If you’ve been looking for a side business and live in an area that is active with short-term rentals, you’d be surprised how much money you can make! While short-term rentals may be more cleaning and reset work than having a long-term renter, the potential payouts are also higher. Many people are finding ways to host short-term renters in their own homes or on their primary residence’s property, all without having to invest in new real estate to get into the business. Homelight’s End Of Year Agent Insights Survey showed that many people are using these spaces for intergenerational living, but the separate unit can easily become a rental as well if no family is wanting to live with you at this time.
Here are the best first steps to making a part of your home or a tiny home on your property into a great short-term rental.
While you could redo an entire wing of your home, the cheapest plan is to make use of what you have. If your upstairs is a separate space you don’t use often, or if you have a finished basement with a separate entrance, use what you have to create the cozy, inviting short-term rental that you want to make. If there is no natural space division in your home or the guests would have to use a lot of your family’s common spaces, start looking at what it would take to make a tiny home on your property based on local regulations – this is sometimes easier than you think and works well for short-term rental sites that are more camping focused or for those who are looking for a unique stay.
When ensuring your short-term rental has all the basics, a very good place to start is a kitchenette if the renters won’t have access to your full kitchen. A great place to start is with a micro-fridge, a combination refrigerator and microwave, and a coffee maker. If you have room to make your kitchenette larger, shelves, dishes, and a nice induction cooktop can all be nice ways to make it easier to cook for themselves when they are visiting your home.
One of the most valued elements in short-term rentals now is the ability to enter keyless, without arranging to meet up with the owner upon check-in. It’s fast and flexible, and the code can be changed periodically for safety. If you don’t already have an exterior entrance for your section of your home that is just for renters, that is a valuable renovation to plan, even if it involves building an exterior staircase or other method of access. It’s worth looking into!
While adding a short-term rental is exciting, many jurisdictions have regulations on how these kinds of businesses can be conducted. If your area, for instance, prohibits tiny homes without permits, you need to follow the rules in those cases. If your neighborhood has a lot of trouble with too many cars and too little parking, consider making arrangements so that your renter always has ‘your’ spot, and you park your car somewhere less crowded, or make sure there’s room on your personal property for all cars involved. Making these choices helps you to be a good neighbor while generating rental income, and eventually your short-term rental possibilities may help you to sell your home fast!