Increase Your ROI: Design Tips for Airbnb
Buying a short-term rental property, such as an Airbnb, is an excellent investment and lucrative way to earn passive income. But did you know that designing and decorating your home with intention can help increase its value in many ways? This article will discuss the importance of home design and will share some actionable tips so you can get the most out of your new venture as a real estate investor.
Let’s start with the obvious. Investing in your home's design adds tangible value by way of the upgrades, furniture and fixtures that have been added. But it also adds intangible value. There are thousands of properties and homes to choose from for a short-term rental. Making sure your home stands out is the hook you need to make those bookings. A well-designed home entices visitors to picture themselves staying in the property. It will speak volumes about how well-kept the property is and the high-quality photographs you get out of it will ensure you’re making bookings fast and frequently.
Before getting started, it’s important to consider the following:
What is the value of your home? This will determine how much you should invest and where you should shop for items. Not everything needs to be high-end designer, but if your home is a multi-million dollar property, you may want to consider adding some of those pieces in. Start by taking a look at similar listings and get a feel for what they’re offering in terms of quality.
Who are your ideal guests? Understanding your guests and their needs is key. If you’re not sure, check in with your existing guests. Try to get to know them. Why are they visiting? What appeals to them? A person traveling for business may appreciate an office space, whereas a family traveling to a beach property might be interested in having beach chairs and bikes. Some owners even offer iPhones for their international travelers.
What is the theme? Remember that most people are renting your property because they want to be in the part of the world where your property is located, and most of the time they want to feel immersed in that environment. Use the location as inspiration, but use caution so as to not go overboard. Subtle themes are the way to go.
Once you’ve ironed out the key pieces mentioned above, take a look at the Do’s and Don’ts of short term rental home design:
What to do:
Feature upgrades! Especially in older homes, make sure you upgrade the kitchen and bathrooms. Capitalize on those upgrades by featuring those rooms more prominently in your ads.
Mostly use neutral colors on walls and natural woods for furnishings. These are broadly applicable and appeal to most people.
Bring in color with statement and accent pieces. Choose a painting or a colorful piece of furniture and use that statement piece to select complimentary colors for other items in the room. Or create a feature wall/area where you showcase color in a single area of the home.
Paint the front door. Having a freshly painted front door gives a fresh look to your home and makes it stand out.
Mix fabrics! This is a great way to mix old and new, so you can balance whatever theme you’re going for with a modern feel.
Keep the floors clear, especially for smaller properties. This will make the space feel light and airy. It's also easier to clean. To do this, keep furniture items to only what's necessary and select pieces that are on legs.
Have a variety of lighting options to meet the needs of all of your guests, and always make sure there is sufficient lighting in the kitchen and bathrooms. Use dimmer switches and task lighting to easily accomplish this.
Maximize bed space. Choose furniture that can double its functionality. Sofas with a pullout bed, futon, or murphy bed. You may also want to consider offering an air mattress or cot as well.
Accessorize the home based on your theme and location. For example, coffee table books about the area are a fun way to add decor while also helping your guests learn more about the home and city they’re visiting.
What to avoid:
Avoid fads. Go with time-tested, classic looks.
Don’t buy matching furniture sets. I know this can feel enticing since you can furnish a home in a day. But the home will be more interesting if you mix eclectic or vintage items with modern ones, etc.
Don’t display anything personal. This includes personal items such as family pictures, and religious or political items. Your goal is to make everyone feel welcome.
Avoid clutter! There is nothing more off-putting than a cluttered home. Keep it simple and avoid having lots of ‘stuff’
While all of these tips are important, the key takeaway here is that home design and decor are imperative to run a successful short-term rental and that any money spent on these improvements should be seen as an investment that will increase your ROI.
Still not sure what to do? Consider hiring a pro to help you. Ash Modern offers many design services to fit your needs, so schedule a free discovery call today. The investment will pay off!
