If you are considering turning your Phoenix home into a vacation rental, you are in luck. Phoenix is one of the most in-demand locations in the United States. With a bit of tweaking and planning, your house can quickly provide a continued return on your investment. Want to know how? Keep reading.
Knowing Your Neighborhood
First, it’s vital to know how in-demand your home may be. Keep in mind that, according to Turnkey, the “Valley of the Sun” has virtually unlimited outdoor opportunities with 200+ golf courses and hiking galore. If you have yet to purchase a rental home in Phoenix, Northwest Integrity Real Estate can help you find an affordable property that’s close to the area’s top attractions. It’s also a smart idea to look online to see what similar properties are renting for. This can help you better grasp how much income you can potentially expect from your home.
Plan and Prepare
Next, decide what upgrades or renovations — such as adding a picture window or installing a hot tub — you want to make before you list your property. If it’s livable, clean, and fairly modern, this will be minimal. But do make sure that it is fully furnished with everything from clean bedding to the essentials, such as cooking utensils and a landline telephone. Having baby items, such as portable cribs, strollers and high chair can also be a way to set you apart from your competition.
Establish which room or closet will be off-limits to your guests. This will be where you store your personal items should you plan to use the property part-time. Further, keeping your valuables separate from common areas will reduce the possibility of theft. Have a home security system installed, especially if you live more than an hour away, so that you can keep an eye on your property when it’s empty. Before you spend money on a new system, check for reviews online so that you know you are getting all the features, equipment, and services you need.
Make arrangements for your property to be deep cleaned before it is established as a rental. Then, have it cleaned and sanitized after each guest leaves. You may need to partner with a cleaning service, which can charge $100 or more, so be aware of this type of expense when setting your rental rates.
Getting Started
Now that your rental is ready, it’s time to attract visitors. List your property on rental sites, but also establish a website and social media presence separately. Create packages that cater to the type of renter you would like. For example, a two-night “romance” package that includes
dinner at a local restaurant, fresh flowers, and custom chocolates will attract an older crowd instead of party-hungry college students.
When drafting your listing, list out your best amenities first. There’s likely no need to focus on free wireless internet or onsite parking, as most visitors expect that anyway. Do note whether your home is pet-friendly or boasts a fireplace, swimming pool, or balcony. If you plan to cater to young families, showcase photographs of bunk beds, toys, and safety features, such as a backyard fence.
Turning your home into a vacation rental is a great way to supplement your income. And if you don’t have a great deal of equity, it is an excellent opportunity to monetize your home. But it does take preparations, so handle the details before you open your doors. With proper planning, you’ll be earning and entertaining guests before you know it.
Northwest Integrity Real Estate is your personal Sun City agent. With access to thousands of listed properties, Susan can help you find — or sell — your next home.