Money spent...money earned...money burned.
So where do we spend the money? What will bring in the largest return? These are excellent questions for families preparing to rent for The Masters. The first priority is to take an honest look at what is already in your home. Are the mattresses comfortable? (If you aren't sure, it's time to plan some serious weekend naps!) We replaced all of ours last year. We prioritize one large expense for Masters yearly and mattresses rose to the top. If your guests are not comfortable sleeping in your home, they may not return. Does your heating/AC system work? Are your appliances reliable? Is it time for a grill upgrade? Although it is tempting to replace the living room curtains, no one will notice that change if they're fussing over the fact that the oven won't heat.
Look at your home as an adult visitor. Will your kid's rooms easily flip into an adequate adult space? Or should you paint your daughter's room a neutral color and pick up some adult linens for an easy turnover? Do you have adult decor to replace children's art in their rooms?
Do you have what you need to host your renters? Are there adequate pillows, blankets, plenty of plates and silverware, pristine sheets and towels?
If your space is in good shape, the following things will usually bring more money to a rental: 1. The largest bed you can get in a bedroom. Many renters like king or queen beds. 2. Bedrooms. If you have a study that could be turned into a bedroom for that week, do it. But be sure you can adequately fit a bed, nightstand and somewhere to hang clothing. 3. Outdoor perks - do you have a fire pit or outdoor dining area? It is a gorgeous time of year for your visitors to dine outside. Be sure there is lighting as your renters may want to enjoy a round of drinks under the stars before retiring to bed.
4. A tv viewing room. You don't have to have a formal media room but a large screen tv with adequate seating for a group is important. If your family doesn't watch tv, so you've turned your tv room into a game room with a pool table, you may need to rethink that for Masters. Your visitors will want to sit together and watch the game.
Look at your home as a vacation spot. Would you be pleased to walk into each room? Are the rooms well-lit and well-organized? Are your rugs and furniture in good condition? Can you easily entertain a group in your common areas? Take care of what you already own and then work toward purchases that entice renters to come back to your home, year after year. Set aside some of your rental money each year to be sure your home is up to date, in working order, and comfortable. An investment in your home for your renters pays off for your own family all year long.