The holiday rental market is booming in the UK, especially since the ease of the Covid-19 restrictions. While some homeowners keep using their vacation property for personal use, others prefer to let it out during the months that it is not in use. After all, rental prices in the UK have been rising sharply in the last few years, which means becoming a landlord, even if it is just for a vacation rental, can prove to be quite profitable. And, if you decide to install some additions, re-do the interiors or maybe even create an extension, the value of property and the rental will rise drastically! There are quite a few ways to boost the value as well as the rental value of your vacation property, and here are 6 easy ways to do just that!
Splurge on the interiors:
Properties that have high-quality interiors are more likely to fetch a higher rental. When people are looking at potential vacation rentals, they are looking for something luxurious, something a little fancy and probably something that looks really grand. Neutral-toned interiors, chic decor, a few statement pieces and an overall luxurious look will certainly boost the value of your property. When you decide to list your property online, be sure to use high-quality photographs that accurately capture the beauty and aesthetic of your holiday home. When you decide to check out how much your house is worth after splurging on the interiors, you will be pleasantly surprised!
Add value with additions:
Many people are willing to pay more for a property with additional features such as an indoor heated pool, an outdoor pool, a hot tub, a barbecue grill, an in-house steam and sauna, a chic cabana in the backyard or even a rooftop terrace with seating and a good view. If you can install some new additions in your property, especially if there is a demand for such additions in the area, then this will be highly beneficial in the long run. It is always a good idea to look at the vacation rentals in your area to assess your competition and understand the demand of potential renters to figure out what features you can add to your home to increase value.
Create an extension:
At the end of the day, an extension to your property will not only increase the rental value but will also increase the overall value of your property. Consider creating an additional room and bathroom, or maybe just even an additional space that can be used for entertainment. This space could be converted into a game room, a karaoke room, a home theatre, a party room or even a lounge area to just sit, relax and enjoy the view. Depending on where your property is located and the kind of rental demand in the area, you can use this additional space for just about anything!
Upgrade the essentials:
Nowadays, top-of-the-line coffee machines, smart TVs, energy-efficient washing machines, smart thermostats and other such appliances are considered essentials. So, if you’ve just got the basic water kettle or a regular thermostat, consider upgrading them. People are looking to live in the lap of luxury during their vacation, so make sure your essentials are luxurious! Even something as simple as an automatic indoor fireplace or central heating with a smart thermostat can make your property stand out from the rest. While these upgrades might cost some extra money, they will certainly pay off in the long run.
Energy-efficient and eco-friendly properties are high in demand! You can easily convert your property into an eco-friendly property with a few small changes! Install a smart thermostat, replace all your old appliances with energy-efficient appliances, use LED bulbs, opt for solar heating and maybe try rainwater harvesting. You can also get rid of plastic bottles and replace them with glass bottles. Similarly, try to adopt a no-plastic policy in the house by choosing biodegradable options. As mentioned, eco-friendly properties are high in demand and many people are willing to pay more money to stay in an economy-friendly property.
Market your property:
The best way to create awareness for your property and increase the brand value of the property is by marketing your property on various vacation rental portals. As the demand for your vacation rental increases, the rental price that you can charge also increases. With that being said, it is very important to make your property stand out from the rest as the supply of vacation rentals in most places is quite high. You can consider paying a little extra to promote or market your properties on such portals to really reap the benefits.