Property investments can be a fantastic idea to create an additional source of revenue. A lot of amateur investors turn to real estate to build stable and reliable portfolios. Indeed, unlike stock or bonds, real estate offers tangible, physical assets that can feel more manageable. Rentals are typically a fantastic choice as a side hustle. However, holiday rentals are likely to have become unprofitable as a result of the pandemic.
As borders are slowly reopening, you may want to consider smart home improvement projects that can boost the value of your holiday home. So, the more value you can add to the property, the more likely you are to recover the losses during the pandemic peak. Here are some of the best strategies for holiday homes enhancement:
A new bathroom
What do guests expect from a holiday home bathroom? Professional bathroom remodelers agree that smart storage organization, accessibility, and reliable fixtures can make a great deal of difference in a high-traffic property. It can be a great idea to turn the bathroom into a walk-in wetroom, as it would make your rental wheelchair-friendly. More often than not, practical design, spacious area, and organized space can elevate the bathroom. While it’s not to say that style doesn’t matter, it’s best to keep it as neutral as possible.
Additional living space
Guests seek holiday homes that let them relax and forget about their everyday stress. You may not be able to add relaxing features such as a sauna or a jacuzzi, but you can certainly consider transforming unused nooks into soothing spots. For instance, altering the neglected porch into an outdoor sitting area can promote peacefulness and togetherness.
The addition of a dining area in the garden will also ensure that you can maximize the outdoor space at all times. Families and groups of friends often look for properties that allow everyone to maintain their independence, which is precisely why you want to offer as much living space as possible.
Conversions that increase bedroom number
There is no secret. If you add more bedrooms, you will be able to welcome more heads. More heads mean you can increase your rental price. However, you need to balance how many bedrooms you have with the number of bathrooms. As a rule of thumb, you want no less than one bathroom for two bedrooms.
Keeping bedrooms cozy and inviting with elegant flooring and character touches will also ensure that nobody feels left out. No guests want to sleep in a dark and small bedroom when everyone else has got a roomy and bright room!
Adding entertainment options to your holiday rental will drive its value through the roof. Not everyone is ready to explore and be out all day. Some guests are happy to chill in the pool or front of their favorite Netflix series. According to Google, the most in-demand entertainment systems include quality sound systems, streaming television, gaming technology, and billard and darts games. Swimming pools, while a nice addition, are often deemed unnecessary in beach locations.
As holidaymakers are preparing for their next vacations, it’s time to turn up the dial for your holiday rental. The additions of smart home improvements can transform the property and boost its value. However, be careful to consider your expenses carefully and compare forecast returns. Some improvement projects are not worth your money!