How to Create a Budget to Renovate Your Airbnb
Summary
This article discusses creating a renovation budget for your Airbnb to maximize revenue. The article offers insights on determining ROI, creating a guest experience aligned with your brand, and utilizing tools like AirDNA for market comparisons, focusing on how you can justify higher prices based on the guest experience.
Key Insights
- •The discovery phase is the most challenging part of budget planning for Airbnb renovations.
- •Using AirDNA, you can compare the top-performing units in your market to better inform renovation decisions.
Action Items
- ✓Create a detailed renovation plan to ensure the guest experience aligns with your brand to justify higher nightly prices.Effort: mediumImpact: high
- ✓Use AirDNA to analyze the top-performing units in your area to determine which renovations will generate the best ROI for your Airbnb.Effort: mediumImpact: medium
Tools & Resources
- →AirDNA: AirDNA is mentioned as a tool to compare properties.(airdna.co)
- →Get Paid For Your Pad: The article mentions Get Paid For Your Pad as the source.(getpaidforyourpad.com)
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Curated by Learn STR by GoStudioM