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Monica D. Higgins / Budget  / Should You AirBnb or Rent Out Your Granny Flat?

Should You AirBnb or Rent Out Your Granny Flat?

By now, you know what a Granny Flat is or you may already be in the process of building one! Congratulations on your new addition. So your next question should be… What do I do with it?

Well, if you’re looking for extra income to fund that next family vacation, help put your kids through college, or even build towards retirement, the possibilities are really endless. Let’s cover some options you can do with your Granny Flat:

AIRBNB is the new hotel.

If you haven’t already heard, the government is loosening up its standards for Airbnb’s, allowing bookings up to 365 days a year, and depending on your location, people may be lining up to book your new space for their next getaway. It’s a charming idea with competitive income potential for the right person. After all, it’s a business and Airbnb may not be a hotel in the traditional sense, but you certainly have to treat it like one.

  1. Airbnb Screens Clients & HomeownersThis is a great thing for you and potential guests as it ensures neither party gets ripped off.
  2. Pricing: You can set your price, and it can change seasonally. Just keep in mind that location, what you’re offering, and time of year can affect what guests will book. Look around at other Airbnb listings in your area to get a good idea.
  3. Providing Essentials: Clean towels, tiny shampoos and conditioners, hairdryer, cookware, utensils, laundry, etc. can make all the difference.  
  4. Customer Service: While you most likely won’t hear from them during their stay unless there’s a complaint or need, you should be available to speak with them and help if the occasion rises. Good customer service means better ratings and great business.

 

These are just a few key things to keep in mind before you go create an account online. After all, you may find that you prefer to have a long-term tenant.

From Homeowner to Landlord.

Okay, so you’re still a homeowner, but now you can be both…a homeowner and a landlord.  If Airbnb isn’t for you, this is another great opportunity for your newly minted space. You should still do your own screenings and conduct a background check of potential tenants, but this option gives you a little more freedom to play with (sorry folks, buy your own shampoo!) and regular income that doesn’t change based on any outside factors other than what you put in the lease. You’ll still have your landlord duties, but these can be few and far between. Build a great unit, get a tenant you really like, and have some financial security.

Once you figure out your needs and what works for your lifestyle, your Granny Flat will start paying for itself (and more).

 

To learn about the ins and outs of granny flats, read here!

 

Brooke Tuzil

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