In 2018, an estimated 9.3 million short-term tourists visited Australia. There are also the 26 million residents who live here. This turns Airbnb income into an interesting proposition for property owners. You could leverage it into a full-time gig, or you can turn it into an additional stream of income. Before you rent it out, assess the property and space. Here are three improvements to consider completing.
New Floors
Improvements for an Airbnb property or room don’t need to be expensive. You also don’t need to complete them at once. Incremental improvements work just as well. New floors are a great start. Wooden floors make a space look modern and new. Carpet is beautiful, too. It depends on how much maintenance you are willing to complete in between clients. The nice perk is that there are varying pricing points within each category. Nice floors make a good impression.
More Storage
Sometimes it feels like there can never be enough storage. Since you may have a constant flow of renters, it makes sense to put in more. Plus, it doesn’t have to be an expensive improvement. Closets, cabinets, and under-bed storage are additions worth considering. Most guests pick a residential property over a hotel because they want to unpack their suitcase, and not feel like they’re living in it.
New Paint
A new coat of paint does wonders for a space. It’s a great quick fix for a property that’s starting to look dull. You can complete the project as a DIY or hire professionals. Since you’re improving a rental space or property, you can dive into the science of colours. Then, pick one or a theme based on the mood you would like to create.
Airbnb Income Conclusion
Airbnb income is a great way to earn additional revenue. As you get started, it’s a good idea to complete incremental improvements at the least. If you require financing for these renovations, our Mortgage House team is ready to help you finance them through investor, mortgage, or refinance loans. The Australian housing market offers plenty of opportunities. We can help you take advantage of them. Plus, we offer several online financial calculators with no strings attached.
