To update, or not update, your vacation rental property?
Now that you finally have a vacation property in Mammoth Lakes, do you update it, or leave it in it’s dated condition? If you plan on renting your property on a nightly rental program then updating it will generate more bookings and income than properties that are not updated. Vacationers are tired of paying high prices for a rental that is old, smelly and outdated. An updated property does not need to be entirely remodeled with expensive finishes and furnishings. A remodeled condo just needs to have some of the basics to make it an enjoyable experience for the renters. A few updates can go a long way to enhance the appeal of a property. Updating the flooring, furnishings, paint and appliances can go a long way in changing the look and feel of a property.
The first and easiest is to install new flooring throughout. Most owners are smartly using the new LVF products which is a luxury vinyl flooring that comes in a massive array of wood-like colors and plank sizes. The best part about this flooring is that it is waterproof, and if a water intrusion happens it can be removed and reinstalled. It is also scratch and dent resistant making it a very durable flooring. Another benefit with this flooring is that it can be installed in kitchen and bathrooms making a nice seamless look throughout. Although, it is still ideal to have tile or stone at the front door, or any door leading to the exterior the LVF can be used if needed.
The next item which can change the overall appearance of a property is fresh paint. Fresh paint in combination with the flooring will drastically change the look and feel of a place. A coat of fresh paint can brighten, or darken an interior giving it a cozy, or modern feel.
Another update I recommend is to make sure the furnishings are up to par. You might only need a few things to update the look, or you might need all new furnishings. Having updated furnishings will bring it into the current era and set it apart from the outdated rentals. One of the most important furnishings items to update is the bedroom mattresses. Make sure the beds are comfortable as it is the number one complaint in reviews because a good night sleep is important to everyone. Also, updating the sofa to a pull-out sofa bed is good as it can increase the sleeping capacity. The more a property can sleep, the more income it can generate. Along with the other basic furnishings, don’t forget to update any televisions and other electronics.
The final touch would be to have all the little items throughout to make your property turn-key and comfortable. These items might include throw blankets, games for kids, and all of the necessary kitchen and bathroom items. You could stay in the most remodeled property ever, but your vacation would not be enjoyable if it is missing the key elements one would need to cook, or relax by the fire.
Lastly, updating the kitchen appliances can update a kitchen without doing a full-blown kitchen remodel. You might notice I did not say it is necessary to remodel the entire kitchens and bathrooms. Of course, it would be ideal if you had the money and time to remodel the entire property, but we all know that can be costly, stressful, and hard to manage from afar. If there are some elements you can improve easily then go for it, but the basic items above will improve the property with the least amount of hassle.
Once you implement some or all of these recommendations you should be ready to rent out more often and compete with the best of listings. It will also allow you to further enjoy your own property when you come to stay!