I’m a newer host. Looking at buying a condo and either flipping it or airbnb. How do you calculate what you think you can earn in one year?
I’ve looked up homes in the area, what they are priced at, and how much they’re unavailable (not that doing that is a reliable measure of how booked they are).
Far too general a question. You won’t know what kind of market there is until you start doing it. It can be seasonal too. Even in Hawaii, I run into the same seasonal slowdown year after year.
Do what any other host would do. Do your market research - competition, target audience, which listing companies/marketing channels to use.
Put together a budget of start up and ongoing costs. Estimate rate and number of days for your listing. The difference will be your profit is the difference between outgoing and incomings. (Don’t forget to include a cost for your time).
Use this information to decide whether to let.
Yep, too vague.
You need more market research not just in your city but in your neighborhood; and then it’s still a crapshoot until you’ve been doing it at least a year or more.
Lots of factors too in how nice/well appointed/decorated your place is, number of beds, other amenities, etc. as well as your abilities as a host.
I recently read an article I believe in Forbes. Basically, it said you can’t make a profit buying an empty home and turning it into an Airbnb. Start up costs are too high. Too much stuff to buy. However, if you already have a furnished home, it can be worthwhile.
I plan to redecorate my home and use the old furniture in my airbnb.