If you’d like to use your property to generate a little bit of money – or even a lot of money – then renting it out to travellers might be a viable strategy. Airbnb customers are usually willing to pay handsomely for the privilege of a convenient home away from home. But in return, they expect accommodation that meets a certain standard. Let us take a look at how we might modify your property so that it meets that standard.
The rising popularity of luxurious Airbnb’s
During the first quarter of 2022, Airbnb reported more than 100 million separate bookings
, which brought the company’s revenue up to $1.5 billion – a year-on-year increase of 70%. This growth comes in the teeth of some fierce market conditions. There’s a pandemic ongoing in many major countries, a refugee crisis caused by the war in Ukraine, and a generally gloomy macroeconomic outlook. Considering all of this, the company’s achievement is fairly remarkable.
All of this action in the property market, naturally, has created a bit of a gold rush among property owners and developers who want a piece of the action. Competition has never been fiercer, and demand has only got bigger which is why it’s especially important to get your house in order (literally) before you start making overtures to would-be guests if you want to thrive in this sector of the economy.
Renovating your property
Certain renovations yield a greater improvement than others. You’ll want to invest where your money will make the biggest difference in the end. To start with, you’ll want your property given a once-over by a safety expert. That means checks for fire safety, wiring and structural integrity. After all, safety should be your number one responsibility as a potential host to you guests.
Providing guests with reliable Wi-Fi and other digital niceties can be a low-cost win. Often, it’s a simple matter of installing a new router, or some range-extenders throughout the property. Then there’s things like the television and home entertainment system.
The investment in new doors and windows might vastly improve the look and feel of your property, without the need to invest in an additional coat of paint. Throwing up additional walls can help you to accommodate additional guests, and to provide privacy where none existed before. All you need is some stud timber and some high-quality plasterboard
Looking for inspiration
To gain inspiration, you could look at what other successful Airbnb hosts offer or even look at different interior designs on Pinterest or Instagram. If you have an idea of what’s already proven successful with Airbnb customers, then you might have an idea of which direction to head in. Generally speaking, the more guests you can accommodate, the better your offering will be. But you should also think of all the features you can list. One property in Delaware stands out for its gas grill, 72” television and Peloton exercise bike. Another in Illinois boasts a full gym, a sauna and a fire-pit. The more features you can offer, generally speaking, the better!