Hi @TianYu9 I've done all sorts of upgrades, large and small. I bought my current listing in 2020, and it was run-down and filthy after being let to long-let tenants for years. I knew I wanted to do a complete refurb, but obviously couldn't do it during the pandemic, so instead I first did a very deep clean. It's a tiny house but it took two of us three days.
I kept some of the furniture there (I bought it furnished because there were still tenants living there initially). I got rid of the ugliest furniture, and got second-hand stuff from Freecycle and charity shops and borrowed some things from friends, like pictures for the walls. And I recarpeted the upstairs with the cheapest carpet I could find - the carpet there was too old and dirty to be worth cleaning.
So, I did all this on a tiny budget, then listed it here. It wasn't a 'luxury' listing, but it was super clean, tidy, fresh and cosy, in a great location, and I immediately got bookings.
Then, in 2022, I did a complete renovation, costing tens of thousands. Yes, I can now charge more, and I think the guests are overall 'happier' and more delighted to stay there, but I was getting 5* ratings either way. The main thing, as I said, is that the listing is super clean, tidy, fresh and cosy, but equally important is the service side - to provide a seamless check-in, and make sure everything is in working order, respond to messages ASAP, etc.
As to your question, was it worth it? I'd say the first quick refresh on a tiny budget was definitely worth it. The major refurb was worth it in a different way - I won't get the actual spend back just from Airbnb income, but it's an investment in the property itself for when I eventually sell. Its value has increased by more than I spent already (I also had to do it because of a complicated tax situation).
