When you get into the spectrum of real estate investing, particularly in the area of rental properties, there are many similarities and differences, as far as what guests and tenants look for in a property. It’s the responsibility of rental property owners to create the living space that will appeal to the audience they want to attract, whether it’s vacation guests or prospective tenants.
Now, in order to even begin the process of creating the ideal living space, you first have to determine which kind of property you want to invest in. If you’re wanting more of a stable and steady source of income on a month-to-month basis, then you will want to invest in rental properties.
If you want to get more into the hospitality realm of real estate, then you will want to look into short-term vacation rentals. With this type of property investment, you charge guests a per-night rate.
Both are similar, in terms of the ability to use leverage to pay a percentage of the total cost of the property, which is ideal if you don’t have $100,000 or more to pay in cash. If you’re interested in long-term financing for a short-term rental home, you definitely want to find a trusted lender to help you in that process.
That’s the foundational and financial part of it. Both options are lucrative in their own right but more and more people are investing in vacation rental properties because you have the potential to earn more charging per night than receiving monthly rent payments.
Once you’ve acquired the vacation property you want, it’s then time to turn it into a property that’s in high demand all year long.
How do you do that?
Well, you have to appeal to the traveler who wants the “home away from home” experience. The “home away from home” experience is literally what it says. You will create and design a living space for every guest that stays in your rental that makes them feel comfortable, that makes them feel at home without being in their home, and ultimately, gives them an experience that makes them not want to go back home…
That’s the experience you want all your guests to have. But it will involve some work on your end in the beginning. Just think of it as you’re investing your sweat equity into your property. But remember, with all the work you’ve put in to create such a great vacation experience, it will bring back a return on your investment that you never imagined.
Here are some design elements and features to make your rental property high-demand.
Design Elements and Features to Create a High-Demand Vacation Rental
You can’t create gorgeous views on your own, right? So what do you have to do to provide gorgeous views for your guests? You buy your vacation rental in an area of homes that features gorgeous views.
This is something that must be done in the property selection process. Homes that showcase the city skyline, mountains, the ocean, lakes, and other landscapes, that’s the property you want to purchase. And you can be guaranteed that people are willing to pay for those views when it enhances their vacation stay.
Privacy is one thing that vacationers will greatly appreciate when searching for rentals. You can provide privacy with outdoor fencing. This is something they will appreciate, whether your guests are hosting an intimate family gathering or are just working on their tan sunbathing. The peace of mind you’re giving them with privacy fencing is a design element they have no problem paying for.
In finding privacy fencing, just be sure to find sturdy fencing that also matches the aesthetics of the exteriors of your property.
Outdoor Dining and Entertainment
One of the things that people look forward to the most about vacation rentals is the outdoor spaces. In a property with gorgeous views, it’s only right that you transform the backyard into the ultimate entertaining oasis.
From outdoor kitchens and dining areas to pools and fire pits, your backyard transformation options are limitless and can largely be a determining factor between high ratings for your listing and low ones. Ultimately, put yourself in the shoes of your guests and imagine what you would want to experience.
Relaxing and Comfortable Interiors
Many people don’t realize it but the colors you incorporate in your property play a role in how well your guests will enjoy their stay. The goal is, of course, to make your property comfortable to all your guests, and the way to do that is to incorporate calming colors and relaxing textures and accents.
Colors like classic white, sky blue, and blush are colors known to calm and relax the body. You can incorporate these colors in paint, furniture, and home accessories. You also want to physically make your home comfortable as well. Quality bedding, fluffy rugs and throw blankets, and TVs in bedrooms and common areas all make for a comfortable stay.
From gorgeous views to comfortable interiors, the design elements and features listed above are all the ingredients necessary to make your vacation rental not only a hot commodity in the hospitality industry but it also creates a buzz around your property that makes it a high-demand rental.