How do you re-invest in your home?

[Stephanie]

Hey there everyone,

One of the secrets of success in renting homes is knowing how to re-direct part of the profits into keeping them attractive, modern and competitive. It's survival of the fittest out there!

Hosts need to make constant improvements, invest in new appliances, paint the house regularly, change furniture that deteriorates, to name but a few!

So then, how do you re-invest to keep your home perfect?

Thanks,

Stephanie

[Kimberly54]

@Stephanie, you've got to be kidding.

"...attractive, modern and competitive. It's survival of the fittest out there!"

"...constant improvements, invest in new appliances, paint the house regularly, change furniture that deteriorates, to name but a few!"

Stephanie, there are roughly two types of renters:  Whole House, and Rooms. 

I'm only addressing rooms.  A lovely, gorgeous home with an incredible room/bathroom... everything works.  I don't need to move the furniture for someone else.  If the paint is peeling, well, that's a problem, but "regularly?"  What does that mean?   Change furniture?  I have 50 year old SIGNED furnature from Italy... aint making no changes, and it isn't "modern."  And some of the things are... but they're mine.  Not Cosmo-modern... and some are...and some are far more interesting.  

Better to show up as yourself.  Sure, things need to work, needs to be clean and tidy, and these are our homes.  Shine, for certain... and share yourself. 

Isn't that where this whole thing came from?  Trust?  Sharing our spaces and our lives? 

[Stephanie]

Hi @Kimberly54 ,

Glad to see the passion you have for your listing! You have hit the nail on the head and this topic is exactly for that - finding out those motivations and diversities we have here on the CC.

As you say, you don't always need to replace/repair - some hosts do, some don't! I'm glad you have posted because it's given me the oppertunity to check out your wonderful listing (I'm very jealous of the size of your garden!)

Thanks,

Stephanie

[Stephen-and-Adam0]

@Stephanie

We continue reinvesting in various ways, small and large.  Prior to our Plus inspection, we refreshed paint and soft furnishings and invested in some new planting and outdoor furniture - much heavier this time as part of the previous set literally blew away! 

We keep track of any deterioration in fixtures and fittings and repair/replace as necessary just to ensure the place maintains a high quality feel. 

Adam 

[Linda108]

@Stephanie   I am reinvesting in my home mostly for myself.  While I have this Air BNB business, some of the improvements have tax advantages here in the USA.  These are updates that improve my listing and add value to my home.  So I get increase equity in my home, tax write off and an improved looking/functioning listing.  Pretty sweet deal!  Some improvements have been fairly major such as new HVAC (air conditioning), totally renovated guest bathroom, and custom designed closet organizer.  

[Susan1404]

@Stephanie- I don't do home sharing, but I do have a large guest cabin that I rent out.  I have only been doing it a short while, so while no serious repair work has been needed, I have "tweaked" it and continue to do so.  I have replaced some of the older quilts and spreads with some that make the rooms look more inviting, hung a little more artwork on the walls, and am waiting to have enough money to make one big tweak - that being adding a small dock with gazebo over the lake next to the cabin for people to eat at.  One step at a time is what I keep telling myself, so for now it's just little things.  I am starting to get repeat business and I feel that those repeat customers don't need to see exactly the same thing the second time they come back, so I continue to try and find ways to freshen up the appearance.  As soon as the chance of frost disappears, that will probaby be some plants and flowers added to the exterior and the front porch area.  I guess what I'm trying to say is, it ends up being an ongoing labor of love to keep it looking spiffy.

[Sarah977]

@Stephanie  I'm very much of the same sentiments as @Kimberly54  here. I set up my guest space 3 years ago. I have never had to make "improvements", "modernize", invest in new furniture or appliances, nor paint the house "regularly". I built my house 11 years ago, used high quality paint, and nothing needs repainting. Any dings can just get a 2 minute touch-up with the extra paint of every wall color that I keep. I had the same paint on the walls in my Canadian house for 18 years- when it came time to sell, I just scrubbed down the walls, touched up the dings, and everyone thought it had been freshly painted. Doing a high quality job in the first place and using good quality materials means you don't have to keep spending money redoing things.

Competitive? Survival of the fittest? You make it sound like hosting is some dog eat dog world. That's not my reality.

[Ann72]

@Stephanie "Survival of the fittest" also put me off for a minute, but on further reflection I see the truth in it.  The good hosts who are posting here wouldn't think of offering anything shoddy, but those who do will find that the market will speak, their bookings will dwindle, guests will complain, and ultimately their lack of dedication to the guests' needs will force them out.  I've seen it happen in my area.  (And those bad guest reviews make for such entertaining reading!)

Like the others, I don't regularly buy new furniture, but I do maintain it.  I have two leather sofas (they were inexpensive to begin with) that I treat with leather cleaner and buff every year.  I don't have to paint the exteriors because they're cedar shakes but I did have to refinish decks last year.  And as @Stephen-and-Adam0 wrote you have to keep on top of anything that's broken or worn out and fix it or replace it.  Even though the newel post knob that kept coming off in "It's A Wonderful Life" had its charm (and its role in the movie), in reality, we can't ask guests to live with jerry-rigged items around the house.  Everything has to be "ship shape and Bristol fashion"!  (I really have to find out the origin of that term....)

[Stephanie]

@Ann72 @Sarah977 

Survival of the fittest doesn't mean survival of the newest! Otherwise, we'd be all staring at white walls living in show rooms with no personality. Dread to think.

And the best is open to individuals interpretation. By no means am I saying anything aged, bespoke or eccentric is not fit for a home. 

It's how the hosts showcase their personality in their decor that can really make a listing stand out to potential guests - this can sometime require upkeep. 

Thanks,

Stephanie

[Zacharias0]

I find it necessary to reinvest in your listing at least yearly. I focus on items the guest will touch and see more frequently. Throwing out worn pillows and stained linens is a requirement. After 5 years of doing this Im getting some new mattresses for both rooms. Im also updating the bathroom with a new vanity and lighting. Im in an older house so for me I was going to do the renovation any way, but now it'll be considered a tax write off as only my guests use that bathroom.Interestingly enough once my guests leave the new ones that arrive wont be able to appreciate the upgrades because they will think it has always been that way.

[Yulianna0]

I’m with @Kimberly, @Sarah977 and @Linda:) I’m sharing my home so the things that I do I do mostly for myself. Painting? Yes, when I want to change colors. Furniture? Thinking about new wardrobe:) But thanks to hosting I have changed old coffee maker for new one with timer. So now I don’t have to wake up when my guests are leaving too early:) 

[Susan17]

Interesting - and telling - phraseology. The puff-pieces are beginning to sound more like diktats, or commercial enterprise charters, than suggestions for discussion.  

[Jody79]

We are new to hosting, so right now virtually all of our profits are going back into making improvements to the space we offer. Things like furniture, linens, kitchen ware, pictures, etc.  Hopefully at some point we’ll be at the maintenance stage. 🙂