Nothing gets an Airbnb rental more bookings than an elaborate, beautiful aesthetic. Beautiful Airbnb homes are more likely to get booked than spare bedrooms in a cluttered, plain house.
If you’re a serious Airbnb host who wants the best for your guests, you’ve probably done some remodeling to improve the appeal of your rental. You may have even taken out a loan to get the job done. If so, here are 7 ways to use the funds from your loan to maximize your Airbnb returns.
1.Calculate your true return for each remodel
First and foremost, before spending any of your loan money on a remodeling project, calculate your true return for each project. For example, how much more can you charge per night after each remodel? Installing new cabinets probably won’t make that cut. Make sure to prioritize the remodels that will generate more bookings and justify an increase in your rates.
The other calculation to consider is how your remodeling projects will affect your property taxes. Any decent remodeling job will increase your home’s value, which will increase your property taxes. Make sure your projected increase in rentals will at least cover that increase.
Finally, look at your mortgage payments. If you’re paying high interest rates on your mortgage, consider refinancing, especially if you’re only going to break even after a property tax increase. Even saving just 1% on your interest rate can save you hundreds of thousands of dollars depending on the amount of your loan.
2.Remodel with simplicity in mind (when appropriate)
More people than ever before are seeking solitude in small spaces. While many have given up their busy city lives to live in tiny houses in the woods, others are seeking that peace of mind as a temporary vacation.
Decide if you’re going to remodel ornately or simply. Simple remodels will be cheaper, but they’ll appeal to a niche crowd. What’s right for you will depend on your specific area and the kinds of people who look for Airbnb rentals where you live.
If you live in the country, simple remodels are probably the best way to spend your loan.
3.Invest in professional landscaping
Your home’s exterior contributes to (or subtracts from) its curb appeal. Curb appeal is also important to Airbnb renters. Is your curb appeal flat? Does your yard need some serious work? Even a clean yard and a freshly asphalted driveway won’t compare to a professionally designed landscape and walkway to your front door.
For fresh landscaping ideas, check out these pictures of beautiful Airbnb homes from across the country.
4.Hire an interior decorator to help you paint
A little bit of paint can go a long way where aesthetics are concerned. If your Airbnb rental’s walls are cream or white, a little color will liven things up a bit. Remember that your rental space is designed for temporary getaways, so your guests won’t get tired of looking at colored walls.
The key is to hire an expert interior decorator who can work with you on both painting your walls and selecting your decor. You don’t need to use wild colors. A professional interior designer will help you choose the right color palette to make your guests feel at home.
5.Get inspiration from the most requested Airbnb spots
If you’re not sure what you should remodel, get some inspiration by looking at images of the most in-demand Airbnb rentals. Many of the most requested listings are large, lavish homes, but you can still find inspiration for a smaller home.
Pay close attention to the kind of furniture these homes have. You’ll find furniture styles you may not have considered like wooden coffee tables with slats, ornate patio tables, retro colors, and indoor hammocks.
6.Open up your space with more windows
Many Airbnb guests love renting spaces with plenty of windows. If your space doesn’t have many windows, prioritize a remodel to let more natural light inside. Natural sunlight makes people feel great. Big windows that let in the sunlight can make a space feel bigger and brighter.
7.Create a truly original rental
If you’re brave enough, turn your Airbnb rental into something truly unique like the bubble suite in Mexico or the sheep wagon in Wyoming.
A truly unique remodel is a lifetime commitment, so make sure you’re committed for the long haul.
Don’t forget the hospitality
Although physical remodels can generate more bookings, outstanding hospitality can do the same. Opt for some hospitality upgrades like better sheets, bedding, and bathroom essentials for a well-rounded way to spend your loan.