Florida is one of the best markets to purchase a vacation home for rental. Rentals are in high demand year round. If you don’t live locally, there are an abundance of property management companies that can market and maintain your property for you. The rental rate and occupancy percentage will be directly related to the condition and amenities in your home, so many owners find it worthwhile to renovate. Here are some renovations for Florida vacation rental homes that can help you maximize rental income.
Modern Kitchen
Kitchens are always one of the most important rooms in a home. This is no different for vacation rental homes. People rent a home instead of staying in a hotel because they want the convenience of a kitchen, but they still expect the quality of a hotel. Providing a modern and fully applianced kitchen will attract more renters and allow you to charge a higher rate for your property.
Bonus Rooms
What really sets one rental home apart from another are the amenities. Things like theatre rooms, game rooms, and second living rooms are very appealing. If you search for rental homes online, you’ll notice a direct correlation between these amenities and higher rental rates. So, if you’re looking to earn more rental income, add bonus rooms!
Bedroom Addition
Another key factor in rental income is the number of bedrooms. The more bedrooms you have available, the higher your rents will be. 4 and 5 bedroom properties are the most popular among vacation renters. If you only have 2 or 3 bedrooms, adding more can make a huge difference.
In-ground Pool
An in-ground swimming pool is an absolute must for Florida vacation rental homes. Even if a pool is available in the community, most vacationers prefer a private pool as well. Added bonuses are hot tubs and heated pools (for milder months of the year).
Other Renovations for Florida Vacation Rental Homes
Deciding among possible home renovations often involves a look at the cost versus return on investment (ROI). For a home that you live in, ROI is calculated based solely on sale price. For Florida vacation rental homes, you get the benefit of a higher sales price down the road and higher rental income during your ownership. Schedule an appointment with our design team to discuss the above renovations and other changes that might increase your rental income.
