Thanks to straight-to-market platforms such as the likes of AirBnb, homeowners can now instantly wear the hats of hoteliers to some degree. You can basically rent out one of the rooms in your home or perhaps you have an entire cottage which you want to earn a bit of extra money.
In order to renovate a property for short-term rental and make it attractive to potential renters, you may need financing. The investment could include buying new furniture and appliances, as well as making repairs and upgrades. In order to finance the renovation, you can take a loan from a short term rental financing company, a line of credit offered by a bank, or use your own savings.
Let’s take a look at how you can turn a dwelling into a rental property and earn a significant income.
It’s no secret that tenants, especially those of the short-term ilk, will probably fall over themselves once they catch wind of your listing for rental space, but you still need to be professional with regards to the operation of that space. So when it comes to renovating, the styling needs to be different so that it is clearly identifiable as being a rented space that is separate from the regular domestic living space. Usually different styling to that of the main living spaces would be enough, even if it means you have a different design, colour scheme, etc, of structural elements such as the solid oak flooring, which could very well be a common feature throughout the entire property.
If possible, separate the space physically as well, which is something that’s much easier to do in the case that that space identified for rental is something like a cottage as opposed to just one room in the main house.
Focus on quality
Making sure to have a quality job done is something that makes for an inherent part of your regular life, so even if you were just doing up your home for a refreshed look you would be encouraged to focus on lasting quality. However, when you’re renovating a space that is going to be rented out, the focus on quality is non-negotiable, even if you have to spend a little extra from your own pocket. For instance, if you are due for a patio flooring replacement as the existing one looks worn out, then you would need to select quality flooring options. Say you are opting for something like tile flooring, then the focus should be on outdoor tile quality. The same should be done for vinyl or laminate flooring or any other materials used for renovating the house. The finish of the work must also be flawless, so communicating with the contractor beforehand regarding your expectations could bear positive results.
Besides this, you would also have to look for any potential repairs to be made to the property. Calling in a Concrete contractor in Ocala, FL (if that’s where you’re based) would ensure that necessary fixes are made and the place looks presentable enough to rent out. The thinking behind that is that once you actually start renting the space out, if anything starts falling apart too soon then you might find yourself having to make decisions between continuing to rent the space out as it suffers further damage and interrupts the business as you make provisions for the requisite renovations and repairs to be completed. During that time all that’s happening is that money is flowing out instead of flowing in, a point along the process which can be delayed by just making sure to have a quality job done upfront. Also, renting out poorly maintained properties would create a wrong impression on customers’ minds and the reviews left by them will be negative. This would be detrimental to your business and would show you as a businessperson who compromises on quality.
Fortunately though the price-to-quality ratio is not one which always suggests that you have to really splash the cash to get the quality you want. With some aspects of doing up an interior space, such as getting engineered oak flooring installed, the quality is contained in that very decision you make with regards to the type of flooring. The styling is considerably made provision for as well, because not only would this type of flooring make for some lasting quality, it looks great too!