- 8 May, 2019
- Listing your property on Airbnb and Booking, Payouts and taxes, Pricing, Short term rental
Whether we are a guest or a host, we pay airbnb fees and commissions when we use theirs or any other paltform…
If you’re choosing an apratment for Airbnb and booking.com short-term renting, it’s my advice to look at it as an apartment you’ll be renting long-term too. This way, you will guarantee good income from this investment for years to come. Long-term rent has always been and will continue to exist. I’m not saying that platforms like Airbnb and booking.com and short-term renting in general do not have future, just the opposite. Short-term renting is developing at a fairly rapid pace in recent years worldwide. A dwelling can be chosen and built in such a way that it can work well for both short and long-term rentals.
The first and most important thing you need to pay attention, when you’re choosing an apartment for Airbnb is the location! A flat in the nice part of the city will bring you the most revenue. It is best to look for an apartment in the actual centre of the city. The periphery of the centre also works, but at lower price and with much lower bookings. I personally would not rent an apartment short term in the periphery of the centre or the suburbs. It is good to rent long-term in these areas.
More than obvious, it is a great advantage if your building has a lift and a parking space. Unfortunately, such buildings in big european cities are extremely rare. If there’s no lift, what can you do… Many of the guests come from major European cities where the buildings in the centre are old and without a lift. The guests who arrived by car are very few. For them, you can offer some of the paid parking lots near your building and explain to them the parking rules if they want to part on the street around your building.
Well accepted are apartments in buildings without a lift located on the lower floors (not above 3rd, for example). If you chose an apartment on the 4th floor or above, keep in mind that there will be reviews about that. My advice is not to hide if you are on an upper floor without a lift but to advertise it in your listing’s description so the guests know what to expect. The platforms (both airbnb.com and booking.com) offer a separate option where you can state you are on an upper floor with no lift. Most guests do not really have a problem with the high floors without a lift when they come in for a few days especially if they know in advance. Just note that whatever you do some of the guests will just not read the description and will then complain.
A serious con is the lack of a lift when looking for a long-term tenant who will have to climb the stairs every day. Then the price at which the dwelling would be given would be lower.
A pro of an investment on a high floor apartment in a building without a lift is that it can be purchased at a lower price.
It is good to have information about the neighbours in the building when you are choosing an apartment for Airbnb renting. What kind of people live there, are they unanimous in deciding on issues with their joint property, what’s the attitude on short-term rentals. It would be great to know someone at the entrance of the building. In general, this will not be possible in advance. What you can pay attention to is how the facade and the entrance look like. This will give you a pretty good reference for understanding between neighbours. If you want, you may meet the building manager and ask him about everything.
Even if there are neighbours who say you cannot rent your apartment short term. What you have to do is register yourself / your apartment. Then at the next general assembly of the building owners let everyone know that you are doing this legally. It is legal and in just a few cities in the world, it has some restrictions.
The most easily sold apartments for short-term rent are studio type and one-bedroom type. What you have to have in your apartment is a bedroom, a kitchenette, a private bathroom and a toilet. The bedroom must be with a minimum size of 140 x 200 cm if you plan to accommodate 2 people. If possible, the kitchenette has to be somehow separated from the sleeping area if it is in the same room. Provide a place for a high table, albeit small, to be used for eating and more importantly for laptop space. A living room is a plus but is not mandatory. Balcony with nice views is a great plus, but it is also not mandatory.
Well-made basements and ceilings are also a good option and can be rented short term, especially the ceilings. At basements, you should be careful with moisture. In the ceilings with bevels and possible leaks from the roof. Small but well-equipped and artistically furnished ceilings sell well on Airbnb. On booking.com, not so well, but you can also expect reservations from this platform’s clients. The prices for buying ceilings are significantly lower, but turning them into a place to live takes more money. You should very well consider how legalization, from where you will take water, sewerage and electricity. Sometimes you can come across an apartment for sale that has a ceiling or a basement that is already separate for living or with planned communications (electricity, water, sewage) at least. If you have additional questions, do not hesitate to hit me up with a message.