It can get pretty exciting to see campaigns around “cash-back mortgages” but, before you get too far along, here are three things you might not know about these types of mortgages:

1. Occasionally you will see campaigns on cash-back mortgages, so don’t jump at the first one you see! These types of mortgages are available through a few major lenders so it can be helpful to shop around to see what different terms and conditions are available, as this will affect the overall loan.
2. When it comes to cash-back mortgages, you’re really getting a loan on top of your mortgage. The interest rates are calculated to ensure that, by the end of your term, you will have paid the lender back the money they gave you (and perhaps a bit extra!). Be mindful that these loans can come with higher interest rates and, in some cases, the extra is more than you got in cash-back.
3. The average cash-back mortgage operates on a 5-year term. While you may not be planning to move before your term is up, sometimes things happen and it is important to be aware that if you break a cash-back mortgage, you have to pay the standard penalty but you will also have to pay back a portion of the loan you were given. For example, if you are 3 years into a 5-year term, you would have to pay back 2 years or 40% worth of the cash-back. Combined with the standard mortgage penalties for breaking your term, this can add up if you’re not careful!

Contact me for the free assessment on your needs and advise regarding all cash-back mortgage availability, lines of credit, purchase plus improvement loans or also flex down mortgages that may be better for your situation.

Written by DLC Marketing Team

One of the quickest ways to take back control of your finances and understand where your money is going is to create a monthly budget. This will help you get a snapshot of your income compared to your spending, and provides an avenue to review outgoing costs and determine areas for improvement to help you increase your monthly cashflow or just feel less stressed!

Step 1: Calculate Your Income

The very first step to creating any budget is determining your income – knowing exactly how much money do you bring in, per month, is important to understanding what you have available to spend. Remember to focus on NET INCOME versus gross salary as thinking you take home more than you do can lead to overspending and failed budgets.

Step 2: Track Your Spending

Once you have determined your income, you will want to take a look at your spending. Reviewing and categorizing all your monthly bills can help you breakdown exactly where your money goes and your priorities to see where changes can be made.

To start, first list out your fixed expenses – these are things like car payments, loans, rent or mortgage costs that do not change on a monthly basis.

Next, you will want to take a look at your variable expenses – things like groceries, gas, entertainment, etc. and determine your average spend. This is typically the area where people are able to cut back.

Step 3: Set Realistic Goals

Realistic goals are vital for long-lasting financial health. It is important to determine what you cannot live without and where you can cut costs or scale back on spending.

Ideally, when it comes to your monthly budget, you want to consider the 50/30/20 rule, which applies the following:

• 50% of your spending is for NEEDS such as rent or mortgage payments, car payments, utilities and groceries
• 30% of your income goes to WANTS such as shopping, vacations, streaming services, etc.
• 20% of your income goes to SAVINGS OR DEBT such as emergency funds, retirement, child’s education and/or credit card payments

Step 4: Make a Plan

Once you have your goals set, you can now make a plan to tackle your financial position and ensure a healthy cashflow each month.

There are a few different ways you can plan to handle your monthly budget. For some, setting realistic spending limits for each category works well. For others, taking a look at the importance of the items on their expenses list and re-prioritizing can free up funds.

Step 5: Adjust Your Spending

Now that you have determined how much money you bring in per month and what you spend it on, you can take a look at adjusting your spending to ensure you remain on budget. Taking a look at any wants is a great place to cut out frivolous spending beyond a reasonable amount.

This is also a great time to review your fixed expenses. Perhaps you can save money by getting a better interest rate on your mortgage or changing your payment schedule for your loan.

Be sure to connect with a Dominion Lending Centres mortgage expert before making any changes!

Step 6: Stay on Track

Lastly, once you’ve tracked all your spending and income and determined your monthly budget, you will want to stay on track. Tracking your budget on a monthly basis is important to catch any changes in your spending habits. As well, it is a good idea to conduct an annual review and take into account any increase in expenses or wages that may require shifts in your overall plan.

Remember! A healthy, well thought-out budget is key to financial freedom and comfort.

Written by DLC Marketing Team

Do you feel like you need to be a banker, accountant, economist and stock market analyst just to keep the family finances in check?

Should it really be so hard to cover the household bills, make the payments on the car and mortgage, put away a little for the kid’s education, and make some solid investments that will hopefully leave you with enough left over for a reasonably comfortable retirement?

Managing your finances might have seemed a lot simpler in the past. Then again, the early 1980’s had interest rates of 15% with inflation over 10%, so that claim is a little dubious! What has changed is the number of alternatives available to “help us”— it can get overwhelming very quickly.

For example, if you are looking for options to invest your hard-earned TFSA contributions, there are around 5000 mutual funds and 1000 ETFs in Canada to choose from! But that’s only if you are already up to speed on the differences between mutual funds and ETFs, MERs and investment fees, asset allocation, RRSP & TFSA rules and regs, DIY online investment platforms… and the list goes on!

The reality is that personal finance is likely to get more difficult and more complicated in the future. If you are lucky, your employer may offer financial literacy programs as part of their employee wellness program. In some provinces, high schools are now offering financial literacy programs for kids to learn the basics before they graduate. This is great news for your kids and their financial future, but it isn’t going to do much for you… unless you want to put your kids in charge of the household finances?

The reality is that most of us are on our own when it comes managing our money. There are some great tools and information resources that can help immensely, but the easiest, most cost effective, and most reliable option for the majority of us is building our own financial knowledge.

The good news is that mastering the basics is a lot simpler than most of us realize. You don’t need a complicated app to track your expenses, a pen and paper will get you started.  If you want to know more about DIY investing or whether an RRSP or TFSA is best for you, there is tons of information available to help you.

The problem for most of us is we focus way too much on making money and spend far too little time looking at where our money goes, or how to manage it better and make that money work for us. Earning more money won’t solve many problems if you continue to spend too much, make poor decisions, fail to invest, and have no goals to help guide you and measure your financial progress.

Written by DLC Marketing Team

An investment (or rental) property, can be a great option for generating additional monthly income and growing your wealth over time, if done properly.

This strategy has multiple options and outcomes that can benefit Canadians such as:

• Supplementing income now and boosting pension in the future creating more financial freedom
• Allowing you to buy your dream retirement home now and rent it out until you’re ready to use it
• Increase monthly cash flow for potential expenses beyond retirement savings
• Utilize a multi-unit home (such as a duplex) by renting out one of the units

However, before you buy an investment property, there are a few things to know. Firstly, buying a property for the purpose of renting it out to someone else comes with different qualifying criteria and mortgage product options than traditional home purchases.

Before you look at purchasing a rental property, be aware that:

1. The minimum down payment required is 20% of the purchase price, and the funds must come from your own savings; you cannot use a gift from someone else. Another option is to utilize existing equity in your primary residence and refinance for the cash to purchase your rental or investment property. Be sure to factor in funds for closing costs, potential repairs and maintenance in your amount.
2. Only a portion of the rental income can be used to qualify and determine how much you can afford to borrow. Some lenders will only allow you to use 50% of the income added to yours, while other lenders may allow up to 80% of the rental income and subtract your expenses.
3. Interest rates usually have a premium when the mortgage is for a rental property versus a mortgage for a home someone intends on living in. The premium can be anywhere from 0.10% to 0.20% on a regular 5-year fixed rate.

With the right purchase price and rental costs per month, this can be a great way to supplement income and make the most out of your retirement. Not only does it offer monthly cashflow, but you also will have the ability to sell the property down the line if you so choose. However, bear in mind, the sale will be subject to capital gains tax. Your accountant will be able to help you with that aspect if you do decide to sell in the future.

Before getting started, it is important to calculate the cost of your investment (purchase price and closing costs), as well as consider maintenance amounts (approximately 1% of the property value for the year) and compare to current rental prices to be sure it is a profitable investment before purchasing.

If you’re looking to purchase an investment property, be sure to reach out to a Dominion Lending Centres mortgage expert to discuss your options and understand what is required.

Written by DLC Marketing Team

So! You think you’ve found your dream home, and you can’t wait to check it out in person.

Before you go, here are a few things that are important to look out for during a home tour:

1. Odor: Unusual smells can indicate problems, especially mold or mildew issues.
2. Plumbing and Electrical: Check water pressure as well as electrical systems to ensure no eroded or exposed wires, properly functioning HVAC, sealed water heater, etc.

3. Noise: This is one that homebuyers can often overlook, but it is important to consider the noise within the house as well as how loud the street and neighbourhood are before committing to ensure they are suitable for you.
4. Home Layout: Whether or not the layout and function of the home suits your needs.
5. Number of Rooms: How many bathrooms and bedrooms does the house have? Is that amount suitable for your needs?

6. Wall and Flooring Condition: What is the condition of the walls and floors? Defects such as warping, cracks, watermarks, etc., can be indicative of larger issues.
7. Unpermitted Additions or Updates: On occasion, you might go to view a home that was listed as having 2 bedrooms and 1 bathroom, only to find that it actually has an extra bathroom! As great as this might be for your needs, you’ll want to double-check that the addition was permitted. Unpermitted construction can create major issues when it comes to insurance coverage and potential structural headaches if not done properly.

Remember, things like furniture, decor, wall or floor treatments, and hardware or other fixtures are easily updated and not important when viewing a home as they can be changed if the rest of the home suits your needs!

In addition to these items to keep an eye out for, there are also a few specific questions you should be asking your realtor, including: deadline for offers, number of offers that have been made, why the sellers are moving, any concerns they may have, whether or not there is a homeowner association with fees, and how old the home is.

To ensure the smoothest homebuying journey, it is vital to have right professionals at your side. A Dominion Lending Centres mortgage expert can help walk you through the process and even recommend a realtor in your area to assist with the purchase itself!

Written by DLC Marketing Team

It’s difficult to find timeless advice in the ever-changing world of personal finance but these five are about as close as you can get.

1. Start small and start early with investing
Only around 5% of Canadians under 25 have a TFSA, which means 95% have already missed out on 7 years of compounded returns. Starting small could be as little as $100 month… and starting early means now! Invest what you can and don’t think a $100 monthly will never amount to anything.

Investing $100 month at 5% for 47 years (age 18 to 65) will give you $68,754 more than someone who did the same starting from age 25. Time really is money when it comes to compounded returns, so get started as soon as possible.

2. Make more or spend less?
Our advice is to do both, but there are limits on how much income you can generate and cutting back on expenses has a bigger impact on your bottom line. If you’re lucky, you may find some expenses you could easily do without, like that lightly used gym membership or seldom watched 200-channel cable package.

A part-time job or side hustle isn’t a bad idea, but you will spend more time working and less time enjoying life. Don’t forget that any extra income is fully taxable — you might need to earn $10 in order to get the same result as a $7 spending cut.

3. Re-evaluate your wants and needs.
A 1200 sq ft bungalow was the standard for most families in the early 1970’s. These days, houses are now over 2000 square feet on average and come with plenty of high-end finishes. Lifestyle creep is not limited to our housing needs and now influences what we drive, how often we eat out, and where we go for vacation. Being able to satisfy your wants later in life will only come from making smart spending decisions on your needs earlier in life and freeing up the cash to start saving and investing.

4. Understand credit and debt.
131 months! That’s how long it takes to pay off a $1000 credit balance paying the minimum amount — and it will cost you almost $1000 more in interest charges! Many people carry a credit card balance and are blissfully unaware of just how much it is costing them each month. Car loans are another area where the financing costs add up to a lot more than most people realize.

The key is to be knowledgeable about your debt. Track what you owe and how much that debt is costing you as well as any alternatives that may lower that cost. For example, refinancing your mortgage or drawing on home equity to pay off higher interest loans or credit cards.

5. Get financially literate.
Managing your money has become more difficult as we have a lot more spending, saving, and investing options, but we also have access to a lot more information and tools to help us. For example, diving into the real impact of those investment fees on your mutual funds (it’s a lot!) can easily be investigated online in just a few minutes.

Written by DLC Marketing Team

While getting pre-qualified can give you a ballpark estimate on what you can afford, getting pre-approved is where the real magic happens.

Mortgage pre-approval means that a lender has stated (in writing) that you do qualify for a mortgage and what amount, based on submitted documentation of your current income and credit history.

A pre-approval usually specifies a term, interest rate and mortgage amount and is typically valid for a brief period of time, assuming various conditions are met.

There are three benefits to pre-approval including:

1. It confirms the maximum amount you can afford to spend

Not only does getting pre-approved make the search easier for you, but helps your real estate agent find the best home in your price range. Temptation will always be to start looking at the very top of your budget, but it is important to remember that there will be fees, such as mandatory closing costs, which can range from 1 to 4% of the purchase price. Factoring these into your maximum budget can help you narrow down a home that is entirely affordable and ensure future financial stability and security.

2. It can secure you an interest rate for 90-120 days while you shop for your new home

Getting pre-approved doesn’t commit you to a single lender, but it does guarantee the rate offered to you will be locked in from 90 to 120 days which helps if interest rates rise while you are still shopping. If interest rates actually decrease, you would still be offered the lower rate. Another benefit to pre-approval is that, when it comes time to purchase, pre-approval lets the seller know that securing financing should not be an issue. This is extremely beneficial in competitive markets where lots of offers may be coming in.

3. It lets the seller know that securing financing should not be an issue

Lastly, pre-approval lets the seller know that you are able to make the purchase. This can be very helpful in competitive markets where lots of offers may be coming in, as it helps to inform the seller that you’re a sure thing versus other potential bidders who may not have pre-approval.

Keep in mind, once you get your pre-approval, you will want to make sure not to jeopardize it. Until your mortgage application and sale is completed, be sure you don’t quit or change jobs, buy a new car or trade up, transfer large sums of money between bank accounts, leave your bills unpaid or open up new credit cards. You do not want your financial or employment details to change at all until you have closed on the new mortgage.

If you have any questions or want to get your pre-approval started today, don’t hesitate to reach out to a Dominion Lending Centres mortgage professional!

Written by DLC Marketing Team

It’s an excellent time to be alive if you’re an early adopter of technology; it’s slightly less excellent if you’re a well-meaning-but-late-anyway adopter (like myself). The breakneck pace of technological innovation can easily leave you behind the curve, with new startups, apps, and devices appearing on an almost daily basis. Trying to catch up to the pack can be daunting and expensive even if you’re willing to get with the times. On the other hand, if you’re not interested in having the newest, shiniest toys, you’re likely wondering—what’s the point anyway?

The good news is: you’re not at a disadvantage if you’re late to the tech-savvy party. There are quick, reasonably-priced steps you can take to bring your home a step closer to the future. Here are four upgrades you can acquire right away, in order of practicality and ease of integration.

USB WALL OUTLETS

Oh yes, we’re starting off with real cutting-edge stuff here: clearly, combination power outlets are the most electrifying innovation to hit the market in recent years! I know this is a pretty tame entry point, but I’d argue the practicality makes up for the lack of sizzle. If you’ve owned an electronic device in the past twenty years, you likely have firsthand knowledge of the annoyances that come with charging the things. Not only do you need to have the right cable, you also need an appropriate adaptor, and all that comes before finding a free (and conveniently located) power outlet to plug into.

The USB (Universal Serial Bus) standard for connections, communication, and power supplies has been around and in use worldwide since 1996. Some companies do their own thing with proprietary cables just because they can, but there are almost no brands that bypass the USB connector altogether. Given their ubiquity, it was only a matter of time before they appeared on power outlets themselves. In one neat package, wall outlets with USB charging ports have solved the adaptor and free socket issue. You still need a compatible cable, but those are a lot easier to come by and less annoying to cart around. Plus, dedicated USB ports mean you aren’t required to unplug other devices, which is a big plus when you have multiple users who all need a charge.

These combo outlets go for as low as $30 per piece, and are fairly easy to install even with no experience!

SMART APPLIANCES

There’s a good chance that either you or someone you live with talks to their phone/watch/tv/magic speaker box thing already. A large majority of the technologically-inclined have embraced Alexa, Google, Siri, or Cortana, and are happily integrating them into their homes. Basic smart home setups are getting more affordable by the minute, and you likely own at least three of the foundational pieces already (smartphone, digital assistant, smart TV).

Which brings us to upgrade option number two: “smart” appliances. If you’re already on your way to having a connected home, why not consider upgrading to appliances with smart home functionality? At best, you can enjoy a greater degree of convenience and control; at worst, you’ll have a feature that you can safely ignore if you so choose. The fact is, smart functionality will likely become standard issue sooner or later. Even big-ticket appliances like fridges, dishwashers, washing machines have begun to include wifi-connectivity and apps that let you monitor and control how they operate remotely.

Digital assistants are here to stay, so why go out of your way to avoid them? While compatibility isn’t generally an issue, certain appliances work best when paired with specific assistants, so we recommend getting ahead of the problem and planning for the ecosystem you might like to have.

Obviously, we’re not saying you should toss out all your stuff right this second just to get with the times. Rather: whenever you reach a natural point for upgrading in the home renovation or sales process, give some careful thought to acquiring a smart appliance.

SMART LOCKS

Smart locks, like the smart appliances mentioned above, are also part of the Internet of Things, but they get their own category because of how useful they are.

There are two kinds of people in the world: those who have lost their keys at least once, and liars. We’re all familiar with timeless questions like “Where on earth are my keys?” and “Uh oh, did I lock the door?”. Traditionally, this meant upending your house until you find them in your pocket or suffering in mild annoyance till you get back home. However, the modern answer is: who cares? You have a smart lock!

What exactly is a smart lock? It’s an evolution of the traditional mechanical lock, using electronics to allow for keyless entry. Smart locks are easy to install, and either replace or upgrade the existing locking devices on your doors. Once that’s done, you can wirelessly unlock your door with a smartphone, combination code or key fob.

To be clear: while there are some security benefits to using smart locks (such as logs that list every time your door was opened, etc.), they’re not necessarily more secure than a standard lock. Really, you’d be upgrading for the convenience they provide, and an improvement to your quality of life. Features like remotely locking or unlocking your door, temporary access codes for guests and digital assistant integration all make the switch worthwhile. Moreover, almost all smart locks can still be unlocked with a traditional key as a failsafe (in case of power outages or depleted batteries).

It’s a small change for your home and the closest thing we have to futuristic Star Trek doors that swoosh open. It’s hard to find a downside here!

ELECTRIC VEHICLE CHARGERS

For those of you trying to be more eco-friendly, there’s a simple argument to be made for installing electric vehicle chargers in your home: pretty soon, you’re going to need one. While Tesla may have shot the idea of electric cars into the mainstream, plenty of car manufacturers read the writing on the wall and developed their own electric cars. It’s no longer a question of if electric will replace internal combustion engines, but when. Fossil fuels are a finite supply, and a new wave of ecological awareness will likely move the world away from dependence on them. The future of automotive technology is electric, and it’s easier than ever to join the revolution.

Electric vehicles (EVs) rely on high-powered chargers to refuel and are consequently most common among people living in or very close to major cities. Drivers have to plan around access to chargers when they’re away from home, although we’re trending towards increasing EV charger infrastructure. However, until these charging stations become as common as (or replace) conventional gas stations, folks will still rely heavily on their own homes to get a full charge for day-to-day use.

So how does this fit it into the home upgrade conversation? Admittedly this is the most speculative of our recommendations, but here’s the gist of it: if we assume either you or the people you know are soon going to be driving electric vehicles, it makes sense to start planning for the means to support them. Powerful EV chargers for the home aren’t exorbitantly expensive at the moment, are reasonably straightforward to install, and will serve as a source of convenience or potential income.

Charger systems are currently available in plug-and-play or integrated models, which differ in terms of price, portability, and power. Plug-and-play chargers are less expensive, very easy to install (you literally just plug them in), and can move with you if you change homes. Integrated chargers offer faster and more powerful charging, but are fixed once installed and come with a higher price tag. In either case, many provinces offer hundreds of dollars in incentives to folks purchasing EV chargers, which makes the price range a lot more palatable!

BOTTOM LINE

Fortunately for those of us frantically running behind the curve, we’re still a good number of years away from having truly crazy things like robot assistants/housekeepers that will need their own docking cradles or flying cars. Our recommendations above aren’t from the bleeding edge of tech development, but they don’t need to be. They’re practical, accessible upgrades that could improve your life with minimal intrusiveness. Though we’re looking ahead to the future, there’s no time like the present for the technologically-tardy!

Written by DLC Marketing Team

When it comes to shopping for your perfect home, it can be hard to find the exact one ready to go! If you are looking into a home that requires improvements, there is a mortgage product known as Purchase Plus Improvements (PPI). This type of mortgage is available to assist buyers with making simple upgrades, not conduct a major renovation where structural modifications are made. Simple renovations include paint, flooring, windows, hot-water tank, new furnace, kitchen updates, bathroom updates, new roof, basement finishing, and more.

Depending on whether you have a conventional or high-ratio mortgage, if it is insured or uninsurable, and which insurer you use, the Purchase Plus Improvements (PPI) product can allow you to borrow between 10% and 20% of the initial property value for renovations. Additional insight on how the qualifying structure works can be found in the table below:

The main difference between a regular mortgage and a purchase plus home improvements program is the need for quotes. As part of the verification process, your mortgage professional and the lender will need to see a quote for the work that is planned for the improvements. The quotes will provide us with the cost and plan details required to secure the final approval.

Working with your realtor, your mortgage professional will help guide you through the final approval process, which works as follows:

1. Find a home
2. Apply and get approved for a Purchase Plus Improvements mortgage
3. Get firm quotes on the improvements
4. Get an appraisal for the estimated as-is and as-improved value of the property.
   • This will be ordered by your lender or broker and quotes are typically reviewed by the appraiser.
   • Note: If you are putting less than 20% down payment on the purchase, often only a final inspection is required to confirm the work on the quotes has, in fact, been done.

5. Close the purchase
6. Depending on your down payment, the lender may provide up to:
   • 80% of the as-improved value, less the cost of improvements (if on an uninsured mortgage)
   • 95% of the as-improved value, less the cost of improvements (if on a default-insured mortgage)
7. Start the improvements
   • The initial advance of funds will be up to 95% of the approved value of the property minus the improvements. You will usually have to pay a portion of the improvements upfront via savings, credit card, personal line of credit, parental funds, etc.
8. Notify the lender when the project is complete
   • At this point, an inspector/appraiser will confirm the work has been completed to the specifications agreed by the lender
   • Once the lender verifies the inspection report, the balance of funds is advanced.

If you have questions about how a Purchase Plus Improvements Mortgage could work for you or are considering taking this route for your next home, please do not hesitate to reach out to a Dominion Lending Centres mortgage professional for expert advice!

Written by DLC Marketing Team

Are you dreaming of buying a vacation rental property, have just bought one, or are strongly considering it? If so, your mind is probably abuzz with design ideas and thoughtful touches you could add to the home.

In order to make a rental property into a viable business, you need to set a reasonable budget and stick to it. And everything in the home should be geared towards rental guests. Some elements may not align with how you would design and furnish your own home, but what matters is that it appeals to guests. Keep in mind that as a rental, it has to be able withstand wear and tear, and items should be reparable or replaceable.

How I approached the design of my vacation rental property was to learn about who stays in the area, what they value, and how I could tie that in with the character of the home to create a great experience. In my case, the main guests are groups of women between the ages of 25-40, who come to tour wineries and enjoy Instagram-worthy decor. My house is about 100 years old, so I decided to work with its charm and quirks to create an airy and open design with accents of ecru and foliage.

To furnish your vacation rental without sacrificing comfort or experience, there are many different tactics you can employ.

First and foremost, ensure that everything you bring into the home can reasonably be maintained. That means, don’t plant rose bushes if you can’t trim them, don’t bring in a white shag carpet if you won’t be there to vacuum it every day. As a guest, you want to arrive at a home that’s clean and well taken care of. If your ideas are so ambitious that you can’t manage the upkeep, it will take away from the guest experience and potentially their overall impression of the place. Put it this way: how would you feel if you pulled up to a house with overgrown shrubs and stained carpets?

Re-use, re-purpose, and be thrifty. Everything you bring into the space doesn’t have to be shiny and new. Thrift stores, grandparents’ basements and garage sales can be full of treasures like antique books, frames, artwork, lamps or other accents. Clean them up and paint them, if needed. Placing out a few selectively chosen antiques can add uniqueness and visual interest to the room. For simple items like frames that can easily be painted, it can save you a bundle on decor.

Remove any personal items from the home, such as family photos, paperwork, storage bins, clothing, etc. Leaving these items around will make guests feel like they are intruding on someone else’s personal space; it doesn’t feel like a getaway. That’s not to say that you can’t add personal touches. For example, I have an old chest that belonged to my grandparents in my vacation rental. But keep in mind that personal touches tell a story and are different than personal items.

You can also add homey touches before guests arrive, like a bottle of wine (is there a brand or product that your area is known for?), a hand-written card, a bag of coffee, some toiletries, etc. These thoughtful extra-somethings make the guests feel welcome and valued.

Consider guests’ comfort as they use the house. Ensure the linens are plentiful. That includes towels, hand towels, sheets, blankets, pillows, etc. They don’t have to be pricey linens, IKEA or Costco works just fine. Everyone has their own way of getting comfy on the couch or in bed. Some guests may only want one pillow, while others may want three. Have extras available in a linen closet or shelving area so that they can freely use what they need.

Spills and messes happen, kids may wet the bed, or someone might want to take a nap on the couch, so a few extra blankets, towels, sheets, and pillows will be greatly appreciated. I once stayed in a rental apartment that only had two thin pillows available, and I felt like I was asking a lot for the host to drop off another pillow to me that evening. Aim to make the experience as smooth and comfortable as possible.

In addition to comfort, make it as easy as possible too. Provide a house manual detailing everything they need to know about check-in, check-out, info about the home and the area, if certain things are not allowed, how to contact the host, etc. Put helpful labels or markers on closets or storage areas that house extra bedding, kitchen supplies, recycling bins, etc. The goal should be to provide your guests with all the handrails they need to have a fantastic and streamlined experience, without having to call you to ask anything.

Finally, create a statement somewhere in your home that stands out and is memorable. It could be artwork, a wall decal, or mural that your guests want to take pictures of. It could be a really fabulous gallery wall (showcasing all those thrift store frames) that displays your interests and tells a story. Or maybe it’s a stylish and comfy room with plush couches, lots of pillows, blankets, and interesting books.

If you were staying at a vacation rental, imagine what details you would appreciate or want to take a picture of. What type of spaces would you be drawn to relax and unwind in? In my home, I created a room for ultimate relaxation and comfort; it has large, plush couches, tons of pillows, movable coffee tables, and a curtain that runs along the length of the doorway so that you can block out the action happening in the rest of the house. Guests are always drawn to this area because it’s a cozy place to read, hang out or watch a movie.

No matter what your budget is, you can turn your vacation rental into a welcoming oasis that will make guests feel comfortable and valued, and give them a fabulous experience.

Written by DLC Marketing Team