The Perfect Investment Property: Top Amenities to Look for and Consider Adding
When it comes to purchasing an investment property for short-term or medium-term rental, the amenities you choose to include (or not include) can significantly impact your success. At OpenAiRE, our real estate agents are more than transaction facilitators.
In collaboration with our sister company, Open Air Homes, they’re trained to assist investors in crafting a rental offering that attracts the right guests and commands premium rental rates.
During the purchase process, you may want to calculate in adding a high end amenity or two, and quite possibly the home you choose may already have some great (or some negative) amenities that can either decrease demand for the home as a rental property, or even worse, cause you a lot of stress and anxiety with your neighbors when loud groups break your rules.
Our hope with this article is to educate you on some things to consider when thinking about amenities, and both of our teams at OpenAiRE and Open Air Homes are here to help walk you through this important decision.
High-Demand Amenities: Make Your Property Stand Out
Fire pits are the embodiment of cozy outdoor living. They create an inviting atmosphere that guests find hard to resist. It’s not hard to imagine the appeal of gathering around a warm fire, sharing stories and creating memories. Roasting marshmallows or sipping a glass of wine under the stars elevates the guest experience and adds value to your property.
Properties that cater to families not only attract a reliable guest demographic, but they also tend to have longer booking periods. Amenities such as child-safe furniture, a collection of family-friendly games, or even a secure, fenced backyard can transform your property into a haven for families. Adding family-friendly amenities conveys that you’ve thought about your guests’ needs, which can translate into positive reviews and repeat bookings.
The growing trend towards wellness and self-care has spilled over into the vacation rental market. Luxury renters often seek properties that allow them to maintain their wellness routine while on vacation. This could mean having an infrared sauna, a well-equipped home gym, or a peaceful yoga space with yoga mats and resistance bands. These additions signal a consideration for guests’ wellbeing and can be a significant draw for health-conscious travelers.
Amenities to Rethink: Avoiding Unwanted Attention
On the flip side, some amenities may draw the wrong kind of attention, leading to potential problems and possibly damaging your property’s reputation. It’s crucial to carefully consider any amenity that may encourage late-night, rowdy behavior.
The Party-Promoting Pitfalls
Certain amenities can inadvertently turn your property into a party hotspot. For instance, ping pong tables, while seemingly innocuous, can easily double up as beer pong tables, attracting guests more interested in a raucous party than a relaxing stay. If you want to have a pingpong table at your house, that will likely be fine, we just highly recommend that you leave it out of the photos you take when marketing your property on sites like Airbnb!
Moreover, design choices that cater to a young, party-going demographic, such as loud, college-themed decor, can attract a crowd more likely to cause property damage or provoke noise complaints. If design signals a college party, you will have college party groups that try to rent and inevitably will break your rules.
Fostering Respectful Enjoyment
One rule of thumb is to avoid any amenities that invite people to stay up late into the night, drinking and being potentially disruptive. Consideration for the local community and neighbors is vital for the long-term success of your rental property. Your goal should be to offer a space that fosters respectful enjoyment.
The process of outfitting your rental property is about balance. At OpenAiRE, with our sister company Open Air Homes, we understand the importance of creating a welcoming space for guests while also ensuring your property is respected and well-maintained. The amenities you choose will significantly influence the type of guests you attract. Striking the right balance can ensure high demand from the right kind of guests and create a sustainable, profitable rental business.