As a Airbnb host, providing a comfortable and memorable stay for your guests is crucial to the success of your short term rental business. Refurbishing your Airbnb property can have a significant impact on guest satisfaction, rental income, and property value. In this article, we (a property management company), explore why refurbishing your vacation rental home or apartment is an investment worth making:
Why Refurbishing is Important
Refurbishing your Airbnb property can improve its overall appearance and make it stand out in a crowded market. By updating the space with modern amenities and décor, you can attract more guests and increase your rental income. A well-maintained and updated property also provides guests with a comfortable and attractive place to stay, which can lead to positive reviews and repeat business.
What Guests Value
Refurbishing your Airbnb or vacation rental apartment is a great way to ensure that your guests get exactly what they are looking for. Refurbishing your Airbnb or vacation rental apartment can involve anything from replacing old furniture to making sure that all the appliances are in working order. By refurbishing, you can guarantee that your guests will be getting a high-quality stay that meets their expectations.
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So it’s important to consider what features and amenities guests value. A fully equipped kitchen, high-speed internet, comfortable beds, and ample storage space are all important to guests when booking a vacation rental. Providing guests with premium linens and towels, a smart TV, and a well-stocked coffee station can also make a big impact on their experience.
Increase Guest Satisfaction
Refurbishing your property can also increase guest satisfaction by providing them with a comfortable and stylish space. Updating your kitchen and bathrooms, providing comfortable bedding and furnishings, and creating a welcoming atmosphere can all contribute to a positive guest experience. Guests appreciate a well-maintained space and are more likely to leave positive reviews and recommend your property to others.
Increase Rental Income
Refurbishing your Airbnb property can also lead to an increase in rental income. A well-maintained and updated property will attract more guests and increase your rental rate. A high-end property with modern amenities and décor can also attract higher-end renters, which can result in a significant increase in rental income.
Improve Property Value
Refurbishing your Airbnb property can also improve its overall value. Updating your property with modern amenities and décor can make it more appealing to potential buyers and increase its resale value. A well-maintained property is also more likely to attract higher-end renters, which can increase your rental income and improve the marketability of your vacation rental investment.
Case Study
We recently refurbished one of our airbnb’s in Andorra. The vacation rental apartment in El Tarter was outdated, and had a mountain decor with a 70’s or 80’s feel to it. We invested €30.000 after having acquired it for €200.000 a year ago. We gave it a complete overhaul, with a unique modern look, different from all the other holiday apartments in the area.
Before Overhaul
After Overhaul
The review score on Google is a 5.0 and 4.78 on Airbnb.
As a results we have been able to increade the rental price by 50%, and occupancy had increased by 30% as well, allowing us to repay the mortgage much more quickly. And the real estate value of the apartment is now estimated at €280.000, 40% increase.
A big win and return on investment in both rental income and property value.
Closing Thoughts
In conclusion, refurbishing your Airbnb vacation rental home or apartment is a smart investment for your business. By improving guest satisfaction, rental income, and property value, you can create a comfortable and attractive space that will attract more guests and increase your rental income.
Consider what features and amenities your guests value and focus on creating a welcoming and well-maintained space. With the right refurbishment efforts, you can turn your Airbnb property into a highly desirable vacation rental that guests will return to time and time again.
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