In regards to owning an investment property, a.k.a. vacation rental in this instance, where do you draw the line between “like” and “love”? Sure, you want to obviously like the property you are spending a small fortune to buy and as an investment the main goal is a positive rate of return which you’ll love. But is there a defining moment in the buying process where one stops and thinks if they are becoming too attached to the property knowing it will be rented out to a myriad of people who may not feel the same way? When are your feelings too much?
Every once in a while, when I’m previewing a vacation rental property, I find myself thinking the owner has too many “personal touches” in this place. Now of course a potential renter wants all the comforts of home and rightfully so but can an owner go a little too far? The answer is... Yes. The whole idea is to make a vacation property comfortable, clean & convenient but keep the personal details to a very bare minimum. Sometimes the line does get blurred when an owner is overly excited about their new investment property and they want to go all out and decorate it to their particular style. This is totally understandable but the point of an investment property is to generate an additional source of income as frequently as possible. It is an investment. Period. I would expect the owner to take pride in the ownership but don’t go overboard. Below is a list of do’s and definite don’ts.
DO
Decorate Minimally: -use simple accent pieces w/ faux greenery on nightstands, dressers, tabletops &counters which creates both a neutral and unique style. (approx.1 - 2 pieces on each)
Spend some Coin: -set money aside for items like throw pillows, ottomans, placemats & wall art
DON’T
Over Decorate: -keep accent pieces to a minimum so don’t clutter the tops of furniture with too many knick knacks & tchotchkes
Break the Bank: -no need to go overboard or overspend on additional pieces
*Your tenant will need space in these places for their personal items so keeping accent décor to a minimum is a must and keep the pieces you choose to display on TREND.
*You can add additional “comfort” pieces without spending a fortune. Adding these little extras can be cost effective and go along way. With these “extras” its okay to take a little risk with color and style to set your place apart from the competition. Keep in mind the location and local flare of your rental property. It is always a good idea to incorporate pieces from local artisans and décor that displays the name of the property location, i.e. Wildwood.
DO
Like it: -it’s totally okay to really, really like your vacation rental property to the point where you give it the best care and attention for your future tenants
DON’T
Love it: -keep the “L” word out of the proverbial equation when it involves a property you rent to tenants
*This is so important to understand. Remember, you are renting out this property to make money. Don’t fall in love with the furniture, fixtures, decorations…basically anything within the walls. The simple fact remains that in the world of property rentals anything can happen from normal wear and tear to an accidental breakage of some sort. It is truly best to like everything but certainly not love it.