INVESTING IN INVESTMENT PROPERTIES
With Christina Dennis, DIY Mommy
A vacation property is a dream for so many, but how to afford it amongst all the other priorities for a family. One solution? Put your property online and rent it out with popular sites like AirBNB and VRBO. Christina Dennis of The DIY Mommy, is a Jill of all things DIY and recently just finished overhauling her family's lakehouse to create rental income. Having founded The DIY Mommy in early 2009, Christina has turned her love for crafting, home décor, and lifestyle into a successful blog where she helps educate the masses with her flare for creating budget friendly stylings.
When renovating your own home or a 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 furniture and accessories that support the theme and experience you've chosen."
To learn more from Christina and how to turn your second property into a thriving rental income, visit her at the Edmonton Renovation Show, January 28-30, 2022 and find her at www.thediymommy.com