Our Top Tips For Successful RenovationsMany holiday rental owners choose to renovate their property in order to give their holiday rental their own personal touch or to improve a property that may be run down. Renovations also help to match the design with the surrounding area as well as raise the overall quality of the home which will help you to charge a more premium price for your listings.
If you have easy access to tradespeople in the family or maybe you’re handy with tools yourself, renovating can be a very tempting option – but there are things to consider, namely remember that time spent renovating is time lost renting.
You may want to think about whether hiring a builder for a month is better in the long run than spending every weekend for six months renovating your property yourself and thus losing six months of potential income. Chances are good you’d be much better off just spending the money up front, saving yourself the stress and being able to sooner allow guests into your holiday rental to make your revenue!
If your holiday rental is quite a distance from your home, you will also want to keep in mind that that brings its own set of unique challenges. Before you start, stress to your tradespersons that you’ll require regular updates (via emails, texts and most importantly photos) to be sent showing progress and be very clear and firm on when work needs to be completed.
When should I renovate my holiday rental?Renovations are also best scheduled during a season that is less busy for your holiday rental, you definitely don’t want to book in renovations during a peak season. If you choose to book your renovations during a less busy period you minimise the amount of revenue you lose.
If you’ve happened to acquire your property immediately prior to the busy season it may be worth just furnishing the house, renting it through the peak season and then renovating during the low season to maximise your revenue. Obviously this may not be an option if your holiday rental requires immediate attention, if that is the case and you have to do work over peak season, you may want to consider paying a more premium price for tradespeople who are able to get the job done quicker.
If you’re choosing to just rent out your holiday rental during the peak season and renovate during the low season, you could use the extra funds you make from renting your property out to help with your renovations.
Our team at Professional Holiday Homes are well-versed in ensuring you make the most revenue possible from your holiday rental. If you’ve recently renovated your property and you’re looking for someone to manage your holiday rental, you can contact us for information on how to list your property and start making a profit!