I have a walk out basement that has a bedroom with a king size bed, living room, dining area, full fridge, microwave coffee maker, stall, shower. Completely different entrance, parking would be street parking . Basement has a bit of a retro vibe. I was thinking adding a sofa sleeper to sleep a couple more people. Advice where and how do I start?
Investor · Alexandria, VA · Member since 2023 · 92 posts · 52 votes
7mo
The other advice on this thread is good. Do you live in the upstairs?
Highly recommend professional photos. I'd also recommend sleeping in the basement for a few days before listing the property. You'll notice things that you won't notice just by walking around.
Lastly, I'd look into your local regulations for short term rentals. Many jurisdictions limit the amount of guests you can sleep, so adding an additional bed would actually be breaking a local ordinance.
Happy to provide any other insight if you have specific questions. I implemented a similar strategy here in DC, except I live in the basement and STR the upstairs.
I wouldn't add more sleeping space. You will just get cheaper guests who make more noise and cause problems. Even if you can call it a 2 bedroom with the living room serving as a sleeping space (not sure what the platform rules are), the difference in ADR is minimal between 1 and 2 bedroom places in most markets. Optimize for 1-2 people.
Try to make a full kitchenette, even if you have to use compact appliances. Add laundry if you can. Also make some private outdoor space for them if possible.
Be clear that parking is street parking, and be honest about the typical availability of the parking. Also make it clear that it's a private entrance, which is a huge plus.
Agree with @Jon Martin about not encouraging more people who would be willing to share a basement studio.
Is there a market for STRs and are they allowed? Is it a retro vibe or an old vibe? If it is outdated but in a hot area it is often worth it to renovate.
Investor · Alexandria, VA · Member since 2023 · 92 posts · 52 votes
7mo
The other advice on this thread is good. Do you live in the upstairs?
Highly recommend professional photos. I'd also recommend sleeping in the basement for a few days before listing the property. You'll notice things that you won't notice just by walking around.
Lastly, I'd look into your local regulations for short term rentals. Many jurisdictions limit the amount of guests you can sleep, so adding an additional bed would actually be breaking a local ordinance.
Happy to provide any other insight if you have specific questions. I implemented a similar strategy here in DC, except I live in the basement and STR the upstairs.
I do live upstairs. I lived on the space for 3 months when I renovated the upstairs. When I say it has a vintage vibe but I think it is cute. I would like to get started and get money built up and definitely upgrade the flooring. There is laundry there too in the store/utility room. There is a patio space with a fire pit with a quiet back yard.
Tampa, FL · Member since 2022 · 3k+ posts · 3k+ votes
7mo
Good points here about concerns adding occupancy, but if you are set on it Murphy beds have come a long way and are a good way to add another bed without taking up a lot of space. They are not as clunky as they used to be and have some pretty stylish options.