INVESTING IN INVESTMENT PROPERTIES
By: Chrstina Dennis, DIY Mommy
When renovating your own home or rental property, there are two major differences that Christina shares with her followers: "A focus on leisure spaces like comfy living rooms and luxurious bedrooms are important in a vacation rental, whereas practical storage and work areas are usually more important for your own home."
In your rental, you'll want to spend your money on extremely durable finishes in high traffic areas as more people are potentially using the space, as opposed to your own home, where it would make sense to invest in higher-end finishings that suit your own personal style.
When renovating any property however, never skimp on the attention to detail - especially when it comes to the structural build. You may need to invest more time and dollars now, but you'll save yourself a lot of headaches in the future!
One of Christina's biggest pieces of advice? "Think about creating a unique experience for your guests as you renovate and decorate. How do you want your guests to feel when they enter the home? Will it be a coastal-feel escape? A vibrant, artistic experience? A rustic Canadiana paradise? Defining a theme for the property can help it stand out amongst other short-term rentals. Keep the décor simple, but carefully curate furnitute and accessories that support the theme and experience you've chosen.
To learn more from Christina and for tips to turn your second property into a thriving rental property, visit her at hte Calgary Renovation Show, January 14-16, 2022 and find her at www.thediymommy.com