All Forum Posts by: Tomoko Hale

Definitely check with the local regulations and licensing first to make sure you can do it. But if you can, then look to see about the cost versus reward of making it more renter friendly.

If you just have a half bath, then adding a shower is critical unless you want to let these people use your shower upstairs.  But if its got at least a half bath (i.e. no tub or shower) which is what I'm guessing you mean, then adding a shower isn't too bad since it either has an ejection pit or something that toilet and sink are draining to.

But once you figure those two things out. Then how much more you do should be determined by what the cost to upgrade things would be versus how much rent you can get if you do them.

Separate entrance sounds really expensive depending on your homes' layout.
Egress window might cost you too.
As for a kitchen, its a small one bedroom in a basement so it isn't like you're going to be getting families renting the place.  Probably young couples or a couple of young friends to keep their cost down for their ski trip.  

To me, I would think a couple of cabinets with a sink, a fridge and a microwave would more than get the job done. And if you have to stay low on the budget, a fridge and a microwave might be enough.

But lets say you could add the shower and put a fridge and microwave down there and get 100 a night?  Or then you look and by adding the cabinets, sink, and a separate entrance, you could get 150 a night but the extra rehab costs 20k to do, I think you have to look at taking less rent for putting in less money.

To me, given where you seem to be new, I would go the cheap route to start.  Get the shower done. A fridge and microwave and then paint and put up some nice decorations.  Then use the rent you generate over time to upgrade if you think it makes sense.  One thing at a time - i.e separate entrance, etc. 



 

Make sure the bedroom has legal egress in case of a fire, either a legal sized window to the outside or a door.  If you don't want or are not allowed a full kitchen in the basement, you may be able to have a kitchenette with a fridge and microwave, but without a stove. It will be inconvenient for you to use the laundry down there when guests are present.  They are not going to feel comfortable if you are going into "their space" while they're there.  I stayed in a rental this summer like that, but where the washer and dryer were in our basement bedroom.  The hosts did not do their laundry while we were there, they planned around us.  

@Tomoko Hale

Check with your city/county regarding STR regulations first.

Does it have a separate entrance? If not, start there. 

Get estimates from contractors for adding a separate entrance, a kitchen, and updating the bathroom. 

Good luck.

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