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.

[Abhimanyu11]

Hi @Susan5965 ,

It's always good to hear when someone is starting a new hosting journey!

Your location looks beautiful, especially being close to vineyards, cideries, and some of the historical sites. It seems like a good spot for guests looking to explore Charlottesville.

Given what you’ve shared, I have a few suggestions that might help you decide on the best approach for your listing:

1. Whole House vs. Room

• Renting the whole property can be lucrative, especially since your home is in a desirable area. However, it'll come with the challenge of managing the dogs and ensuring guests have a quiet and comfortable stay.
• Alternatively, renting the room with the attached bathroom could provide a more manageable balance in your case, allowing you to still enjoy your space while hosting some of the wonderful guests you're going to host.

2. Consider Adding a Second Bathroom

• If you have the space and the resources, adding a second bathroom could significantly enhance your listing appeal in the market. Many guests do look for properties with more than one bathroom, especially if you choose to rent to families or groups.

3. Guest Experience

• Highlight the some of the unique aspects of your home, such as the large private deck and the beautiful views of the woods and field. Guests love outdoor spaces, especially for relaxation after exploring the nearby attractions.
• Given your background in service industry, consider creating a warm and welcoming for guests—perhaps providing local recommendations for vineyards and historical sites. For every enquiry I always share a curated list of local spots through a guidebook. Most enquiries (even the one which don't convert) do appreciate these shared guidebooks.

4. Dog Management

• If you're worried about your dogs being noisy, think about creating a separate space for them while guests are staying. This should remove any concerns about noise and should ensure that both you and your guests feel comfortable during the booked nights.

5. Investment

• It’s totally understandable to feel nervous about investing upfront, specially when you have have taken so few risks, but remember that with your good location and the right setup, you could see a good return on that investment. Looking at similar listings in the area shows that properties are well-reviewed and are in high demand.

Some Data Points to Consider:

These are few of the insights from current Airbnb listings in Charlottesville that could help you make a more informed decision:

• Location Advantage: Your home is just 10 minutes from the University and close to popular sites like Monticello and James Monroe's Highland. The proximity to 5+ vineyards and cideries within 3-5 miles should attract decent guests seeking a getaway experience.

• Pricing Insights: Listings in your area range from around $69 to over $500 per night, with many guest-favorite options priced between $81 and $137. Similar stays (guest suites and private rooms) often list around $90 to $120 per night.

• High Ratings: Many listings are highly rated (averaging around 4.9 out of 5 stars), indicating that guests prioritize quality experiences. This should motivate you to create a welcoming environment that will meet or exceed these guest expectations.

• Space Configuration: Listings that are entire homes tend to do well, but many successful hosts also rent out rooms with private bathrooms. Properties with more than one bathroom generally have higher appeal, so consider using your available funds to add a second bathroom.

• Average Earnings Potential: Based on comparable listings, renting the whole house could yield significantly higher income, especially during peak tourist seasons.

With your beautiful area and a bungalow, location, and thoughtful planning, you have a solid foundation to create a successful STR.

Balancing your needs with guest expectations will play a crucial role in making this venture rewarding for both you and your future guests.

Wishing you all the best for the journey!