Before ever buying a property for Airbnb you need to consider the location of where the Airbnb should be. This will maximise tenants and profits to make sure the money you spent on the property doesn’t damage you economically.
There are a lot of variables you need to keep in mind when buying one, but this guide will try and help you pinpoint them.
Popularity & Entertainment
One of the first things to check out is how popular the area is. You need to choose a location that has a lot of people living there. Typically, people choose their Airbnb to have a place to stop at while they are out on a weekend or holiday.
By having a popular location, you guarantee that your tenants have a lot of needs met in terms of shops, venues and restaurants to visit during their stay.
You can check out popularity by looking at the property’s location and looking up the local population. A larger population will likely have a lot of venues available for tenants, whereas a lower population will have less.
By checking out the property on a map you can also see the distance between entertainment venues to maximise accessibility for your tenants. When you choose a location that is closer than most to these types of venues it can make tenants a lot happier and more comfortable.
Affordable & Availability
Your property should be in an affordable area and not be too expensive otherwise fewer tenants will be able to afford to stay. Having access to a few expensive restaurants but a lot of affordable ones gives your tenants a great variety of places to explore for a range of different budgets.
Room availability should also be important when buying a property as the average tenant group size will consist of between two and three people. So, having at least two to three bedrooms is important to make sure you can maximise the number of tenants that can come and stay in your Airbnb.
Safety & Cleanliness
General safety in regards to crime, noise and cleanliness is extremely important on your property. A high crime rate may deter tenants but worse, it may also cause criminal damage to your property. Check this site to see the crime rate in your area. This will help you find a safe location to host your tenants.
The crime rate could put your tenants in danger if it is high and may affect you and your property. An empty Airbnb could be more prone to criminal damage.
Noise pollution can also be a factor in the quality of a property; too much noise pollution may end up creating sleepless nights for tenants. Extrium checks noise pollution and air quality for a specific location. You also don’t want your Airbnb to be causing noise pollution for your neighbours either!
General cleanliness is a key aspect of a property – it’s nice to have your tenants in a comfortable place that is clean inside and outside. It’s not nice living somewhere that may look like a junkyard, especially as it’s more likely to attract danger and vermin.
Hopefully, this has helped you pinpoint and look out for certain signs that may encourage you to buy a property in a different place. After all, you not only want to get back the money you spent, you also want to make sure the tenants feel safe and happy there.
So, keep an eye out for these key aspects of a property before buying it. If you need any help with creating a guide, read this article: How You Can Elevate Your Airbnb with a Guidebook
If you need any further help with anything Airbnb related, feel free to contact us for help at Keey!