When it comes to spending money on a vacation rental, you need to consider different factors than when spending money on your primary residence. For one thing, when you invest in improving your primary residence, the goal is to add value to a prospective buyer. But when you’re improving your vacation rental (unless you’re selling it right away), your goal is to make the property more appealing to prospective renters. Vacation renters generally don’t see the property in person before deciding to stay, making decisions based on how well the property is presented in a listing, as well as the overall functionality of the property.
With that in mind, here are some of the best value-adding ways to spend money on your vacation rental, as well as some expenses unlikely to create the type of value you’re looking for.
The two best, cost-effective ways to boost your rental income are those that help your property’s listing appeal to more renters and make the home itself more functional. Here are five low-cost ways to add value to your vacation rental:
With all that in mind, some expenses are not likely to produce a good return on your vacation home improvement dollars. Here are three examples:
This isn’t an exhaustive list; just some ideas of what expenses you’re likely to get a good ROI on and which you aren’t. Remember, things that will make your property look better to prospective renters and/or will improve its functionality without a large price tag are smart ideas. Expensive and/or ultra-personalized improvements are typically unwise, at least from an investment return point of view.
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