How to build an Airbnb business: How Much Should I Budget for Furniture?
Asking how much it costs to furnish an apartment is like asking how much it costs to pay a random medical bill in the USA. It could literally be thousands more than you expected (much of which was not necessary) or it could be very minimal. Tim will give you a rough average of what you could expect to spend including:
- Where not to skimp on price
- Where you can save
- Where to look for furniture
- The biggest wastes of money you may have not thought about
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Welcome to short-term rental riches will discuss investing in real estate but with a specific focus on short term rentals quick actionable items to acquire manage and scale your portfolio I’m your host Tim Hubbard.
Welcome back to the short term riches podcast we’re gonna talk about how much you should budget roughly to furnish your short term rental and I say roughly because it can be a huge range you can really paint that thing out and spend thousands and thousands and get professional advice what is all of that really necessary maybe maybe not I found that you can do all of this yourself and for me this is my favorite part about short term rentals actually literally talk about this subject for hours because he gets very detailed on that the things that you want the types of things you want the man you want to spend the stock ideals the design the whole interior design component is very very important but I want to just give you a brief overview of what you can expect to budget so let’s get right into it.
A lot of my properties are smaller so I try to find smaller studios and one bedrooms on average I would say I’m spending on my one bedrooms about $3500 now it could be way less than that this all depends on how much time you have how much time you want to put into it and how luxurious you want your rental to be I’ve found in my markets that spending those extra dollars on luxury items doesn’t really get you the return of the bang for your Buck so around $3500 is what I’ve spent on a one bedroom and that’s getting a lot of my furniture from ikea off of Amazon off Wayfair these are all places that I can order furniture and have it shipped to my property so I can have one of my team members put it together so that I don’t actually.
Have to be there so with that said if you are there you can save a ton I mean literally you could spend just 20 percent of that price or you know a lot of these things you can even get for free if you go on Facebook market place our check out estate sales garage sales so the more time you have the more you can spent now one thing to keep in mind when you are buying furniture online is it is really nice to have sort of a combination so if you buy all of ikea and you unbox it you put it together apartment apartments gonna look like a kia and people probably gonna notice that some people really like that some people like all man this looks like a kia so I like to have a combination of new and with that with a few little things that are local possibly or that are older just to give it some flair I guess you could say so one bedroom I spend around 3500 Bucks a studio maybe you know round 3 grand it’s almost going to be about the same price for what I found a 2 bedroom you could expect to spend around $4500 remember a lot of your more expensive items are already going to be accounted for so you know living room sofa TV and kitchen appliances and those types of things so really when you’re adding another bedroom your really just adding another bad bed frame and now you may be thinking gosh adding another bad those are thousands of dollars but there are also several that you can get off Amazon that are shipped in a box that are extremely comfortable and you can just go to Amazon and check out the the radiance and the people of these things so you don’t need to spend a whole bunch on your beds maybe you have a dresser but remember you want to know roughly how long your normal guests staying there because sometimes you know you only.
We need a full blown dresser or even a full blown closet a lot of my guests come in for a couple days and so as long as they’ve got some place to hang their clothes and jackets and and you know couple chores that packs and things they’re pretty much good to go you don’t need to go overboard with those types of things some place for you will want to be thorough though is is the kitchen but this is all on the expectations you set you know so if your listing clearly states that you have a kitchen you wanna make sure that you have the utensils and the basics so that guests can come in and cook a meal all of oil salt peppers some pans for 1000000000 nonstick pan and those are a lot of little things that I think people are first getting into a maybe overlook some time you know having a bottle opener who man there’s nothing worse than showing up to a place pulling out a great bottle wine and with no way to open it maybe you’re in an area where you don’t have a car. So you want to make yourself a checklist run through all these things one bedroom ram 3500 Bucks to better you could expect maybe spend another 0 and a 3 bedroom home maybe around 6 to 7000 that’s probably gonna have some more common areas that you don’t want to be completely bare you want to put some art and things like that there so there’s 1000000 ways we we can discuss how to save on certain areas where you should put more money into where you should but I kind of just want to give you a brief overview in this episode what you could budget now remember those are just the my numbers and that’s ordering most of that off line which I’m paying a little bit more because it’s all new if you have the time and you can go on Facebook marketplace you can check local state sales you could cut those numbers down considerably just make yourself a little excel spreadsheet budgeted out and start shop around I think you’ll find that you can furnish a rental very reasonably with with quality furniture until next time a wonderful day.
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