Hosting your home or renting out part of it on websites like AirBnB can be an exciting and rewarding experience. While you may be eager to get started on renovating or designing your new income property, there are a few practical steps to take first. Keep the below tips in mind as you discover how to prepare your home for hosting or renting out to guests.
1. Create Photo-Worthy Rooms
What’s something everyone does while on vacation? They take photos. These days, people love staying in places that are photo-worthy. Half of the fun of planning a vacation is finding a cool and unique place to stay in. Make your listing pop with unique design elements.
Some ideas include updating your lighting to include eye-catching fixtures, hanging quirky art, adding bold wallpaper, or having unexpected elements like hanging a hammock in your living room. Adding something unique to your rental will draw the attention of more guests.
You can also try designing each room with its own theme to give it character. Trending themes right now include boho design, all modern, old school Hollywood, local flavours and anything vintage-inspired.
The biggest benefit of creating photo-worthy rooms is that people will share these photos with their friends and online following. You can easily get referral business by creating buzz just through your guests’ photos of your rental.
2. Design with Practicality in Mind
While having a photo-worthy rental is fun to design, you have to keep some elements practical. After all, these guests will be using your home as their own and will need regular amenities.
Also, consider the practical aspect of some designs and adapting them into the living space. Some designs may look good on paper or as an idea in your mind, but in reality, they can be very expensive or time-consuming. Consider the ROI of any big design change before you invest in it. So instead of investing in a large art piece, think about getting a practical coffee machine. This can be highly useful, increase the renter’s enjoyment of the space and you don’t have to worry about breaking an expensive art piece.
To create a more personalized and easy-to-use kitchen area, consider adding a small breakfast nook. You can help your renters start their day with breakfast including an easy to use coffee machine, toaster and other essentials. They won’t have to skip the most important meal of the day with this breakfast nook in your rental.
3. Remember It’s for Guests, Not You
You know all the quirks about your property, but your guests won’t. Depending on whether or not you will be on the property, it’s nice to have a list available with tips for them. You can create a tip-sheet on how to use the coffee machine, the laundry, the thermostat and even the television. This way you will avoid being pinged by your guests every five minutes asking how to use various appliances. You can tape all this information on the appliances along with some safety instructions.
Additionally, consider adding some elements to your house which might not be necessary for you but can be useful for your guests. This can include tasks like making the space more kid-friendly by babyproofing some parts, creating dedicated storage space for luggage, strategic electrical fixtures to charge phones and tablets, adding a hairdryer in the bathroom and even adding a string of motion sensor night lights in the hallway. Your guests will appreciate you taking the time to think of these little things that will make their stay more enjoyable.
4. Keep Your Budget in Mind
Many homeowners list their homes or secondary properties on renter platforms such as AirBnB for additional income. In many ways, your rental can become an investment property. However, you don’t want to break the bank before you’ve hosted your first guest. Before you start painting walls or renovating the kitchenette, make sure you will see a return on those investments.
You can do some simple math to help you calculate if the reno is worth the investment. For example, take the cost of the renovation and divide it by the price you will charge for your rental. This will help you determine how many times you will need to rent out your space to cover the costs of the renovation project. If your rental space needs serious work before it can be rented out, make sure you charge the right amount to make your money back.
Renting out your home on hosting sites can help you earn an additional income but you will need to prepare it first. Consider the above tips when deciding to renovate your rental. Whether you want someone to hang eye catching wallpaper or need an electrician’s help installing additional outlets, you can connect with local, community reviewed pros on HomeStars.
