How to Create a Budget to Renovate Your Airbnb (Ep497)

By Jasper Ribbers

August 12, 2022

You want to drive more bookings for your Airbnb properties at a higher revenue. To do that, you know you need to create experiences that will connect with your guest avatar and are cohesive to your brand.

But before you start renovating, you need to understand what the ROI will be and if the money you spend be worth it for your bottom line and the guest experience.

So how do you create a budget for the guest aesthetic you seek and still make a profit?

On this episode of Get Paid for Your Pad, Eric and I walk you through the questions you need to ask before you begin to make your renovation budget.

We'll walk you through all the small details you need to consider when determining which elements to select to assure you are creating the experience your guest is looking for when they book your property.

Listen in for insight into how creating world-class experiences can help you justify higher prices. Plus, how to cultivate the same experiences the big hoteliers do by focusing on the five senses.

Topics Covered

Why the discovery phase is the most challenging part of budget planning
The first question to ask when making your renovation budget
How to use AirDNA to compare to the top performing units in your market
What you need to look at to determine what will create the experience your guest is looking for
How to cultivate the ‘every detail matters’ experience of big hotels without their budget
The most crucial factor in determining your renovation budget
Why your brand is just as valuable as the real estate you build it on
How to put together a vibe or lookbook for your interior designer
How creating world-class experiences can help you justify higher nightly prices