When it comes to maximizing the value of your vacation home, there are two approaches you can take. First, you can work on enhancing the actual property value of the home itself. Second, you can focus on enhancing the rental value of your property by making it worthy of a higher average daily rental price.

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In reality, improvements in either area are generally complementary, meaning if you're improving the value of your home, you're likely also increasing its rental appeal, and vice versa. Here are some of the best ways that you can boost the value of your vacation home.

Make All Necessary Repairs

Ongoing home repairs may be a nuisance, but neglecting to attend to them can prove even more costly over time. A house in disrepair is also less likely to appreciate in value, and it's certainly less appealing to potential renters.

At the very least, you should ensure that there are no plumbing issues in your vacation home, that your insulation is intact and that your HVAC system is operational. You should also attend to any electrical issues and the general safety and security of your home.

Spend on Visible Improvements

Spending money on visible improvements is a huge benefit when it comes to increasing the appeal of your vacation home to renters. For example, while shoring up the foundation of your home or updating the pipes in your house may improve its value, it's not going to do anything in terms of attracting renters. If that is where you're looking to maximize the return on your investment, the best option is to improve things that people will see.

Buying new appliances, for example, can give your kitchen a brand-new feel, as can new shower fixtures, a new large-screen smart TV, or even a fresh coat of paint.

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Allow Self Check-In

While some renters enjoy meeting their hosts, many others don't want the hassle of coordinating their schedules to meet someone who can let them in. They simply want to be able to come and go as they please.

Adding an electronic lock to your home that allows guests to access your home with a code is a convenience that can bring you additional renters. At the very least, you won't have to worry about scheduling a time to meet your guest, and you'll attract renters that might not otherwise consider your location.

Add Interesting Flourishes

One of the things that can make your rental property stand out among a sea of competitors is unique touches. By giving your home features that few other homes have, you may be able to snag higher rental prices and generate better reviews. These flourishes need not be expensive either, they just need to stand out.