Are you considering making upgrades to your Vail, Colorado short term rental property to increase your ROI? There’s never a bad time to boost the comfort, function, and value of your property. But keeping your budget in mind, it can be hard to decide which upgrades will give you the best bang for your buck. Here are our two cents about which upgrades on short term rental property produce the highest ROI in Vail, CO.
Adding a Bedroom to the Existing Structure
Putting up an additional bedroom is almost always a smart idea for short term rentals. The more people the house can accommodate, the more prospects you can market to, and the more you can charge tenants. Adding a bedroom isn’t always an easy process, but it could mean a drastic boost to your rental property income.
Building a Second or Third Bathroom
Building a new bathroom can become complicated due to the limitations of your house’s existing plumbing system. But if the house currently has only one bathroom, adding a second one – even a half bath – is a smart investment from both the rental and sales angles. Traveling families and groups will always prefer to have access to at least two restrooms. Plus, adding a bathroom to the house will boost your home’s resale value. Every realtor and property manager would agree that building a second or third bathroom is a sound investment.
Creating a Pool
As far as upgrades go, most realtors will tell you that pools are nothing but money pits. For people looking to boost their property value, pools offer a low ROI. But if you intend to keep the house as a short term rental property, a pool can be a huge draw for many prospective renters. This is especially true for families with kids to keep entertained. Therefore, what’s true for the real estate sales market is not always so for the short term rental market.
Improving the Outdoor Spaces
Colorado is one of the most beautiful places in the world. People travel here to enjoy our great weather and gorgeous vistas. Make it easier for your tenants to do just that by upgrading your outdoor spaces. If you were renting your house, what creature comforts would you want? Put in some low-maintenance landscaping, get the deck cleaned and sealed, and invest in some good quality patio furniture. Your renters will appreciate it by leaving great reviews and coming back for future vacations.
Accessing Expert Short Term Rental Property Management
From a property owner’s perspective, bringing on a property management company can be another sound investment. A firm like Fireside Properties brings many years of experience to the table. We can offer advice on a range of issues you’re facing, from which upgrade options to pricing and marketing decisions.
Let us help you maximize your investment. Call Fireside Properties at (970) 476-4446 with all of your questions about which upgrades on short term rental property produce the highest ROI for your Vail, Colorado property.