Keeping your STR updated and contemporary will help to increase your property value and get more bookings. These types of upgrades are essential in order for your property to stay competitive and relevant in the booming 21st-century short term rental market!
But hold it just one minute! Before you start renovating, make sure you’re doing it for the right reasons! Sometimes, we think pumping more money into certain areas of the home will get higher rent, get a higher equity position in the house, and it simply does not happen! And then we ask, “Why??”
Yes, I have gone through my fair share of renovations here and there. It is not an easy decision to make and in actuality, it's an even more difficult task to undertake! But I always think of the areas of my rental property to concentrate on for the best return of investment from renovating. So today, I will share with you my experiences and a few good tips to consider if you are renovating your properties. Stay tuned as we discuss:
- When is it time to renovate your property?
- 4 Main reasons why you should renovate
- 3 Renovations that are a waste of money
- Tips to renovating your rental
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