Author Topic: Airbnb basement suite  (Read 4134 times)

Maya

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Airbnb basement suite
« on: January 02, 2017, 03:19:05 PM »
We have a walkout basement so I'd like to develop it soon and rent it out on Airbnb. There are a few listings in my area (some with 40+ reviews) and they are currently building lots of hotels. I think the main source of travellers is sport tournaments and families coming to them so having a two bedroom unit would be helpful.

As we'd want the basement for ourselves in a couple years I'd likely only out in a kitchenette/bar area with sink, bar fridge, microwave and maybe a hot plate/stovetop type thing. Do you think we could get decent rentals without a full kitchen? If we could get good rental income I'd lean to doing it sooner rather than later as we'll want it for ourselves in about 3-5 years.

We have enough cash to pay for it, but we also need to do landscaping (new house) and ideally buy a minivan as I'm expecting our 3rd in June. I'm really trying to convince DH to forget the minivan for a year or two and suck it up with our old Corolla where we could fit 3 car seats. Basically we can afford two projects without emptying out our TFSA (longer term savings in investments). Even with low occupancy (just weekends) would provide us with some income to pay off the basement Reno we'd be doing anyways in a couple of years.

tralfamadorian

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Re: Airbnb basement suite
« Reply #1 on: January 02, 2017, 03:39:16 PM »
Do you think we could get decent rentals without a full kitchen?

What do the other basement rentals in your areas have?  ie: your competition. 

Maya

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Re: Airbnb basement suite
« Reply #2 on: January 02, 2017, 03:54:10 PM »
Most seem to be shared accomadation. Most popular one is full kitchen. In our neighbourhood we wouldn't get a permit for a full basement suite and doing the electrical for the stove would raise flags.

I'm OK with the risk of renting out this way as I'd consider it to be renting to short term roommates that we wouldn't have much interaction with. Regardless of if this makes a ton of money, our goal is to get it done.  As for space we need it could definitely be put off indefinitely, but would be really nice to have the space when my inlaws or other guests visit.

If it works well and pays for the itself I'll be really happy. If it doesn't or gets shut down, well I still would like a finished basement more than a newer car. DH on the other hand would probably prefer the car.

I'm a red panda

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Re: Airbnb basement suite
« Reply #3 on: January 02, 2017, 03:59:18 PM »
The airbnbs I've stayed in have all had a full kitchen, but we only use the  sink, refrigerator and microwave. Those are necessities.

You would probably garner a lower rate than those with the full kitchen though.

Megma

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Re: Airbnb basement suite
« Reply #4 on: January 02, 2017, 04:11:23 PM »
I agree with Iowajes, usually I do the whole place option on airbnb so there's a full kitchen but usually I'm most interested in a fridge and microwave. I don't really cook much but it's nice to be able to bring home leftovers or get some yogurt/juice for breakfast so you don't have go out and get food first thing in the morning, which sucks.

I would only want a stove if I was staying 4+ days.

Regarding your husband, can you show him some estimates of when you could get the car later if you do this now?

canonian

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Re: Airbnb basement suite
« Reply #5 on: January 02, 2017, 04:19:04 PM »
Please... Make sure the walkout basement has a window large and low enough to get out perhaps in what would be the bedroom in case of a fire.  I cannot stress this enough when turning a basement into a place where people sleep!!!

Maya

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Re: Airbnb basement suite
« Reply #6 on: January 02, 2017, 05:00:00 PM »
Please... Make sure the walkout basement has a window large and low enough to get out perhaps in what would be the bedroom in case of a fire.  I cannot stress this enough when turning a basement into a place where people sleep!!!

Half of the basement is at ground level with a patio door. The other has windows about half the size of a person so 3 feet. Not worried about that

tralfamadorian

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Re: Airbnb basement suite
« Reply #7 on: January 02, 2017, 06:01:46 PM »
... gets shut down...

This is my favorite kitchenette setup that I've ever seen (and it's cheap)
http://www.gardenista.com/posts/outbuilding-of-the-week-the-186-square-foot-guest-cottage/

And referencing your comment above, I gather short term rentals are not permitted in your area?  Have you checked with a lawyer to make sure you wouldn't be liable for injuries someone sustained on your property/void your insurance?  (I'm a scaredy-cat about these things)

stashgrower

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Re: Airbnb basement suite
« Reply #8 on: January 04, 2017, 07:02:30 AM »
Frugal traveler, so I look for a full kitchen. It's really nice to have a full set-up and makes a difference in the skimp vs yippee experience. At minimum, I'd take a hot plate.

pbkmaine

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Re: Airbnb basement suite
« Reply #9 on: January 04, 2017, 07:30:30 AM »
I could survive very nicely with a fridge, microwave and toaster oven. A hot plate would be a plus.

Maya

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Re: Airbnb basement suite
« Reply #10 on: January 05, 2017, 09:16:32 PM »
Need to keep researching logistics but could likley get a two burner stove top installed... Avoiding a stove as that would raise permit suspicions due to the extra electricity needed.