When many people think of a home, they may only see a place to hang their hat. Yet, homes have the potential to be a rewarding investment when turned into a rental. They can be a fantastically profitable, for experienced property owners and first-time buyers alike.
Anticipate the Fundamentals
Having a well-laid-out plan is your best option before buying, as it’s important to know what features will benefit you. This must not only include what may appeal to renters, but it also includes what might give you an advantage if you decide to sell. A property that boasts multiple bedrooms or, as HomeAdvisor explains, has a gorgeous view can certainly help boost your investment should you market as a vacation rental. Thankfully, Surrey is blessed with beauty, full of stunning parks, beaches, and many other open spaces. However, to really prepare, you must research the requirements, as British Colombia has bylaws relating to rentals. Similarly, it’s a good idea to check the competition since they can guide your own rental rates.
Invest in Smart Tech
It’s becoming common for homes to feature a range of smart tech devices, and they might be a big draw for guests; after all, they let us regulate temperatures from our phones, control lighting, and access home security. However, creating a smart home can be intimidating, especially if you haven’t done it before. Ask yourself what devices could benefit your rental and whether you want to connect them to a single system, such as Amazon Alexa and Google Assistant. With a smart home, you could make everything feel more seamless for your renters.
Focus on the Layout
We all want a comfortable environment, and that can be partly achieved with a well-planned layout. Without one, a home can feel cluttered, small, and, at worst, overbearing. So, before you start furnishing your property, visualize how it should look, and what you would want if you were renting it yourself. This way, you can ensure the property is easy to navigate while still appearing great. If you’re unsure where to begin, consider hiring an interior designer to give your rental an edge. Their insights can save you valuable time since they have an eye for how to best use a room, as well as where furniture or décor should go.
Another way to maximize space and reinforce comfort is with lighting. With a good balance between natural and artificial options, you can make a property both inviting and stylish. To start, where possible, use mirrors and reflective surfaces to harness light from windows. Should the property lack windows, you could add more or even install French doors to achieve a similar effect. These can all be complemented with a mixture of artificial lighting, such as lamps and ambient recessed fixtures. Yet, it’s vital to take a room’s layout, décor, and shadows into account since these can negatively influence how the lighting looks.
A rental or vacation home may experience a high turnover of guests. While this offers an opportunity for profit, it can put a lot of strain on furniture and flooring. Given this, try to prioritize materials that can take a beating, especially in areas that get regular use. In particular, look to fabrics that can protect furniture from wear and tear, such as microfiber and canvas, while still offer comfort. Likewise, for flooring, focus on materials that are most resistant to scratches and other types of damage. Of course, your options may be determined by your home’s aesthetic, but bamboo and vinyl are among a number of choices. There’s no way to avoid some decline in appearance, but the right materials can keep your property in excellent condition.
A successful rental will benefit from a great location, desirable features, and a thoughtful environment. So, focus on the basics, do your research, and consider what you would want from a rental. Your commitment can make your investment thrive and grow.
Article courtesy of Bret Engle at http://diyguys.net/ Thanks Bret!