When you make a commitment to buy a house, there is always the question of what kind of space you want and how much room you need. You will need to think about storage for your belongings as well as living spaces.
But what do you do when your home has too much space? Sell it? Invest in a bigger house? Turn it into an Airbnb property? Whatever the answer, we'll provide some tips on how to go about this process.
As a buyer, you will definitely want to consider whether you need more space than you currently have. There might be family members in the area who rent out a room while they look for their own home. If the answer is yes, then it's time to look at all your options before making this big decision.
For some people, buying a bigger home is cheaper than renting an apartment or house (especially if you're paying for maintenance and utilities). But there are many factors that can affect how much money you'll make on your investment -- like how much income there is in your area. If there isn't much work in the area, your earnings will probably be lower.
A lot of people think that they will make more money by renting out extra rooms -- but that's not always the case. If you're going to enter into this kind of business, it's important to know how much people are paying for rent in your area. If you have a lot of space to fill, then you can charge a higher amount.
Decide whether you want to live there yourself or rent it out -- remember that if your rental property is close to your home, then you can save on transport costs. In some cases, this can offset the cost of home maintenance and utilities.
The first thing to do is decide whether you want to rent your extra space out on a long-term or short-term basis. If you're renting out to long-term tenants, then it may be a good idea to invest in furniture that can be used for different types of businesses.
If you own multiple properties, then consider moving into the largest home -- so that you have plenty of space for your family and any guests. If you're just renting out one room, then it may be a good idea to choose one with a bathroom attached.
When deciding on how many rooms you should rent out, keep in mind that most people want at least two bedrooms and a bathroom. The other thing to consider is the type of tenant you'll be renting the room out to.
There are four main types of people who will rent guest suites on Airbnb:
1. Guests traveling on business (for up to 35 days) - If you're looking for someone to rent your home, then you may find that they only stay for short periods of time. This is especially true if they're traveling on business -- many travelers will plan their trip based around renting one or two rooms from Airbnb hosts.
2. Guests traveling on a short vacation (between one and four days) - If you're renting out space to people who are staying for a short period of time, then there's no need to go overboard with cleaning services. You may be able to find someone who just needs a bed and bathroom.
3. Guests traveling on long vacations (for more than 35 days) - People who are renting out rooms on Airbnb for an extended stay will probably expect your home to feel like a hotel suite. You'll need to make sure that everything is kept clean -- and that your host is available at all times if they have a problem.
4. Guests looking for a temporary home (between one and four months) - Renting your home to someone who is in the area temporarily can be a great way to make extra money. They will probably expect similar services as you would provide for any long-term guest.
If you are going to rent out a room or two, then it's important to have the right cleaning products available at all times. At the very least, you should have towels and sheets for your guests when they arrive. You may even want to have toiletries that they can use on their first day (toothbrushes, hairbrushes and soap).
If you are thinking about renting out your spare rooms on Airbnb, then you may be on the lookout for a new home in the area. Or perhaps you have a regular house that you keep rented out to generate extra income.
The tips that we've provided here should help you in this process -- but there is always room to improve, so let us know if there's something else that we could add!
Superb investment tips!