While owning a secondary property is a unique luxury, it does not come without a great amount of upkeep. The profits you make from renting out a vacation cabin can go directly to the mortgage, the property’s assets, or both if you spend wisely. You can continually increase the value of your vacation cabin to ensure maximum profitability, so let’s explore a few ideas below.
Emphasize Curb Appeal
The curb appeal of vacation properties is often overlooked because the homeowners don’t visit much. It’s essential to remember that the exterior aesthetics and curb appeal are a renter’s first impression.
If the property has overgrown weeds, poor lawn care, and out-of-shape shrubs, renters may believe the interior is also lacking. Put an emphasis on curb appeal, and ensure renters feel good about staying at your property.
Complete an Appliance Overhaul
The appliances might be desperate for an upgrade, depending on their age. Vacation cabin appliances don’t get used as much as a primary residence, and renters mostly enjoy eating out rather than cooking for themselves.
Focus on your property’s value regardless of your renters, even if it means the oven gets used a handful of times throughout the year. Consider a complete appliance package where everything fits the aesthetic of your rental cabin.
Consider a Remodel Project
Many vacation cabin owners don’t complete a large remodel because they struggle to finance the project. Luckily, you can finance a cabin remodel or renovation in many ways that don’t require a large sum. While cash is king with large investments, you have several financing options. This is important to be aware of if the remodel is extensive.
Make a list of what you need to complete so a contractor can give you an accurate estimate. From there, you’ll understand how much money you’ll need to gather or borrow.
Apply a Fresh Coat of Paint
If you’ve done all you can and believe your vacation cabin only needs a minor sprucing up, consider applying a fresh coat of paint in each room. This gives you an opportunity to establish a new theme, update the décor, or start fresh with white paint. Renters will enjoy the upgrade, which can increase the value of your vacation cabin without much effort on your part.
Completing a project for your vacation cabin rental might require you to pause on accepting renters and instead invest time and resources into upgrades. The more you invest, the more returns you should see in your property value.
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