House set-up suggestions

[Susan5965]

Hello All. I could really use some direction.....

I have been interested in setting my home up for short term rental as a way to prepare for extra retirement income. I have always worked in customer service and hospitality and it just feels like it would be a really good fit.

I have a 100yr old bungalow in Charlottesville VA that's in an amazing location. I'm in the country with 5+ vineyards and cideries within 3-5 miles of my home, and I'm 10 minutes from the University. I'm also within a mile of Thomas Jefferson's Monticello and James Monroe's Ashlawn Highland.

I have an acre that backs up to woods and a beautiful field. I have a large private deck off the back of the house as well.

My home is 950 sq ft with 2 bedrooms and one bath. The bathroom is only accessible from one of the bedrooms. 

I have gone back and forth about how to best list this property as it is my permanent residence as well. The most lucrative option would of course be to rent the whole property. I have a shed I am considering insulating and adding electricity to for myself in order to rent the whole house. It would mean I would be using a camp toilet and showering aat the gym which I am ok with doing for now.

My other options would be to rent the room with the bathroom attached, or create a side entrance and basically make the two bedrooms, which are attached by a doorway and the bath the rental, leaving me with the other half of the house (kitchen and living room) for myself. I also have space to add a second bathroom in the laundry room.

I have two dogs to consider in this equation as well. Being in the home when here would be guests concerns me for fear the dogs might create noise that would bother a guest.

I have a home equity loan with funds available to take on whichever project I decide to do. I just cant make up my mind with what makes the most sense both short and long term. The thought of investing thousands of dollars up front is making me nervous but all indications are that i should be successful based on the location.

Thanks for your feedback. I have taken so few risks in my life and I really want to do this for so many reasons. I appreciate any and all suggestions.

🙏Thank you!!!

[Marie8425]

@Susan5965 

Mayne you could also considero an option of an addition to the house thar adds another bedrum with a more common bath.  Then you could rent a room pretty much a private bath except now any company doesn't have to enter a bedroom to use the bathroom.  Long term this change would increase the value of your home,

[Elisa]

Hi @Susan5965 😊

@Marie8425 gave you good advice! 

What do you think about it?

Warm regards🌻,

[Alejandro1731]

Hi @Susan5965 

I congratulate you for evaluating the option of having additional income for your retirement.

I am going to divide my comment into two parts, the first, I would tell you to think first about how you would like to live, that is, what part of your property you want to be suitable for you. Secondly, something I have learned from Airbnb is that you think about setting up your space as if you were going to stay there yourself.

I hope these comments help you.

[Aileen-F-0]

Susan

Yes, you are in a most desirable area. I believe you may also be a short drive from the University of Virgina, which may attract clients to you for a great getaway.

It would be best not to put yourself out in the shed, as well, you really need to have a separated bathroom for any clients.

Sharing common space with you and fur babies, within one location would not be a good idea, as you mentioned. It would not be only limited to fear, but dogs no matter how clean you keep them

emit orders that often are offensive to others.

If you decide to go into debt, no matter how popular your place may become, you need to realize, you may not gain guests all of the time.  Have you checked who may be the competition and what they offer and charge.  Asking the question, how much in debt can you afford if the available space is not hosted out full time. 

Best of luck on your decision.

.

[Ahmed794]

Hi Susana

Here Are some thoughts by AI.

 1. **Renting the Entire House**

- **Pros**: Renting the entire house is the most lucrative option, especially with your location being a major draw for tourists. Many people seek secluded, unique stays, and your house fits that profile perfectly.

- **Cons**: You would have to adjust to living in the shed, which may be uncomfortable long-term. It could also feel isolating, especially with the use of a camp toilet and gym showering.

- **Suggestion**: If you decide to go this route, perhaps start with a shorter rental period to see if living in the shed is sustainable for you. Consider insulating the shed and adding basic amenities, which might not cost as much as full-scale renovations.

2. **Partial House Rental (Creating a Separate Entrance)**

- **Pros**: By creating a private space for guests (the two bedrooms and bath), you can still live in the house while offering a comfortable rental. Adding a second bathroom in the laundry room will enhance your space, adding value to both the rental and your own living quarters.

- **Cons**: It might generate slightly less income than renting the full house, but the benefit of staying in your own home and having more privacy could outweigh this. Plus, with a separate entrance, guests won’t interfere with your daily life.

- **Suggestion**: If your budget allows, this seems like a good middle ground, especially if you’re considering living there long-term.

 3. **Renting One Room (with Bathroom Attached)**

- **Pros**: This requires the least renovation and disruption to your current lifestyle. It’s a more manageable way to ease into hosting without losing your entire living space.

- **Cons**: It’s the least lucrative option. With the bathroom attached to the bedroom, it might limit your appeal for longer stays or higher-paying guests.

- **Suggestion**: This could be a good starter option if you’re nervous about committing to bigger changes. You could always scale up to a bigger renovation later.

 4. **Considerations for the Dogs**

- If your dogs are well-behaved and can be managed, perhaps designate outdoor spaces for them, or rent to guests who are comfortable with dogs. Alternatively, you could explore options like soundproofing certain parts of the home, or creating a dog-friendly rental where guests bring their own pets.

5. **Budget and Risk Concerns**
- Starting small may help mitigate some of your worries about upfront investment. You could begin with the smaller changes, like renting the room or creating a separate entrance, and gauge the success of your listing. If it takes off, reinvesting profits into bigger projects like the shed or a second bathroom would be less risky.

Charlottesville's location, vineyards, and proximity to historical sites make it a prime spot for short-term rentals, so your risk of finding guests seems lower. Taking a phased approach might help you feel more comfortable while giving you room to expand.