Fall comes with all the feels; another year approaching the end, and for many, new adventures. For families who may be sending their children off to college or out into the world, Fall can be a very emotional time that brings about many changes and challenges. Your once bustling house may be a bit quieter. In addition, the support your children need doesn’t stop when they leave your threshold and expenses may be on the rise. With children on the cusp of a new chapter, it might be the perfect time to start one of your own.
Empty Nesters have found significant success as short term rental hosts using platforms such as AIRBNB. Whether you have an empty room or a whole house, there’s always room for you to maximize your opportunities.
Option 1 : Room Rental
Room rentals are perfect for the empty nesters who have a designated space within their property that isn’t being used. For example, if you have a room with its own bathroom, entry, etc. these would be excellent spaces to help bring in some extra income. If you don’t have a space like this, it wouldn’t be a horrible idea to create one. While it is possible to rent standard rooms within your primary home, a space that offers more privacy will attract more potential guests. This not only translates to more income and potential tax write-offs, both of which might have “flown the coop’ when your little birds left the nest, but also allows you the opportunity to start your STR adventure with a low-risk easy to manage property. Expanding your property with a rental friendly space also provides your visiting college student with a more private living situation to utilize during summer or holiday breaks or even to be used by your post-grad to get a leg up on the real world. About a third of young adults are moving in with their parents after college in order to pay down debt and save for their own property. Eventually your best STR guest might be your own child.
Option 2 : Entire Property
Maybe those echoing footsteps and empty rooms have left you with the feeling that it might be time to downsize. As an alternative, consider the option of maintaining your current home as a STR and moving to a smaller space. This may seem impossible for some, but there are many home owners that have made this switch and have been able to pay for their downsized home with the profits from using their primary home as a short term rental. This offers a win, win as property owners are able to retain both the equity in their larger home as well as the ability to use this space for times your darlings return home for visits or holidays.
Option 3 : Property Flip
If you already own a smaller living space on your property such as an in-law suite, barndominium, revamped camper or a guest house; there are countless options. While the obvious opportunity would be to rent out this smaller space, an empty nester might find this downsized domicile just right for their day to day living. Moving into this smaller space allows you not only the benefits of renting out your primary residence, but also enables you to live in close proximity to your rental property which is handy for maintenance, cleanings or any issues that may arise. If your home is in a popular area, there is a chance consistent bookings can pay for your primary property leaving you with more money in the bank and a lower cost of living.
Option 4 : Investment Property
Of course there is always the obvious choice for all STR hosts; purchasing an investment property. As your lifestyle changes from baseball games and kid-centric activities to quiet nights at home, you may find that you have time and space to manage something new. As an AIRBNB owner you can enjoy the ability to bring in additional income and maximize your investment. If your budget allows, purchase a spectacular property in your favorite get-a-away spot. Snagging a property in a place you enjoy vacationing offers not only a reliable short term rental property, but also gives you the ability to utilize this space when you feel like getting away from it all. Another option would be to scope out properties available in your child’s college town. Whether it be orientations, parent weekends or big game Saturdays- a college town property is always in demand and offers bookings galore during all times of the year. And the kicker- you have a place readily available for your own visits or when your little bookworm decides to transfer out of dorm living.
As with any STR investment, make sure to do your homework. If utilizing your own property for this kind of investment opportunity, make sure to check with your HOA and research any real estate restrictions within your area. The bottom line- empty nesters and short term rentals are a match made in heaven offering many benefits.
Are you an Empty Nester?
FIX Linens provides advice and high quality linens to established and newbie hosts. Even if you aren’t quite ready for the hosting gig, we are a great resource for that essential college bedding. Check out our line including twin XL sheets, comforters , duvet covers, mattress protectors and pillow protectors that make up the perfect care package for your college bound kids. Find out more at fixlinens.com.
Ready to set up your Short-Term Rental Beds?
Check out our Ultimate Guide To Airbnb Bedding.
Written by: Cary Ballard - Freelance Writer for FIX Linens
Sheet Set • Twin/XL
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Twin Sheet Set includes: 1 Flat sheet: 68"W x 101"L 1 Fitted sheet: 39"W x 80"L x 16"D 1 Standard pillowcases: 30"W x 20"L… read more