Fixing up a home can be a challenging and rewarding experience, but many homeowners are faced with a multitude of questions once the project is finished. Do you stay or make a profit on a house with a refreshed value? Sell to one buyer, or rent to various tenants? Depending on the location, you might even consider turning it into a vacation rental and create ongoing income. 

If you’re unsure of what to do with your newly renovated home, take a few things into consideration first, such as how much competition you have, the average sale price for homes in your area, and the cost of upkeep on a rental, including funds for emergency services. Fortunately, Kevin Szabo Jr. offers reliable plumbing services for kitchens and baths in the South Suburbs area, giving you peace of mind should a problem arise in this department. For further tips on how to make the right choice for your needs, read on.

Look for help

 There are several things to think about when it comes to turning a home into a vacation rental. Location is the most important factor. If the property is located close to the central business district or popular tourist haunts of Chicago like the famous Millenium Park, Magnificent Mile, etc., it can be very lucrative for short-term leases. 

It’s also important to note that there are some resources available to help you create a safe, easy experience for renters. Listing your home with a property management company will lend some legitimacy to your rental and can even bring in more revenue than if you were to try to handle everything yourself. You can even take advantage of housekeeping services so your home will always be clean and ready for guests. 

Consider the benefits of steady income

Vacation rentals are a great way to earn extra income, but some seasons are slower than others. If you want to ensure a steadier flow of cash, consider renting out your home to a tenant. This process requires some careful preparation, including acquiring specific insurance, learning landlord and tenant laws in your area, and creating a lease agreement. You’ll also need to come up with a set of rental policies to ensure that your tenants understand the rules. Common guidelines include no painting without permission, no smoking, and no unauthorized pets.

Do some research

If renting comes with too much responsibility, you might consider simply selling your newly renovated home. Do some research to find out the average sale price of similar homes in your area, and to find out what buyers are looking for in the current market. If you spent a lot of time and money on the kitchen or bathroom, tout those renovations to potential buyers, as they are some of the biggest selling points universally. 

Stage it

 Whether you’re renting, selling, or making your home available for vacationers, it’s essential to stage each area beautifully to create a comfortable, safe environment. Eliminate clutter, clean every space, and make a list of things to provide to temporary renters, like towels, kitchen items, paper products, and linens. 

If you’re selling, make a list of items you might be willing to include in the sale, as well as those you definitely don’t want to give up. Use natural lighting, add plants, and put away personal items and photos. When it’s time to list the home, take professional photographs that accurately show each space, both indoor and outdoor.  

It can be difficult to think about giving up a home that you put so much hard work into, but there are several benefits that come with renting or selling. Use all the resources at your disposal to ensure you’re making the right choice for your needs, both now and down the road.

Need to book plumbing services? Contact Kevin today and get some peace of mind.