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Home Improvement Tips For A Profitable Rental Space

If you’ve been looking for an extra way to make some additional spending money, you’ve probably at least considered listing a room or area of your home on AirBnB. However, earning money this way isn’t for everyone, especially if your home isn’t in great shape. With the right location and work, though, you could be making plenty of extra cash with little work. After all, plenty of people are looking to visit Florida year-round thanks to the warm weather. Before you list part of your home on AirBnB, use this list to get your space up to travelers’ expectations.

Check Up On Legal Requirements

Before you jump the gun on creating your listing, you’ll want to make sure the room or rooms you plan on using meet legal requirements. Otherwise, you could find yourself in a very expensive legal situation later on. Finished basements or basement apartments are fairly common types of spaces to see on AirBnB, but be careful. In order to qualify as a finished living space, a basement must meet legal egress requirements for your safe escape or the entry of a rescue person during an emergency.

Additionally, if something were to go wrong with your short-term rental, do you know if your insurance will be able to cover the damages? Not all insurance plans are created equal, and some homeowners who have listed spaces in their homes online have run into legal difficulties with insurance. Make sure you’ve got everything in place before you create your listing.

Take Care Of Essentials

Next, take the time to upgrade and update the essentials of your home. Remember to pay attention to areas that you don’t often think about on a day to day basis. This can include major home elements like heating and cooling, a leaky roof, or other elements that are fairly easy to ignore when you’re not regularly using the space. For example, it’s no secret that Florida summers can be brutal, but only two-thirds of all U.S. homes have air conditioners. If you don’t have central air in your rental, it’s worth purchasing a window unit for the rooms you’re going to list.

While you’re taking care of home improvement projects, why not make some money-saving upgrades as well? The more you can save on regular living costs, the more you’ll be able to profit from short-term rentals. If you’ve got a leaky roof, maybe consider upgrading to a metal roof while you make repairs. A metal roof can easily help save as much as 25% off of your annual home energy bill, meaning more profits from your short-term rental that you get to keep.

Update Decor

Finally, no traveler or vacationer is going to be interested in staying in your AirBnB if it’s not aesthetically appealing. Home design trends can go out of fashion surprisingly quickly, so interior designers recommend updating a room’s decor every five to ten years. You’ll want to consider more than just your own personal design tastes when choosing what to add to your home. Different travelers look for different styles. For example, roughly 47% of millennials are likely to choose white kitchen cabinets, compared to 41% of baby boomers. Every little detail can count, so pay attention when you’re picking out items to add.

Don’t forget that some decor items have practical benefits, too. Window treatments are one design element that can completely change the look of a room. They can also help with heating and cooling costs year-round. About 15% of a home’s wall space is taken up by windows, so guests will definitely notice if your space is a bit lacking in window treatments, too. Houseplants can help add greenery to a room while also improving the air quality, making them another must-have. In general, try to add decor elements that serve a functional purpose – your guests will notice the difference.

Offering space in your home as a short term rental isn’t a perfect fit for everyone. However, plenty of South Florida homeowners could benefit and profit from taking the leap. With just a few considerations and improvements, you could be making thousands in extra spending cash per year. Start by using this list to see how you could improve your home before listing it on AirBnB.