Scott McGillivray Reveals The Mistake You're Making With Your Vacation Home
Season 3 of HGTV's "Vacation House Rules" starring Scott McGillivray kicked off with a bang on April 15 and the reality television star is spilling all the tea on how to make money on a second home. This season will follow the home renovation guru as he guides homeowners on their journey to generating income from that property. He gives his clients an all-access pass to his dos and don'ts for home renovation and real estate, and according to Realtor, the successful entrepreneur has five principles: Do your research, know your numbers, have a theme or special feature, roll up your sleeves, and think like your guest.
First, before deciding on a location, make sure you've done a valuable amount of research before jumping all in. Figure out how much things are going to cost you and how much of your own money are you willing to invest, keeping in mind your income. As far as home design and remodeling, keep in mind what makes a home stand out or what you'd be looking for in a new home. Think about the decor, the design, and unique features that'd draw you in. Also, think about what's going to set that property apart from others in the area. McGillvray knows what homeowners need to bring to the table to make this happen, so if you're looking to do the same, sit back, relax, and take some notes.
Brand your property
People tend to not want to invest a lot of their money into a second home, but according to Realtor, Scott McGillivray doesn't think anyone should go into this process thinking that way. When it comes to putting money into a second property to generate income, he doesn't shy away from emphasizing the importance of not being cheap. That doesn't necessarily mean you have to spend a huge sum of money, but you should find a balance.
Your vacation property is an investment — your investment — so it's okay to spend a little more on it as long as you can afford it. Remember, this is going to be someone's temporary home; you want every guest to feel welcomed and at home, as you'd want to feel.
Finally, McGillivray highly recommends branding your rental vacation property. He cites doing so as the single most effective thing you can do for you to get the highest amount offered. Make it your own and await the results.