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Renovating Rental Properties

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June Lake Condos For SaleRental properties can be a great source of extra income, they can be a fantastic investment, and the can also be a big burden. If your rental property isn’t getting booked the cost of owning a vacation rental property can create a lot of stress in anyone’s life. One method of ensuring that your condo gets rented out regularly is renovation. By keeping your vacation rental in tip-top shape you can compete with the other units who are doing the same. The rental market is competitive right now with the economy in recession so renovating your condo in the right ways can be vital while still being affordable. The information below is useful for vacation rental owners as well as landlords of apartments and other permanent residence managers.

Fresh Paint

It might sound like a no-brainer but you might be surprised how often this gets overlooked. Make sure not just to have cleanly painted exterior and interior walls but also pay attention to the trim and molding as these take most of the wear and tear in any house or condo. Color trends also change pretty frequently so it is important to stay up to date with paint colors that are popular at the time. When choosing a new color of paint, choose a light, neutral color to give the property a fresh, inviting look. It is ideal to paint a fresh coat whenever a tenant moves out or once every year or two if you have a vacation rental.

Replace the Carpeting

Carpeting is another area prospective renters are instantly drawn to when viewing an apartment, condo or vacation rental. New carpeting is always attractive to potential tenants and renters. It is also recommended that owners replace the carpet whenever a tenant moves out, unless it is a vacation rental and then every few years should do. Rather than buying top of the line expensive carpet, choose a medium grade carpet with a neutral color. Beige, grey or light brown make great carpet colors that can hide spills and stains better than bright white or dark colored carpets. Before laying carpet, don’t forget to lay down a good quality padding underneath. Nice padding makes the carpet feel softer and of higher quality.

Upgrade the appliances

This is important for vacation rentals and permanent residence units equally. Good quality appliances are a big selling point for people looking to lease a unit for an extended period of time and when viewing a vacation rental property online sometimes the smallest of differences can make a huge difference in getting booked or not. Also when a unit has outdated appliances, it make renters speculate as to what else might be outdated. When shopping for appliances, it can be good to choose ones that are more basic so any eventual repairs won’t be too complicated or costly. State of the art can be good, but it is not always needed and failed appliances can create additional expenses down the road that you just don’t need. Newer appliances also make it easier to ask for more rent on a rental unit.

Install New Windows

Again this is very important no matter your situation. Potential tenants will be able to tell if the windows are drafty and vacation renters wont give good reviews on vacation rental sites for your property if your windows are too drafty. Many of the condos and apartments in Mammoth Lakes were built in the 1970’s which means for many units its time to upgrade those windows. It will also save money on heating and cooling. Owners and landlords can sometimes even qualify for tax breaks when installing new, energy-efficient windows.

Upgrade the Furnishings

This is mostly only for vacation rentals but it is very important. The difference between having nice furniture and having old outdated and uncomfortable furniture can be the different between booking your vacation rental all season or having it sit vacant all winter. Don’t break the bank, but make sure you have some nice looking furnishing for your renters.

Take New Photos

Whether you own a vacation rental or a permanence residence rental it is important to have up-to-date photos of your property. It is recommended to update pictures anytime a renovation is made as well. So if you take any of the advice above, make sure to take some new photos and upload them online wherever you are advertising.

If you are looking for a condo to buy as a potential vacation rental please contact us today or visit our Mammoth Real Estate neighborhoods page which has a full list of the various condominiums and condo neighborhoods in Mammoth Lakes. Thanks for reading, we hope this post was helpful and informative.

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