How to Boost the Value of Your Vacation Rental

 

Seattle at Dusk - Pixabay

 

Tens of thousands of dollars — that’s how much you could be making by renting your property out to vacationers if you do it right. Boosting the overall level of comfort and aesthetic appeal could turn a modest dwelling into a cash cow. Potential guests are willing to shell out for the extras, as long as they’re the right ones. If you want to turn their heads, as well as a tidy profit, you need to have a top-notch rental in a great area to get an excellent return on investment.

 

Location Is Important

Having a rental that’s close to activities, shopping, and dining makes all the difference. And when marketing your vacation rental, you want to highlight these nearby attractions — especially since you’re likely to have competition in a hot market like Seattle. If your rental is in one of Seattle’s many unique neighborhoods (Shoreline, Ballard, Queen Anne, Capitol Hill and West Seattle to name a few!) you’re well on your way to attracting guests. And even if you aren’t in one of these neighborhoods, look for other ways to make your rental stand out.

 

Whether seeking a vacation rental or searching for a forever home, location is key. Make it as easy as possible to envision the geography of the area and what activities, shops and services are nearby. This property is in the heart of Queen Anne with a gorgeous view of Puget Sound, easy access to downtown, and around the corner from the Seattle Center.

 

 

Upgrade the Kitchen

Vacationers often rent homes rather than stay at hotels in order to cook for themselves, so offer them a pleasant experience preparing their meals. First, make any necessary changes to the layout. Then, continue with popular upgrades that focus on function and appearance, such as new countertops and fixtures.

 

Upscale custom cabinets, new appliances and imported granite? Yes please! This home has gorgeous updates in every room including two master suites. Searching for an investment property to use for a vacation rental? Look no further than right here!

 

Add Some Appliances

New appliances could seal the deal when a potential client is considering your property for rental. They’ll expect the basics, such as an oven, refrigerator, and microwave, while toasters, blenders, and food processors make for attractive bonuses — as long as they don’t take up too much space.

 

Redo the Bathrooms

You can save money by doing a bathroom remodel yourself. You’ll significantly boost value with a coat of paint, some fresh grout, and a new vanity. Of course, if you’re not handy with a hammer and drill, hiring a contractor to install these wouldn’t be a bad idea. If you want to do a full remodel, make sure there’s room in your budget. Even a mid-range bathroom remodel averages $19,000. However, the Kari Haas team has great resources and new bathrooms are often less than $7,000 for designer details!

 

If they are looking into renting a home for their vacation, these vacationers are probably most interested in being a tourist in the city. If you want to really impress them with your property, don’t just stop with the kitchen remodel, bring the vacation into every room, including the bathroom. Who ever said no to a giant luxurious soaking tub?

 

Install New Lighting

New lighting will make the whole interior look more spacious, warm, and inviting. There are a few ways to do this quickly and easily using recessed fixtures and sconces, with perhaps some under-cabinet task lighting in the kitchen to make cooking that much easier. And don’t forget the outdoors, particularly the path that leads to the doorway.

 

Give It a Unique Decor

Provide an experience that’s one of a kind rather than run of the mill. You can do that without busting your budget by buying furnishings and decorations at secondhand or outlet stores, estate sales, consignment shops, and auctions. There’s treasure to be discovered there.

 

Make the Patio Special

Your guests want to chill outside with a drink in their hand, one of the most pleasant parts of any vacation. Ensure they can do that in style and comfort with seating that fits the climate, along with some shade from umbrellas or a retractable awning. If space permits, consider setting up an al fresco dining area.

 

Every extra thing you do to enhance your property gives vacationers more of a reason to give you their business.

 

Plan for Maintenance

When it comes to maintenance, a preventive approach comes highly recommended and could save up to 20 percent in repairs when it comes to major appliances, as well as the heating, ventilation, and air-conditioning systems. Regular tasks like cleaning filters should be carried out according to a strict schedule, which should also include periodic visits from qualified technicians.

 

Keep It Spotless

If your vacation home isn’t clean, you may get a nasty review from one of your guests that scares off future business. Pay close attention to the kitchen, bathrooms, and bedrooms, as those draw the most scrutiny. Hire a cleaning service to keep your vacation rental sparkling clean. In the Seattle area, this will typically cost you between $123 and $239.

 

Learn How to Market

These improvements are for nothing if potential clients don’t know about them. Pictures are the best way to show them what’s on offer, so they should be taken by a professional. They will make an impact when you spread the news of your property far and wide on the internet and social media. Call Kari Haas for great photographer referrals costing between $300-$500!

 

With these upgrades and savvy salesmanship, you’ll get rave reviews that’ll bring a steady stream of clients flowing through your doors. Any successful business person will tell you that regular business is the best kind.

 

 

This post was originally submitted by Erin Reynolds and has been edited by the Kari Haas Team. Erin Reynolds is the creator of DIYMama.net, which provides resources to help others with home improvement projects and repairs.

 

 

Posted on July 16, 2019 at 7:23 pm
Kari Haas | Category: blog roll, Investing, Kari's Blog, Real Estate Related, Tips & Tricks, Upgrades & Renovations | Tagged , , , , , , , ,

July 2019 Real Estate Market Update

The market in our region appears to be moderating. Inventory is up, prices are relatively stable and homes are taking a bit longer to sell. However, with less than two months of available inventory, supply is still far short of demand. Steady buyer activity, low interest rates and a thriving economy are making for a strong summer in the housing market.

Eastside

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The median price of a single-family home on the Eastside was $950,000 in June, down 3% from the same time last year and up $21,000 from May. Many buyers are looking to take advantage of the Eastside jobs boom with Amazon announcing plans to build a 43-story tower in Bellevue and Google expecting to reach 1 million square feet of office space in Kirkland.

 

Kari Haas Stat:

Since April 2019, Kari’s buyers have bought at an average of 97% of list price. That means that Kari’s clients are buying for less than the industry average and therefore closing with more money in their pockets! Call Kari Haas today at 206-719-2224 to discuss your real estate goals.

 

King County

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There was good news for buyers in June as a growing supply of homes helped boost inventory close to 2012 listing levels. The median price of a single-family home in King County was $695,000. That figure is a 3% drop from a year ago and virtually unchanged from May. 33% of homes sold above list price; another sign prices are moderating when compared to 52% of homes sold over list price this time last year.

 

Click here to see Kari’s current listings!

 

Seattle

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Home inventory in Seattle inched slightly higher in June. However, with less than two months of supply, the city is still a solid seller’s market. Apple’s plan to turn Seattle into a key engineering hub can only add to demand. The median price of a single-family home in Seattle was $781,000, down 4% from a year ago and nearly unchanged from May.

 

Connect with Kari on Twitter

 

Snohomish County

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After hovering around $500,000 since March, home prices in Snohomish County crept up in June. The median price of a single-family home was $515,500, as compared to $511,500 last June. Snohomish County continues to attract buyers priced out of the King County market, putting an additional strain on supply which stands a just 1.5 months of inventory.

This post originally appeared on the GetTheWreport.com.

Posted on July 16, 2019 at 6:43 pm
Kari Haas | Category: blog roll, Kari's Blog, Statistics | Tagged , , , , , , , , , , , ,

Nextdoor 2019 Neighborhood Favorites

Vote Kari Haas in the 2019 Neighborhood Favorites on

Nextdoor!

Voting is open through July 7th!

Neighbors on Nextdoor are voting now for their favorite local businesses of 2019, and Kari Haas Real Estate Team is in the running!

Help your neighbors connect with the Kari Haas Real Estate Team to help them sell their house & find their home by voting for us in the 2019 Neighborhood Favorites!

Kari Haas Nextdoor Headshot

Please use this link to vote for our team directly: https://tinyurl.com/y6j93sny You can also find us when you log into your Nextdoor.com account—or create your new account!—and search for Kari Haas Real Estate Team, located at 100 116th Ave SE, Bellevue.

Voting closes July 7th. If we have received 20 recommendations, on Monday, July 8th we will choose a winner who both recommended us AND left a comment/review to receive a $50 Amazon gift card.

Vote Kari Haas by July 7th!

More about the 2019 Neighborhood Favorites:

  • Nextdoor Mobile App Each year, customers have the chance to vote for their favorite neighborhood businesses in a variety of categories
  • The top voted businesses during the 2019 voting period are featured as a Nextdoor Neighborhood Favorite in the Recommendations section of the app
  • Winning businesses are awarded a custom window sticker to showcase on their storefront

 

More about Nextdoor:

Nextdoor is the world’s largest social network for the neighborhood. It enables truly local conversations that empower neighbors to build stronger and safer communities.

Building connections in the real world is a universal human need. That truth, and the reality that neighborhoods are Nextdoor Favorite Stickerone of the most important and useful communities in our lives, have been a guiding principle for Nextdoor since it was founded in 2011. Neighbors in the United States, United Kingdom, France, Germany, the Netherlands, Italy, Spain, Australia, Denmark and Sweden are using Nextdoor to:

  • Find a trustworthy babysitter or recommended house painter
  • Spread the word about a lost dog
  • Organize a neighborhood watch group or quickly get the word out about a break-in
  • Share information during a natural disaster
  • Receive information from local public agencies
  • Find a new home for an outgrown bicycle
  • Connect with a trusted real estate agent

Nextdoor is a privately-held company based in San Francisco with the backing of prominent investors including, Benchmark Capital, Greylock Partners, Kleiner Perkins, Axel Springer, and others.

 

*Information in the “More About Nextdoor” section is from: https://about.nextdoor.com/

Posted on June 26, 2019 at 6:08 pm
Kari Haas | Category: Kari's Blog, Neighborhoods, Social Media | Tagged , , , , , , , , ,

January Market Stats for King County & Beyond

January brought more good news for homebuyers. Prices were down, inventory was up and interest rates hovered near a nine-month low. Those factors drove more buyers into the market and resulted in an uptick in sales for the month. We’ll see how this transitioning market evolves as we head into the prime Spring home buying season.

Eastside

>>>Click image to view full report.

The most expensive region in King County saw prices soften in January. The median price of a single-family home on the Eastside dropped 3 percent over last January to $910,000. It’s an excellent time for buyers to leverage the cooling market and negotiate terms that work best for their needs. Last January, 39 percent of the homes in this area sold for over asking price. This January, that figure dropped to 12 percent. With its favorable business climate and high rankings for both economic growth and technology capabilities, demand on the Eastside is projected to remain strong.

King County

>>>Click image to view full report.

January marked the first time home prices in King County decreased year-over-year in seven years. The median price of a single-family home was $610,0000, a drop of 3 percent over the prior year. Inventory more than doubled. Unlike recent months, this was due primarily to more people putting their homes on the market, as opposed to homes taking longer to sell. Despite the surge in listings there is just two months of available inventory, far short of what is needed to meet demand.

Seattle

>>>Click image to view full report.

The median price of a single-family home in the city was $711,500 in January, a decrease of 6 percent year-over-year. Despite a 107 percent increase in homes for sale compared to a year ago, Seattle continues to have the tightest inventory in King County with less than two months of supply. A booming economy that shows no signs of slowing continues to draw more people to the city. The area will have to significantly add more inventory to meet that growing demand.

Snohomish County

>>>Click image to view full report.

The median price of a single-family home in January inched up 1 percent from last year to $455,000. That price is down from the median of $470,000 recorded in December. Snohomish County also saw a surge in inventory with the number of homes on the market double of what it was last year at this time.

This post originally appeared on the WindermereEastside.com Blog.

Posted on February 14, 2019 at 8:23 pm
Kari Haas | Category: Kari's Blog, Statistics | Tagged , , , , , , , , , , ,