Creating a rental space which is timeless, appealing, and can capture the best rates for owners, may seem daunting, but with the right advice it can be easy and affordable no matter the budget.
With decades of renovation experience under her belt, local realtor Pam Parsons formed On Point Interiors in 2022 and works on the renovations of everything from older condos to new-builds. Her projects span full-scale renovations, to the management of finishing touches.
Pam shares her top tips with InsideOut for refreshing short-term rental properties to maximise client interest and possible rental rates – creating spaces that not only photograph well to grab the guests’ attention, but allow them to live well during their stay.
WHY RENOVATE?
- More than 70% of the condos available for rent are over 15 years old and need modernising to both handle tourist traffic and increase revenue.
- Updates/renovations attract guests who want a fresh, inviting space in which to vacation. They will entice guests to book your condo rather than other options.
- Renovations can reveal hidden maintenance concerns (electrical, plumbing, etc.) that need attention and more than likely need updating based on government’s strict building codes.
- Lower maintenance with new materials means your property can be cleaned quickly to accommodate guest departures and arrivals.
- Stay current (without being too trendy) with renovations to increase your net worth with an updated asset.
WHAT TO FOCUS ON
The key areas to focus on for renovations are kitchens and bathrooms. Updating these are important to value and meeting guest needs. The bulk of your budget should be focused on these areas first.
Careful consideration to overall renovation costs is a must. You don’t want to ‘over-renovate’. The finished product should reflect the complex’s ambience, ensuring that your budget is recovered fairly quickly through annual revenue.
Make it camera-ready. Modern (not necessarily trendy) updates create visual appeal when guests look online for their vacation spot. Bright, fun, spa-like, Caribbean-vibes and fresh looks get the attention of guests, increasing revenue for the owner.
Update and upgrade. Bulky furniture, old bedding, rusty or faulty appliances all scream ‘dated’. Small but impactful changes mean more revenue for you.
Functionality is important. Plumbing, electrical, layout and design can increase efficiency and lower maintenance concerns.
Adjust rental rates accordingly. Generally, you should try to recover the renovation costs within one to two years, depending on the level of renovation needs. The rental rate should increase with a renovated property; your booking agent can guide you on that aspect and market it accordingly.
