If you have inherited a property, then deciding what your best return on investment on this property will be can be quite tricky without expert guidance.
Inheriting a property can also be a highly emotional time, as the property you have inherited may well be your childhood home, or a property which meant a lot to you growing up. The knowledge that your loved ones no longer live there anymore and it’s time for new residents to settle into the home can often take time to get your head around. If you have inherited property from a distant relative, then this step may not be as emotionally charged as inheriting from a close family member or friend.
It might be that you are considering selling the property for the proceeds of the purchase, however it could make more financial sense in terms of future investment, to rent out your property and collect the proceeds every month, whilst allowing the property to hopefully appreciate in value over the years.
If you do decide to rent out your property, rather than selling, then did you know that renting the property out for the Airbnb market can offer a much more fruitful return, than simply renting via the current lettings market, which is quite quiet at the moment thanks to the current uncertainty surrounding Brexit.
It’s a well-known fact, that in the local area the Airbnb market is currently booming. Renting your inherited property via Airbnb may also be beneficial to you, because it means that you don’t have to completely clear the property out, you just need to make it liveable for someone else.
So, with that in mind, here are some tips to help you prepare your inherited property for rental using the Air Hosting Airbnb Model
Depersonalise the Property
If you have inherited a home, then it may fall to you to have to sort through the belongings of the person who previously lived there. If this is the case, then this can be a tricky task to have to do. There are House Clearance Companies who can assist with this task if you don’t have the time, the motivation, or the emotional energy to undertake this yourself.
Clearing the property of any personal items can help with de-personalisation of the property, but it may be that rather than completely clear it, some items can be kept for use by your Airbnb Guests, so clear out all of the personal items first, and then assess a need for what you are left with.
Assess Household Contents
Once you have de-personalised, then the next step is to decide which items of furniture and equipment are useable and can remain in the property, and which are past their best and will require replacing in order to offer the property as an Airbnb rental option.
Remember that you need to be able to present the property in a well-furnished state, so decide what you are going to keep, what is going to go and what you may have to buy new. It’s also helpful to think about purchasing any items which your future guests would benefit from which may not currently be in the property.
Consider the Decorative State of the Property
Offering a property for rental in a good condition, with the right amenities in place can make a difference on the return you will see through rental, vs. offering it for Airbnb rental in a less attractive condition.
A quick coat of paint by a painter to freshen up the place, or the advice of an interior designer to add “Curb Appeal” and a new lease of life could really help. It might be that investing time and finances into a change of bathroom or kitchen could also help the income from the property in the long term.
Consider your Target Market
This is where we come in! At Air Hosting, we can help you to work out which audience to best target the property towards, as this will influence how you present the property in terms of furniture and amenities available within the property. For example, do you want to attract longer term guests who are having their current home renovated, or the weekend city bolt-hole crowd? Families, Large Groups or smaller groups? This is something that we can offer help and advice on, and we will also market your property for you through our Air Hosting management service.
Enjoy the Income!
Eventually your home will be ready for your first guests and you can start enjoying the extra income that Airbnb Hosting provides.
If you have inherited a property which you are considering renting out on the Airbnb market, then we would love to help you manage this process, as we’re sure that you’re busy enough managing your day-to-day life, without having the hassle of having to worry about managing a property you have inherited too.
You can simplify the process by allowing us to manage the property for you, taking the hassle out of worrying about those everyday emergencies. You can even incorporate our management fees in your guest’ fees so that it’s a win-win for everyone. Your clients get great service and a great experience, and you get peace-of-mind that everything is being taken care of.
Why not give us a call on 0203 9590229 to find out more about our Air Hosting Management service.