There are many advantages that come with being an Airbnb host. Not only is it a great use of your home-buying investment, it’s a solid revenue stream. With positive reviews, your Airbnb can become one of the most sought-out on the market, allowing you to increase your price per night to keep up with demand. Additionally, hosting can help you pay off your mortgage early. The dangers that come with hosting strangers in your home are generally mitigated by the security of guest verification and host insurance. While there are legal and financial situations to consider beforehand, becoming an Airbnb host has a quite a few advantages.
Remodeling Your Airbnb
Should you remodel your Airbnb? On one hand, remodeling can increase revenue, in some cases exponentially. On the other hand, remodeling a home can be expensive. Not to mention time consuming. However, guests may feel more comfortable in a remodeled Airbnb, with a higher chance of repeat business and positive reviews. If you’re on the fence about remodeling your Airbnb, consider the following recommendations.
You should remodel your Airbnb if:
- It feels out of date
Sure, retro homes are fun and even stylish. However, it’s not in style for an Airbnb to feel out of date. If your cabinets are dark-stained and tired, there’s aged linoleum covering the floors, or you’re seeing 40-year-old brass lighting fixtures in the bathroom and kitchen, it’s probably time you update your Airbnb. Guests will immediately be able to tell the difference of a space that’s been remodeled.
- Your Airbnb is losing its charm
Old homes are quaint and generally have good bones, but once you begin to notice signs of deterioration (a leaky roof, rotting floorboards, dysfunctional cabinets) it’s definitely time to remodel your Airbnb. Not only will it improve the visual aesthetic, it will be safer for your guests.
- You’d like higher reviews or increased revenue
After you’ve hosted for Airbnb for a while, it’s likely you’ll notice that your competitors have higher reviews and they’re charging a higher amount for guests to stay. If you want to compete with the best Airbnb’s in your area, a remodel is the best way to do that. In fact, some Airbnb hosts double their bookings by remodeling. After an update, the demand for your Airbnb may even exceed the demand for others in your area. With an updated space, guests will feel more comfortable and their reviews will be more positive, driving more business to your Airbnb.
- The houses in your area are more up to date
Compare your home’s value to that of recent home sales in your neighborhood. If the property values of houses in your area are higher than yours, a remodel could be a great investment. This is particularly true if you are considering selling your Airbnb in the future.
- You aren’t making the most of your space
Perhaps your Airbnb has a dining room that’s never used or a loft that could easily be transformed. Significant unused space is a great indicator that a remodel is needed. Consider making your space more functional to accommodate additional guests with each stay. Simply rearranging furniture can also help to utilize dead space.
Starting Your Remodel
Perhaps your Airbnb isn’t bringing in as much revenue as you’d hoped, or maybe you want to upgrade for functionality. Either way, once you’ve decided to remodel, there’s a lot more to think about before you begin. Planning, demolition, framing, and painting are all important elements to any remodel. At first glance, it may seem like remodeling your Airbnb by yourself will save you money. However, DIYing an entire remodel will cost you precious time. In fact, the design and planning process alone can take a month or more.
Remodeling your Airbnb shouldn’t take months to complete; getting help from a professional is the best way to ensure your project is finished in a timely manner. Luckily, the experts at Think Architecture specialize in everything from project initiation to construction management. Our innovative solutions and high-quality work will accelerate the remodeling process so you can get back to hosting quickly. Contact us to learn more about our services and get your project started today.