the REAL COST to build an Airbnb in 2024 (is it worth it?)

Answering one of our most frequently asked questions - how much does it cost? In this video, we're diving into the numbers behind the tower build, what items we expect to go over, the most expensive line items of the build, and where we expect to land at the end.

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// THIS VIDEO
In today's video, we're pulling back the curtain on the budget for our tower build. Whether you're new here or a long-time viewer, we're breaking down the key expenses and sharing insights into the financial journey of constructing our dream cabin Airbnb in northern Michigan.

Our Cost Plus contract with the builder ensures full transparency, and as a CPA, I've developed a construction budget tracker to keep us on track. This tool, available for download (link in the description), has been a game-changer in staying organized.

We'll touch on various aspects of the budget, from site preparation and foundation costs to unique considerations like siding choices and interior finishes. The video sheds light on our thought process, challenges, and how we're managing costs while maintaining the integrity of our vision of building a custom airbnb!

// CHAPTERS
00:00 - intro
00:30 - building contracts
1:45 - cost breakdown
12:45 - the line item we're most worried about
14:20 - the budget tracker i created
18:15 - subscribe!

// ABOUT US
We are Hunter and Derrik - a married couple from Michigan building a collection of cabins in one of our favorite spot on earth. Join us as we document the highs, the lows and everything in between throughout the process as we try to build one of the top airbnbs in Michigan! We also travel to other unique vacation and off-grid getaways around the world from time to time.

#NorthernMichigan #Airbnb #NorthofNowhere

[NorthofNowhere.]

was it more or less than you guys expected? any line items you were surprised by?

[fmnyambi]

Thank you for the attachment, I am building an A frame in Africa (of all places😅) and the excel will go a long way in helping me track my expenses. Wishing you all the best and happy festive seasons

[krizzle]

This is really helpful, thank you for sharing. How did you go about finding and selecting a builder?

[jonspencer]

Great vid- curious how you’re financing the project? I’ve read about construction loans vs construction-to-permanent loans. What sort of down payment was required and is the rate above a typical mortgage?

[JMgmkh]

I had a house built in the 70s (a little north of where your building) with cedar siding. It was beautiful. However wherever the snow had piled up on the deck against the wall, though treated, it left a permanent stain.
I now live in the Philippines, but truly miss my childhood years there, and sometimes wonder what it would be like had I stayed.
Not surprised the high cost of the house. Surprised the low cost of the land.
Where I am the cost to build is much less, but land is expensive.

[MapleRidgeWoodworks]

Great content!! I'm going to look into your spreadsheet! Thanks!!

[kareng]

Very helpful info. We also bought a gem of a property surrounded by state and national forest and are looking to build. Feeling a bit overwhelmed lol.

[joshualand]

The wells gonna cost almost double on the mountain. If your letting the contractor (builder) hire the subs its definitely gonna cost $$ you did all the leg work y not buy the meterials and hire the subs could save lots and research the meterials zip is high labor and wont be warranted if you dont fallow manufacturer installation

[MrMurph]

Seems very expensive to me...what is your estimated ROI for this ABNB?

[alfredoj]

i love your design, is original, you both thoght out of the box and at the same time this design maximize your sqft

[unitaper]

What about architecture and engineering costs?

[kiteleyand]

Basic Question: how do you 'trust-but-verify' in the cost-plus model? I assume contractors won't be incentivized to strategically source your building materials, or use their scale / spend leverage...and so they will create some kind of rebated from their upstream material suppliers to them that you won't see AND they will be applying mark-up, management fees, etc. on top of all materials. Sorry to ask, but I have trust issues from experience ;-)

[roblamont]

Build a fire pit. Don’t have a indoor fireplace.
Renters will burn your house down.

[ELIRAXPRT]

I'd go with cheaper windows for a rental

[Satronaut-pwij]

Dude I thought it would be double that.