Renting out your house for a time is one smart way to leverage what you already have to create income. You might head off on a trip, stay at your second home, or visit with family and friends for a while. That leaves your primary residence vacant and available for guests! With a few small investments and a little marketing, you’ll have your own “instant hotel.” Find out how, below.
CONTENTS – In this article, you will learn about why and how you can rent out your house to guests as a hotel or homestay. You will learn:
- A Look to the Future
- What is an Instant Hotel?
- Benefits of Renting Out Your House
- How to Rent your Home
- What You Need to Know About Your Guests
- Know your Location
- Making Upgrades
- Making the Best of What you Have
- Top Tips to Get Started
- Final Thoughts on Renting Out Your House
Feeling the Pinch? How To Turn Your Home Into An Instant Hotel
No one needs a rehashing of this past year, so for this post, we won’t be looking back—only forward.
Despite all the harshness and stark realities of the year (and a bit) that was 2020/1, you’ll still find significant benefits in taking stock. Hopefully, you’ll realize that the way forward, with some astute planning and forecasting, can be very exciting indeed.
Here comes the “empty nesters” guide to transforming your home into an income boosting, instant hotel.
What Is an Instant Hotel?
As the name might suggest, an instant hotel is a concept that swept the global home-based travel industry by storm. The concept shot to fame after Netflix released a reality show of the same name, in which Australian couples competed to win a coveted cash prize and, of course enjoy all the television exposure.
The concept pretty much involves turning your home into a unique boutique hotel experience. The “hotel” offers travelers a local flavor in an intimate setting with all the comforts of a glitzy hotel and none of high-brow attitude.
The idea is better known as a “homestay hotel” in the United States.
This idea works particularly well if you’re not planning on staying on the property for a while, so if you have a second home or you’re planning on taking those road trips you’ve been dreaming about, this idea is perfect for you.
Benefits of Renting Out Your Home
The world is opening up again, and the United States is leading the travel charge. Of all the many things we’ve learned this past period, we also know that consumers are now more conscious of their choices than ever before.
Travelers want more authenticity. They want unique experiences that turn into memories that last. They want cleanliness, privacy, and control over their surroundings.
An “instant hotel” fits the bill perfectly.
If you have a unique home next to a lake or bayou, or a ranch in the country, or perhaps a chic apartment in a magnificent building, or just an ordinary home with some extraordinary features, you could rake in the bucks.
Think Airbnb – but so much better.
So, if you’re planning a long trip away, staying at your second home for a while, need to recover financially, or just want to create a new vibrant source of income, then this is an option for you.
How to Rent Out Your Home as A Homestay
The first thing to know is that you are going to have to spend at least some money to get your pad up to snuff.
The easiest way to know how to do this is to spend some time in Airbnbs and other home-stay hotels in your area. Even go a little bit beyond your borders, too.
This will show you immediately what’s going on in your area (if anything at all) and what your competition looks like. It will also help you identify a unique selling point for your homestay hotel.
Then, check out a few traditional hotels in your local city or area. (It’s a great excuse to get some time away while “working.”)
Identify the features that you liked, and those that were an absolute put off. What you don’t like in a hotel you’re staying in, your guests won’t like when they’re staying with you and vice versa.
Doing this exercise will help guide you when it comes to making the right investments in your own property.
Why It’s Important to Know Your Guests
Before you even start contemplating what work or remodelling will need to happen to your home, you first need to know what type of guests you are looking to attract.
Don’t worry if your home isn’t in the “right” zip code.
The types of travellers that go for these setups are looking for something unique and authentic.
If you can make your home safe, comfortable, and accessible, your home can be forgiven for many sins.
But do note that if you’re not in the smartest part of town, then your establishment will have to offer something else that serves as an attraction.
Know Your Location
You’ll need to become the “community Tsar” for your suburb.
That means, you’ll want to know everything about what’s going on, where, when, and how.
If you’re smart, you’ll set yourself (or someone interested in partnering with you) as a “virtual front-desk” that can arrange tours, concerts, transport etc. for your guest—and better yet, make a referral commission from the vendor.
Time for Some Upgrading Work
Now that you know what you want your homestay hotel to look and feel like, it’s time to bring in some hired hands to make the changes–that is, if you can’t do the work yourself.
The internet is an Aladdin’s cave of resources with tons of inspiring looks – and you don’t have to have it all done at once.
You can upgrade while you go and charge reduced rates for the privilege.
This will also give you real-time information about what’s working and what’s not so hot.
You may have to work on your porch to replace a few floorboards, or you might be looking for window installation near me. As we said earlier, you are going to have to spend some money to make some money. That’s usually true for any business or investment.
If you have a passion for this project it will all be worth it.
Using What You Have and Making It Work
There’s no point in running out and changing everything about your home because you think it’s not “high-end” enough or not “chic” enough. Remember that guests are coming to you to experience something out of the ordinary.
Otherwise, they’d just check into the local branded hotel, right?
So while you do need to take care to know what needs to be remodelled and or upgraded, don’t throw out all of Grandma’s black and white photographs – just make sure they’re nicely framed.
Some Top Tips to Get You Started
If you live in suburbia, then definitely get your home soundproofed – at least the bedrooms. No one wants to hear a leaf blower or garbage truck at stupid o’clock.
Invest good money in good linens, bedding, and towels, as well as bedroom and bathroom accessories.
Don’t forget the gold standard of any establishment that strives for hospitality heaven – a top quality mattress.
Create an “on-demand” laundry service. No one wants to do laundry on vacation.
Set up a bar at home and stock it. (Charge for it, but stock it.)
Find out from your guests before arrival if they want any special foods stocked. If not, provide them with delivery services contacts in your area.
Get your hotel online. A good way to do this is to speak to local travel agents and market your home.
Last but not least, watch “Instant Hotel” on Netflix. You’ll get all the inspiration you need and more from that show. Just mind all of the crazy Australian accents. G’day, Mate!
Final Thoughts on How To Renting Out Your House
Turning your home into an instant hotel is a quick and easy way to make your home work for you while you’re away. Plus, you won’t have to be worried about the risk of burglary while your home appears unoccupied – because it won’t be.
Now that you know the basics and have some ideas, go ahead and dive deeper into the important details you need to know about renting your home while you travel. This article talks about how much to charge, when to hire a cleaning service, and more.
Still not sure you’ll rent out your home while you’re away? Then at least take these steps to secure your home while you’re off for an extended trip.
Photo credits: Image By Engin_Akyurt, Max Vakhtbovych
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