Discover the crucial timing and strategies for renovating short-term rental properties. Learn why keeping your property contemporary can boost bookings and value. The discussion reveals common pitfalls to avoid when renovating and offers insight on maximizing rental potential through smart upgrades. Tips on focusing investments for the best returns and the importance of guest feedback are also shared. Get ready to rethink your renovation plans and ensure every dollar spent enhances your property's appeal!
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insights INSIGHT
Design's Impact on STR Success
Short-term rentals require distinctive furnishing and design to appeal to guests.
This uniqueness boosts guest attraction and improves search rankings on rental platforms.
volunteer_activism ADVICE
Use Reviews to Time Renovations
Use guest reviews to identify when renovations are needed.
Address recurring negative feedback promptly to maintain quality.
question_answer ANECDOTE
Mini Split System Lessons
Tim installed a multi-head mini split system for heat and AC in an old property.
Repeated malfunctions and costly repairs showed when to replace rather than repeatedly fix.
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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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Short Term Rental Riches