Having a home that includes a guest suite offers a few big benefits:
1. You have a private space for friends and family to use when they come to visit
2. You can use it as a long-term rental
3. You can rent out the space as a short-term rental on services like Airbnb and VRBO
All of these options offer great flexibility in your lifestyle and bank account. In our latest townhome listing in North Beacon Hill, the first floor is the *perfect* guest suite/rental situation—it includes a bedroom, a bath, a living space (that could have another bed), and a wet bar. If you’re looking for your own ideal guest suite/rental potential, we recommend that you search for a similar situation!
If you’re going to have an Airbnb, we *really* recommend that you have one within your own home. It’s sooooo much easier to manage and more cost effective! Here are a few major reasons why:
1. Hiring a company to manage your Airbnb cuts into your profits big time, and having your Airbnb within your home makes it so much easier to manage yourself.
2. If you’re going to be cleaning the Airbnb yourself, this is also obviously much easier when it’s in your own home. Or if you do decide to hire someone to come clean it, it’s easier to do quality checks before guests arrive (and you can have the rest of your home cleaned at the same time, too!).
3. When your guests have a question or need something, you’ll be right there. If your guests can’t figure out how to get into your home when they arrive, if they can’t figure out how to use something, if they have a question about anything, it’s so much easier to troubleshoot and help out when you’re right there and don’t have to drive somewhere every time your guests need in-person help.
4. You can keep an eye on things and make sure your guests don’t bring extra people or throw parties that might be against your rules. Peace of mind is worth a lot!
5. Another great benefit is that you can easily block off dates so people can’t book your Airbnb when you need the space for friends and family! You have all of the flexibility you need, and when you and your loved ones don’t need to use the space, it can be making $$$ for you.
Now, how much money can you actually make with an Airbnb in Seattle?
If you were to have a townhome like our North Beacon Hill listing, similar Airbnb units in this neighborhood can go for between $80-$140/night. Then add a per stay cleaning fee on top of each stay (which is usually anywhere from $25 to around $80). How much you can get per night will depend on the time of year—holidays and the summer months tend to bring in more money per night, for example.
Let’s say you “only” end up making $100/night when all is said and done, and you have a 80% occupancy in a given year. This is $29,200/year, which averages to $2,433/month. On a $4,000 mortgage (which is what our North Beacon Hill townhome could be depending on a few variables), this is incredible! Suddenly your mortgage is down to ~$1,567/month to live in a huge townhome close to Downtown Seattle. Win, win, win!
If the short-term rental life isn’t quite your cup of tea, you could do a long-term rental and make about $1,500/month for a similar space in this neighborhood. Which is still a great deal and a big help with the mortgage each month.