A lot of people have basements that often go unused. If you’re one of those people, why not use your basement to generate some passive income? More and more people are gravitating towards renting out their basements on Airbnb to provide a financial cushion for themselves, with some making more than enough to cover their mortgage. Before your basement is ready to rent out, you’ll want to cover all your bases. Here are four ways to ensure your basement is prepared for guests.
1. Make Sure the Space Meets Necessary Codes
Ensure your basement is up to code. You’ll need to be familiar with any planning and zoning requirements in your area. Habitability is key — things such as installing drywall, foam insulation, adding lighting, improving the floor, waterproofing, and adding a walkout door all contribute to how livable a basement is.
2. Build a Fun, Comfortable Area
Unfinished basements can often be cold and damp. If you hope to turn your basement into a comfortable Airbnb, you will want to make sure it’s properly insulated and waterproofed. Installing foam insulation is key to protecting your basement from mold, keeping it at a comfortable temperature, and reducing sound for your Airbnb guests.
Go the extra mile to create a fun and inviting space for your guests. If your property is in the mountains, consider making the basement nature-themed. You can have fun with it and get creative. The best Airbnb stays are the ones that go beyond the essentials.
3. Check To Ensure You Meet Requirements
A permit is sometimes required in certain areas. Check with your local government to see if you’ll need a permit to host on Airbnb. Additionally, your state might require that you get a business license to use your home as an Airbnb. Also, be familiar with any tax requirements in your jurisdiction. As a host, you may be expected to collect taxes and pay them to the city. If you fail to follow your city and state rules, you could face thousands of dollars in fines and have your Airbnb business shut down. You can avoid that by doing some homework beforehand and ensuring all of your ducks are in a row before you list your home.
4. Check all of the Appliances
Guests aren’t going to leave you a favorable review if they come to your home, only to find that some appliances don’t work. Even if you’ve installed brand new units, you must check them and ensure they run correctly. If your HVAC unit isn’t keeping the basement as cool or warm as you would like, contact an air conditioning repair Chicagoland service to have the unit looked at as soon as possible. Never list your property until you ensure everything is in good working condition to ensure you don’t have to cancel on guests or subject them to an uncomfortable stay.
Getting ready to turn your basement into a rental area doesn’t have to be difficult. With a little work and dedication, you’ll have customers viewing the space on Airbnb before you know it.
