both in your walls and pocket. You can save lots in materials and labor costs.
Pro Tip: People always perceive plumbing upgrades to be much more expensive than they actually are. Thus it can be a high selling point for your property.
3. Do Not Leave Your Kitchen Messy
If you are interested in selling a ‘staycation property,’ leaving your kitchen messy isn’t the wisest move. Think of a situation where a customer books your staycation for a couple of weeks, and they would like to cook for themselves. And if your kitchen isn’t fun and functional, it is a huge turn-off. In the process of designing your kitchen, ensure you focus on giving an unforgettable experience for those who chose to stay at your property.
For the kitchen layout, ensure the least amount of friction. It is called a triangle. Space, cooking area, sink, and dishwasher, shall coincide all in one place for an efficient workflow. Take special notes to keep track of the distance of your cooktop from the sink.
Is your dishwasher close to the sink? Is there a possibility of tripping over stools? It is always advisable to have a basic investment aside for your kitchen to make it more attractive for your customers.
Pro Tip: Remember to make your kitchen fun, and functional doesn’t always have to be expensive. It is an interactive zone. Thus creating a nice flow can make a discernible difference in your kitchen. Investing in the layout will never go off the trend. Moreover, it is something you can quickly achieve if you have a tight budget.
4. Give Your Bathroom A Makeover
Getting your bathroom in shape is incredibly important. But to do so, there is no need to get crazy. Start with installing new fixtures, re-grout the shower, add crown molding, and brighten the room with some paint. If you want to go that extra mile, you can always play with new wallpaper textures. You will be astonished how much it can improve the quality of your bathroom. The best part?
It is not expensive at all.
Consider switching out your old toilet fixture with a newer water-efficient toilet with a macerating pump to break down wastewater and facilitate smoother drainage. It’s easy to install because it doesn’t require additional plumbing or major construction
However, if your research says that your ideal clients aren’t wallpaper fanatics, you can always opt for basic paint jobs.
A nice tropical paint mixed with architectural detail can never miss impressing. More importantly, it is timeless.
You can also take the middle road. Mix both wallpapers and colors.
Invest in new mirrors and good light fixtures. These small improvements can make the most undesirable bathrooms look fresh and lively.
5. Looks Matter
When it comes to staycations, your clients often judge a book by its cover. Thus, your first impression is the last. To bag a business, you need to impress your clients from the first stage. And to do this, there is nothing better than investing in the overall looks of your property.
Following are a few areas that can improve your property’s appearance in no time.
Start with decluttering your open spaces before you let your potential visitors turn up at your place. Remove plastic bags, garbage bags, trash bins, and others to remove visual clutter making your space messy. It is super important to maintain the visual appearance of your property.
If your homestay’s real-time looks don’t match with the photos you put in the promotional sites and vacation rental software, it can instantly bring down your business.
Here are the following steps you can take to ensure alignment between what you claim and deliver to your clients:
- Mow your lawns beforehand to make sure your property’s charm is withheld.
- Use good lighting in both the external and internal areas of your property.
- Invest in light and modern furniture that can add to the oomph of your property.
Bonus Tip: You can add a paver walkway, some colorful planters to improve your curb appeal. It can instantly make your front yard look fresh.
Brighten Up Your Space
There is nothing that good lighting can’t enrich. It adds a spark of drama to your house. To make your property fancy, it can be a huge asset. Throw in some lighting in all the spaces: kitchen, living room, and bathrooms. You can make it even more appealing by using simple upgrades like dimmer switches to add to the charisma of the place.
Watch Your Floors
Flooring adds to the oomph effect of your space dramatically. But you don’t need to make holes in your pocket to achieve the ultimate look. Take a customer-centric approach here. Invest only in what matters to your customers – a memorable experience.
You can always use designable engineered wooden floors to make them more appealing. Oak flooring is one of the most premium finishes that can be achieved inexpensively, and you can dress it up with different stains.
Adding attic insulation
If you have room for investing a little extra, adding nice insulation to your attic can give you a lot of boost in your selling rates. Maintaining a nice, warm, and comfortable air circulation at your homestay can give a significant upgrade to your property equity.
While you are executing your house upgrade, look from a tourist’s perspective.
- What are the elements that you love to see in your boarding space?
- Do you enjoy a cozy feel? Or are you a heritage fanatic?
All these questions can help you plan and design better.
The goal here is to deliver a luxurious experience that is highly achievable even on a tight budget.
- You can buy the interior furniture during season sales.
- Getting your plumbing and electrical jobs done in bulk can get you good discounts. If it’s possible, bundle them together.
While the above points and tips will lay out a solid framework for your home investment, you still need to keep your eyes open. Always be sensitive towards the smaller details of your house. It can give your property a personal touch.