When you are looking to maximize the potential income for your vacation rental property, you need to consider that updating decor and furniture will be necessary periodically. When your vacation home is dated, it will lack the appeal for potential guests and reduce its rentability. In this competitive market, that is something property managers see more often than the cleanliness of the properties themselves. Having dated furnishings, flooring and appliances can be damaging to your income as well as your customer reviews. Your decor and furnishings will be dependent upon your clientele and use. Pet-friendly properties will call for different decor than high-end urban spaces. Family-friendly properties will call for a warmer feel than ones geared toward business travelers. You want to gear your decor to your market and keep this in mind when you’re upgrading.
Flooring and Carpeting
When looking to update flooring, each type will have its own longevity. Carpeting color will date a home and will wear much quicker than hardwood or engineered wood. Vinyl can date a property quickly. Carpets, in particular, should be replaced every 5 to 15 years.
Because comfort is one of the most important requirements of a vacation traveler, you want to keep your mattresses at the top of their game. Rotating and flipping mattresses help with their longevity but mattresses have a very finite lifespan. You never want to wait until your mattresses are visibly sagging and worn. Flipping and rotating should be done seasonally and they should be completely replaced every 5 to 8 years. Pillows and bedding should be replaced every 2 years.
Another item that can clearly date a vacation rental is the sofa in the main living areas. If the sofa has any sign of tears and sagging or any stains that cannot be removed, it should be replaced immediately. Owners should expect to replace sofas in their vacation rental about every 7 to 15 years depending on individual quality and wear.
Accessories in your vacation rental should be assessed regularly and based on cleanliness, style and safety. Pay attention to current color palettes that are in style as changing the color and line of simple accessories can go a long way toward giving your vacation rental a fresh and updated appearance.
Consider Your Budget
If you factor in replacement values when it comes to maintaining an operating budget for your rental, you won’t be confronted with sticker shock when it comes time to make replacements. A good guideline to follow is to keep approximately 10 percent of your income in reserve for reinvesting as the time comes to make household replacements. Maintaining and updating your vacation rental is key to ensuring its rentability, especially in an area where there is a highly competitive market. Having the expertise of a professional is helpful if you are unsure about whether you should replace or update certain things in your investment rental property. Call us at Five Star and we would be glad to help.