If you are an Airbnb host then you are already aware of the need to keep your rental property in tip-top condition. With so many listings on the platform, you need to ensure your place attracts plenty of custom and rave reviews. That means keeping your pad smart and tidy and could also mean making some key changes. Décor becomes dated and the wear and tear of having multiple guests staying on a regular basis can take its toll. The exterior of the property should be welcoming – first impressions count, and the interior should be just as appealing to visitors, for a few days at least this will be your guests very own “home sweet home.”
Aside from the aesthetics, there’s the big task of keeping everything in good working order, from the water pipes to the central heating, it all needs checking, maintaining and repairing as necessary. Just keeping things ticking over won’t necessarily bag you those guests – to compete you might want to add a top-of-the-range kitchen, some dazzling tech (such as a state-of-the-art TV with surround sound speakers) or a few wow-factors features such as a hot tub or private cellar bar! To maintain your property and make improvements you are going to need one thing above all else – and that’s cold, hard cash. Here are a few ideas on how you can go about getting it:
1. Small Business Loan
If you have a good credit score and a persuasive manner you might be able to secure a small business loan with a specialist company or your bank. However, you do need to make sure you will be able to keep up repayments or your credit score could suffer.
2. Raid Your Piggy Bank
Do you have a little rainy-day money tucked aside? Very wise. You could keep it “just in case” or alternatively you could put some of it to good use and give your rental properties the makeover they deserve. You don’t have to repay yourself with interest, so using your own cash is the cheapest option.
3. Dedicated Investment
There are companies offering investment specifically aimed at property owners in the rental arena. They can offer financial assistance that will enable you to make those renovations or buy that additional rental property. This might be a good solution if you are keen to separate your business finances and your personal affairs.
4. Airbnb Home Improvement Loan
Airbnb is so keen to help their hosts to improve properties that they are offering financial aid and the chance to join Airbnb Select (to those who make the grade). To be considered you have to secure high ratings and great reviews. Your property also has to meet the criteria (there’s a very long tick-list of desired amenities and safety requirements). However, it’s worth the effort, if you are chosen to list on Airbnb Select then your property will receive maximum and you might be given the opportunity to receive an Airbnb loan. The loan can be used to improve fixtures and fittings, update décor and assist with promotion (such as a hiring a photographer to get some professional photographs taken). The money is repaid to Airbnb via revenue from bookings.
5. Whack It on Your Credit Card
We’re not advocating you go crazy and charge everything to your plastic friend, but if you are fortunate to have a card with a high credit limit then you could put it to good use and improve your properties. Credit cards offer a fast and easy way to access money when you need it. The key is to pay the money back quickly, otherwise, you will be bitten by compound interest and end up paying far more back than you borrowed. It’s also wise to keep in mind that if you get into difficulty making repayments you could end up with a negative credit score.
Making the Most of Your Property
As a rental property owner, you are more than just a host, you are also an investor and like all investors, you want to see the best return possible. That means making the most of your property – keep in mind that you sometimes have to speculate to accumulate. Securing additional financial assistance could help you to make those improvements that will take your property from mediocre to marvellous.