Tips for Transforming Your McKenzie River Home into a Vacation Rental
You’ve probably heard a thing or two about how owning a vacation rental is a great way to generate passive income. It’s true. When done the right way, purchasing a property or using your current second home as a short-term rental property can make you money. However, there are a lot of moving parts in the process, and it’s important to plan and make good decisions along the way. Otherwise, your investment can quickly turn sour.
With all that in mind, read on for some terrific tips from Nadine Scott that will help ensure your venture is a successful one.
Start with a smart location.
One of the first things you want to consider for a vacation rental is the location. If you live in the McKenzie River area, or are open to the idea of purchasing a property there, then you’re already on the right path. This picturesque section of Oregon has a long standing tradition of tourism thanks to running waters, majestic mountains and plenty of area attractions to enjoy.
With a prime location, you just need to set your business up properly, then figure out how to attract guests to your place and keep them coming year after year.
Tending the business side of things isn’t the fun part of a vacation rental, but it’s certainly the foundation for future success. Start with filing for an LLC in order to protect your personal assets, and draw up a formal business plan so you’ll be able to apply for any loans or grants you require.
Then decide if you intend to run the daily affairs yourself, or if you’ll need to hire a property manager for those essential duties. Roofstock suggests thinking about things like how close the property is to your routine and how much time you have to spend on maintaining it.
Make essential repairs.
It’s not unusual for homeowners to overlook some issues that their guests wouldn’t. While you might be okay with living with something when it’s your place, it’s important to think about things that could compromise the safety or general comfort of your guests. Here a few examples of repairs to address:
- Broken HVAC system
- Broken stairs or railings
- Structural damage (e.g., roof, foundation, etc.)
- Electrical issues (e.g., faulty wiring, outlets or lights that don’t work, etc.)
- Plumbing problems (e.g., clogs, leaks, etc.)
Remodel for ROI.
Along with handling essential repairs, also keep in mind that you want to impress visitors and keep them coming back amid a competitive market. One way to do this is to deal with any remodeling necessary. Be sure to prioritize these projects, because some are more important than others. For instance, if your kitchen appliances are a little dated but you have stained and torn carpet, you will want to replace the carpet first.
Here a few examples of remodeling projects that will bring you the best return on your investment:
- Installing hardwood floors
- Updating kitchen and bathrooms
- Installing a new garage door
- Replacing siding
- Adding a deck
Install smart security.
Every one of your guests will want to be safe and their valuables secure during their stay. Putting in smart security not only will bring a great ROI, but it will also decrease the likelihood of crime and probably lower your insurance premiums. Plus, if you go with a smart security system, you will be able to monitor your vacation rental at any time from anywhere.
Keep it clean and maintained.
No one wants to stay in a messy or dirty vacation home with non-functioning components. And if that’s their experience, they definitely won’t be coming back or writing positive reviews online. BiggerPockets points out your hospitality can be a key.
Beyond basic maintenance and creature comforts, go the extra mile to make your guests feel welcome. Provide them with tips about must-see area features, your favorite restaurants, and note them about anything interesting related to your place, like a fabulous view of the sunrise out a particular window.
Turning your home into a vacation rental is an excellent way to bring in extra income, and McKenzie River is the perfect place to do it. Remember to handle any necessary repairs, put in a smart security system, and make sure your guests know they are welcome. These simple tips will make your first vacation property investment a booming success!
Look to Nadine Scott for all your real estate-related needs!
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