You don’t need to invest a substantial sum of money to see a major improvement in the success of your Airbnb. It doesn’t cost much to increase your earnings, as long as you know which upgrades are worth their price tag. When you’re working with a limited budget, that price tag is all the more important.
With this in mind, which Airbnb upgrades are popular among guests, but won’t break the bank? Where should you spend your money if you want to see a good return on investment? Here’s everything real estate investors should know about high-value, low-cost upgrades for their Airbnb.
1. Updated Decor
You should stage your short-term rental property as you would an open house. Everything has to look picture perfect, with tasteful decor that emphasizes the most attractive features of your Airbnb. As an example, if you have a broad window overlooking a coastline, decorate the area around the focal point to call attention to it.
While you’ve already spent money on the existing decor in your rental, you should re-evaluate the space and search for areas of improvement for your Airbnb real estate investment. You’ll likely find a few spots that could use a little more attention. Your guests will see these spaces as well, so make sure to address them.
2. Bicycles and Kites
If you have a bike in your garage that’s collecting dust, you can repurpose it as an amenity for your rental. Other items like kites also have recreational value, and while they don’t serve a practical purpose, your guests will appreciate the gesture. These upgrades are an excellent way to maximize renter appeal.
Even so, you should take steps to protect yourself in the event of an accident. Make sure your guests sign a waiver that absolves you of any responsibility if they happen to injure themselves while riding the bike. It’s an essential precaution to keep you in the clear in case something goes wrong.
3. Extra Storage Space
When a guest enters your Airbnb, tired after a long day of travel, they need an area to place their belongings. You likely have space for storage, but the addition of a shoe rack, for example, is an extra convenience that won’t go unnoticed. Hooks on the wall are also helpful for an overburdened guest.
Best of all, real estate investing of this type won’t take more than an afternoon to organize. A trip to your local department store will provide everything you need, and from there, you can set aside an hour to rearrange your space. It’s an almost effortless way to revamp your Airbnb on a budget.
4. Luxury Details
While aiming for a luxurious look might seem like a major expense, a few inexpensive touches can take your Airbnb rental property from simple to elegant. For example, you can switch out an out-of-date lighting fixture for something more modern, or paint the kitchenette cabinets a bright new color.
You likely have the DIY experience to take on a few of these projects yourself. Even if you haven’t used your toolkit in a while, you’ll find it’s simple and straightforward to improve the quality of your rental property with some fresh paint, updated fixtures, and minor embellishments. Even small improvements can contribute to both your marketing efforts and your guests’ positive perception of the space.
Your guests are going to spend much of their time outside your Airbnb property, enjoying the area’s attractions. As they stop at parks, restaurants, museums and other sites of interest, they’ll benefit from a guidebook that highlights the best places to visit. It’s a way to contribute to their experience over the course of their day.
More than this, a guidebook doesn’t take much time or money to arrange. All you need is access to the internet, a word processor to compile the information, a printer, and something to bind the pages. As long as you laminate the guide — and keep it clean and tidy — you can reuse it for subsequent guests.
6. Spa Products
The bathrooms in your Airbnb rental also deserve attention. When your guests return to your rental property at night, they might feel like taking a bath or a long shower to wash away the day. With just a few inexpensive items to enhance their relaxation, they’ll enjoy a spa-like experience which will set your rental apart.
You should start small, with a scent diffuser or candles. A small selection of bubble bath products is also a smart idea. After your guests have left the tub, they should have fresh towels and complimentary robes within an arm’s reach, something to keep them comfortable as they bring their evening to a close.
Upgrading Your Airbnb Investment Property
As a real estate investor, you likely see the appeal in low-cost amenities like bikes and kites, or extra storage space. You’ll notice an increase in your earnings, whether you choose to update your décor, add some fun extras or compile a guidebook. These inexpensive upgrades add considerable value to your Airbnb, and any one of them is a smart investment.
This article has been contributed by Holly Welles from The Estate Update.