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Major renovations? Then raise fee?


#21

Barns, Jam, you are as bad as each other! Thank you for making me smile after a torrid morning.


#22

Probably more about your philosophy on money management. I personally wouldn’t borrow money that would require Air income to repay. If you can afford to do this maintenance (because this is standard property maintenance to protect your investment) , then it would benefit you in the long run from an equity perspective.


#23

Great information folks! I appreciate all the input. To answer some questions: We would be able to do the main labor ourselves of tearing out the old fiberglass shower stall and replacing any bad framing, and installing new green board sheetrock. Everything to ready it for hot mopping and tile.
The tiling costs are estimated at between $1500. and $2200 depending upon which contractor we select. That is with simple beige tile. Nothing fancy.
I was just getting worried about the final cost including our materials, and the finish contractor.
The rot in framing is not apparent or visible to the inexperienced. But I can feel the wall flex while cleaning.
So, to at least make the old college try, we spent the past two days playing “house flipper”. You know, where you make things pretty, but do nothing to structurally fix.
We scraped and spackled, primed and painted around the shower window. Used steel wool and cleaners to brighten the aluminum window casing. Cut and manufactured with PVC exterior trim, a frame to cover the top edge of the fiberglass shower stall.
I am feeling much better! It looks great and should buy us some time to gather cash to actually do it “right” I agree with not getting any loans. That is a bad road in business. I just save my pennies until we can afford to pay cash.
Thank You everyone!


#24

Is it possible to, at the same time, add some inexpensive amenities to help justify price increase?


#25

I did just purchase some inexpensive decor additions, and the reviews are great! That helped. I just really feel it isn’t fair to charge more, when the structure needs help. We just have to build towards it for next year.
I don’t know. We have a niche market. We are cheap, easy, and take dogs and kids. Ha!


#26

The way we approached our Airbnb home was that I started with a “goal” price which would be a price I would absolutely be thrilled if I could rent at maximum capacity with.

Every upgrade we make, from paint, to upgrading our furnishings, to adding amenities, has been with the goal of inching closer to our goal price and capacity. Since we started three years ago, demand for whole house rentals has also helped push our base price and demand up as well.

I think having a goal price provides a good framework from which to make upgrades. We are also often approached by real estate agents eager to list our home for sale. So we take into consideration if upgrades will add value and help the home sell faster if we were to go that route.


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