The Airbnb trend has really taken over the world. One of the most surprising aspects of it is that this business model is successful in many different markets. If you have decided that you want to purchase a property for an Airbnb you will need to make some careful considerations about what sort of property will work for you. Here is a list of some of the factors that need to be thought through.
- Location: Location is everything in real estate, and it is for rental properties too. Airbnb management in Manly is available. Many people have discovered that not every neighbourhood can make Airbnb work. You need to choose a location that is not only popular, but has some knock-on advantages such as proximity to transit, tourist sites, nature, and general accessibility.
- Type of Property: Any kind of a building may find occasional interest, but not every property will be consistently rented. You want to choose a property with the broadest appeal, something that might be rented by a family with kids, or two couples travelling together. Choose a place with character so you can market its charm.
- Profitability: This is a business, so you must make the profit potential a priority. If you are purchasing this property with a mortgage, you have to make a profit on top of that, and all the running costs and taxes. You need to consider if the building you are looking at can generate that kind of income on a regular basis. A company like HomeHost can show you how to increase the profitability of a rental property.
- Local Market: One more consideration is what kind of rental market already exists in the area? Is it heavily saturated, or would you be the first? Ideally you would like to be in a market where there are some Airbnb’s available, but not so many that you will have to fight for tenants. If there is an existing market it will draw more business to the neighbourhood.
Other considerations would be what sort of upkeep is required for the property? Is there a pool and a garden that will require servicing? Is it close to your home, or will you have to spend a lot of time travelling to the location? Once you have considered all these issues, get in contact with an Airbnb management company and see how they can make your plan work for you.