How to Choose a Great AirBnb Property.
1. Pick a great location. There are many walkable neighborhoods in Denver and surrounding areas. Those make terrific spots for AirBnbs! From Park Hill to RiNo to SoBo, there are so many great areas where you can find a great spot. Outside of Denver, the rules regarding AirBnb are a little more lenient and could be more profitable and practical, especially if you don't live in the property. Choosing an area near the airport, a great park, or in the mountains could make your new rental cashflow like crazy!
2. Cute Kitchens, Cute Bathrooms, and Nice Bed Linens seal the deal. You can often buy a small place and renovate which is an investment hack that wise folks have used for years. If you choose a smaller property, your up front repair costs could be minimal. I'm happy to give you an estimate on how to keep your costs low or finance repairs into your loan and refer you to good contractors. If you'd rather go turn-key, you can skip the work and get straight to making some extra money. http://bit.ly/2Wxocfo
3. Pick a Theme. Great interior design goes a long way in making people want to rent your place. Rentals with character also stand out. If you're looking in the Cap Hill area, you may want to focus your decor on a more funky historical theme, whereas a LoHi rental would speak to more modern, sleek interior design. I have some great designers to help you through this process of choosing a theme AND staying within the budget. http://bit.ly/2VTXbFy, http://bit.ly/2Luhy8y
4. Have a professional take your photos. (I can set this up for you) Homes with professional photos look better online. Shoppers are going to tour your rental online before scheduling a weekend. Check out this cutie.... Professional photos go a long way http://bit.ly/2VRk50o
5. Stay within your budget. If you're buying a home with vacation rental potential or if you're thinking of renting a room in your home, make sure you stick to your budget. Remember that as great as real estate investments can be, it's no fun to be underwater.
6. Know the Rules. It's best to know up front an additional licenses or costs that may be involved in having a short term rental. https://www.airbnb.com/help/article/1404/denver--co
There are many ways to maximize your home's rentability with AirBnB. From great interior design to themes to match the neighborhood or town, ask me how to make the most of your short term rental.
Use the tool below to estimate your income on your current home. I have several great contractors to help you with this project, send me an email at Deanna@MadisonProps.com, and I'll connect you.