NEED ADVICE ON FIXING UP A SHORT TERM RENTAL

[Jerry W.]

To all of you who have short term rentals I would appreciate your thoughts and advice on rehabbing a property for a short term rental.  I have a duplex where one half has been fixed up and is very clean and nice and I rent it through VRBO.  I started at a bad time of year but have had a few guests every month.  I started stalking the other units in my town and it appears to me that one property seems to be rented much more than any other property.  It is very nice and has a hot tub that nearly overlooks the river and really pops.  It can also house like 12 people.  I rent my property for $80 per night and $100 per night on Friday and Saturday.  The other rental goes for $300 per night.  I am now fixing up the other side of the duplex and plan to rent it for short term as well.

    Here is the question:

    1.  Should I put a lot of money into high end or unique upgrades that will make my rental stand out?

     I am thinking of doing Hickory hardwood floors and kitchen cabinets, deer and elk antler chandeliers and lots of western motif furnishings to go with the allure of being in the middle of Wyoming.

     2.  Will this this have any real impact on the number of guests I get or should I just worry about having it be neat and clean and well stocked?

     3.  Will the estimated $12K more in materials be worth it in increased volume?  The property is about a 1,000 square foot 2 bedroom one bath on each side.  

    I believe my material cost will be about $6K if I do it like a rental, but $15K to $20K if I do the really high end finishes.  Ex pay $500 for snap together flooring or put $5K into hardwood Hickory.  Pay $1.2K for cabinets or pay $3.2K for Hickory cabinets.  Buy some frosted matching overhead lights for $150 for the whole thing or pay $300 per fixture for unique lights.

Please share your thoughts and experience!

[John Underwood]

It really depends on the location. Are you waterfront, do you have views of downtown from a mountain view point, are you downtown where people can walk to restaurants and bars?

If you have these things things putting in high end feature may give you a payback.

What do other units have that are close to you and how much are they getting a night.

Before you make improvements ask yourself will X make me more money buy demanding a higher price or getting a higher occupancy rate. If yes then do it, if not think twice about which upgrades you do.