I want to turn my IP into a Air bnb

Im thinking about turning my SYdney Kings Cross studio IP into a Air BNB

I have however noticed quite a a lot in my area and prices way down think $70 a night at some of them ? I could easily rent it $500 week normal lease so maybe Air is not the right way to go except over Xmas ?

I need to think about electrcity costs , air con being left on etc

However it seems they charge an extra $50 to $80 for cleaning fee so thats how to make extra cash ?

I need some advice ,i noticed under reviews many landlords providing soaps shampoos, bottles of water, dishwashing liquids , etc , what do u provide your renters if you have air bnb ?

What about WIFi?

They will steal the soap and shampoos , and should i provide tea bags and coffee satchels?

 

$70/night is $490/wk but you're expecting 100% occupancy plus throwing in all of the extras.

Is $70 giving away all of the features?

 

I might give it a try actually , see how it goes .

I think if I get Wi Fi connected i could go higher , Maybe even add a mini bar ??

Then i have to provide / wash sheets , etc etc

 

Be prepared for an enormous amount of work.

 

It cant be $70. I just checked and it is $150 per night, even that is deceptive because some charge more when you actually make a booking. With cleaning ranging from $50-$90. Dont rely on the price you see per night. Actually go through with the booking right up to the payment section then you will see how much the true cost is. A lot of places advertise less to get you interested, but then when you do the booking you will see the actual cost.

You should be getting twice your long term rent. and yes it is a lot of work. I would recommend researching a bit more about it before you do it. Search the forum, there a lot of posts with numbers and ideas on Airbnb etc... paging @Gockie

 

Be prepared for late night arrival and early departure. People wrecking your place or make it dirty enough to vomit. Congratulations if you have serious curry eaters or wok stir fry enthusiast. Your house will be out of action for a week. Big family with young children can also be problems too. Of course you have the godsends too. But not the majority.

 

Its only a Studio though ,28sqm has a double bed only but a good kitchen with cooking top ,oven, etc.
Thanks Excalibur , I maybe reading it wrong , I thought $70 a night seems rather cheap even for a Studio apartment.

Im concerned more about the electrcity bill as well , what if they leave the Air Con on all day whilst there out, which people will !

Gay Mardi gras is coming up next month so im thinking maybe a good profit to be made .
It says you can take a Bond so i will, I guess its a risk .

 

Get the learnairbnb emails to understand what it's all about. You need to focus on the people first and money second.

 

We had a month long booking in our airbnb and our usual $200 per quarter electricity bill came in at $800 as they left the space heaters on all day. We are still ahead with airbnb though comparing the income to what we would get from a traditional rental.

 

I have had well over 100 Airbnb groups through my main Airbnb pad and not one issue. Nothing damaged, nothing nicked, no mess. It's next door, which helps, but I also choose people well.

 

Why would you rent on the short term market when it is becoming saturated, you have inconsistent rentals and you have little or no control of guests, some of whom will use your place as a venue and cost you heaps.
Unless you charge a hefty bond, resulting in your place being avoided, you are doomed to falling rents. And then ther is the fact you are crapping on your neighbours.
I suggest you don't do it as it will end badly for you. My thoughts from having had one of these houses from hell next door and seeing how they work. Should be banned but unfortunately councils are in the pockets of the industry and refuse to use their zoning laws to stop the carnage as places for people to live are turned into commercial zones are families are put to the sword.