Renovations can be an exciting time, but when it’s your short-term rental property and not your home, it can be hard to know how much to spend and on what.
You don’t want to spend too much, because not only are you investing your hard-earned cash into somewhere you’re not even living, but it’s also going to mean waiting a while in order for you to get your investment back. So, what are the main things to remember when renovating a rental property?
From keeping it simple to sticking to a neutral colour palette, we spoke to the experts at Perth-fection plumbing for their top tips on how to renovate your short-term rental without overcapitalising.
Make A Priority List
The first thing you need to do is make a list of what you think needs to be done. Everything from new door handles or light switch covers to full-on kitchen or bathroom renovations.
Next, prioritise the work that needs to be done.
Is the floor in an OK condition, but the walls really need a lick of fresh paint?
While it might be nice to renovate an entire kitchen, could you look at perhaps painting the cupboards instead or just updating the benchtop or door handles?
Keep It Simple
When renovating a short-term rental property, keep it simple. Don’t go for OTT design choices or the latest trends in colours and fittings. Chances are it will date quickly and won’t appeal to everyone. By keeping your property clean and simple, you’re bound to attract a much wider audience of paying guests.
Add Plenty Of Power Points
The one thing everyone needs these days in a holiday rental is power! We’ve all got phones, tablets and laptops that need charging regularly, and having to unplug other appliances or lights to charge devices isn’t ideal.
If your rooms are lacking in power points, consider adding a double power point to each living room and bedroom. They’re not expensive to install and will make your guests very happy!
You could even opt for power points that have USB points in them, or pop up USB charging stations.
Don’t Treat It Like Your Home
The biggest mistake most people make when it comes to renovating a rental property is treating it like a home.
It’s not your home. It doesn’t have to look the way you want it to look. It doesn’t have to have top of the range lighting or appliances or carpets.
Make sure your renovation decisions are based on what‘s going to get you the most return on investment, not what you think will look the best.
Make Practical Choices
Be practical when it comes to renovating your rental.
Hardwood floors might look amazing, but cheaper laminate or vinyl flooring will be more durable and look just as good.
An instant hot water tap might be an amazing feature but an attractive kettle will do the same job at a fraction of the cost.
Consider your budget at every stage of the process too – be practical with your spending to ensure you aren’t overcapitalising.
If your rooms are in need of a refresh, keep the tones neutral.
White walls are the best way to brighten up a room in an instant, and you can add splashes of colours with soft furnishings and artwork.
Update Your Fixtures
Instead of doing a complete kitchen or bathroom renovation, look at ways you can update the existing room without starting from scratch.
Could you spray paint the cupboards? Update the handles on the cupboards? Install a new basin and taps? Retile the shower? Replace the window dressings and towel rails?
Giving a room a new look doesn’t always have to mean a complete overhaul.