Market for above-garage rental?

[Brittany Scantland-Lall]

Hi BP Team - If this is not the best forum for this - just redirect me :)

We have a SFH with a detached garage. The garage is a 2 car garage with a large shop space in front of the cars (basically a separate room). Above the garage, there is a fully finished room w/ a window AC unit. It runs the full length/width of garage (so 2 cars wide, 2 cars long). The prior owner had a pool table up there. We've used it as a workout space/art studio, but have never really put it regular, good use.

Having basically dived in and swam in several of the BP podcasts recently, I'm into the idea of maybe rehabbing that space for rental as either an office space or art studio space - either a co-working space, or just for one individual.

Does anyone have experience doing something like this? Is there a market for it? If not, and in the alternative, should we consider something like a mid-term rental for travel nurses? 

Either way, we will need to get it plumbed and reconfigure the entry (since it is through the garage).  We would consider new windows and possibly a mini-split to replace the window unit.  Much of the actual space could be cosmetically handled.

Any insight or experience with this kind of property would be welcome!  Thank you so much for your time!

[Bruce Woodruff]

Have you checked with your city to see if this is viable per their regs? If it is, I don't see why it couldn't be a great rental, especially a vacation rental (assuming that your area has enough of a draw to attract people that will pay $100+ a night for it)

Get a construction budget and then check on VRBO to see what your neighbors are getting for STRs in the area. Then just do the math. Is it worth it? How long will it take to recoup your investment?

[Carrie Kearns]

If short term stays aren’t allowed you could also look into mid term stays. Residents, traveling nurses etc.

[Brittany Scantland-Lall]

Quote from @Carrie Kearns:

If short term stays aren’t allowed you could also look into mid term stays. Residents, traveling nurses etc.

Yes, thank you - midterm stays are possibly appealing to us as well. Have you marketed to residents/traveling nurses? Do they usually find housing on VRBO or is there usually a coordinator at the hospital? So much to learn here :) Thank you again.

[Brittany Scantland-Lall]

Quote from @Bruce Woodruff:

Have you checked with your city to see if this is viable per their regs? If it is, I don't see why it couldn't be a great rental, especially a vacation rental (assuming that your area has enough of a draw to attract people that will pay $100+ a night for it)

Get a construction budget and then check on VRBO to see what your neighbors are getting for STRs in the area. Then just do the math. Is it worth it? How long will it take to recoup your investment?

Thank you - all good advice. Yes, we're going to double-check the regs for sure to see what uses are appropriate. We're going to have a plumber come out and put eyes on it next week and start calculating from there. Thank you!

[Bruce Woodruff]

Quote from @Brittany Scantland-Lall:

Do they usually find housing on VRBO or is there usually a coordinator at the hospital? 

There is also a site called FurnishedFinders you could try....

[Alex Talcott]

working on a project like that in Littleton NH now

glad to brainstorm with you; you're welcome to message me