A majority of the owners of rental properties decided to purchase the home as an investment opportunity. A much smaller portion bought the house for their own use and rent it out to assist with the cost. No matter which position you are in, the issue of competition is a looming shadow over all owners’ heads. In a saturated market like the Lavallette real estate market, the homes with the best value are rented the most often and most reliably. Meaning, if your home does not have the conveniences renters are looking for, your home will be passed over again and again. Low rental numbers are the enemy of every rental property owner. Thankfully, there are many steps you can take to attract as many renters as possible. As always, Birchler Realtors is here for all your Lavallette real estate rental needs.
Acknowledge Why People go on Vacation
One of the most important pieces of information for a rental property owner to keep in mind is why people go on vacation. The answer is to rest and take a break from day-to-day chores. The best way to allow renters to unwind is to provide as many conveniences as possible. Rental property owners can increase their rental cost with each amenity they add. The better quality the amenity, the more the rent can be raised. To a degree of course. It is also possible to price your home out of the market by overdoing upgrades and needing to charge more for rent than the average vacationer can pay. One way for you, as an owner, to decide on which additions or upgrades to add is to think about what you enjoy on vacation yourself. If you enjoy it, it is likely a renter will enjoy it as well.
Lavallette Real Estate Rentals Need Conveniences
One way to maximize a vacationer’s relaxation level is to provide many, appropriate conveniences. By appropriate, we mean conveniences that are fitting for a beach house. Items as small as beach badges to something as large as an outdoor shower are all relevant to making a vacation more enjoyable. More convenient often means easier which means, on vacation at least, more enjoyable. Obvious conveniences like common household appliances are a must. Neglecting to upgrade the washer and dryer to larger machines or machines of higher quality that can withstand greater than average use, can end up costing an owner much more money in the long run. Some ideas of other amenities that are suitable for a beach house are providing beach chairs, bicycles, air conditioning, and ceiling fans. Large ticket items that can be extremely attractive to renters are things like a pool, hot tub, or spa.
Alternate Upgrades to Consider
Depending on the location of the rental property, certain other upgrades may be worth a consideration. Providing renters with top-quality linens and comfortable furniture can be well worth their purchase cost. Along with items like these come adjectives like luxurious, deluxe, and plush. Other amenities that are eye-catching to vacationers fall in the technology category. Providing wi-fi, setting the house up with as many smart items as is appropriate, and selecting high quality electronics like TVs and sound systems. People want to feel spoiled and well taken care of while on vacation. Giving them things that are on another level than the things they have in their own homes is what people are looking for. Renters don’t want to watch TV on one that is smaller and a lower visual quality than what they watch every day. Investing in exceptional electronics will prove worth the expense.
Lavallette Real Estate Renters are Looking for Value
Value means relative worth. Working with our realtors, the right amount to charge for rent can be determined by a number of factors. The top two are location and amenities. For owners who already own a home, there isn’t anything you can do about the location now. However, there is always an opportunity to make upgrades to the rental property to improve the value. While many big-ticket items can scare away some property owners, others understand where to invest their money to obtain the highest pay-back. Some upgrades are costly, but don’t attract more renters and are therefore, not valuable. Other beach-friendly, high-quality items will be a source or revenue for years.