by Theo Stephens February 24, 2021
Do you have a basement or basement room that you don’t really use?
Could you use some additional income this month?
If you answered yes to both of those questions, you may want to consider turning your basement into a short term rental (Airbnb) or long term apartment.
That’s actually how Theo, Bright Idea Egress’s founder, got into the egress window business in the first place. His house has a basement with a separate entrance, and he decided to remodel it into a separate apartment so he could rent it out.
Zoning regulations required he install an egress window and he looked into how he could install the windows himself. That started him down the egress window rabbit hole. What he discovered was an industry that was outdated and a process that was unnecessarily complex. As an out-of-the-box thinker and problem solver, he felt there must be a better way.
Many years and thousands of installs later, he has revolutionized the egress window kit industry with his patented ExoFrame™ and a process that is easier and costs less.
But we digress. You might think: if I have to invest a couple of thousands of dollars to install the egress window in order to rent out a non-conforming basement room, is it even worth it?
In short, yes.
Whether you opt to make a side-hustle out of short term rental or long term rental, an escape window is an essential legal requirement for renovation and habitation of a basement space.
Whether you host short term stays or lease the room out for long term rentals, your investment will likely pay itself off within a couple of months.
Let’s say you live in a market that allowed you to rent a room for $600/month. That’s $7200 a year, about twice the cost to install the egress window. That means it would be paid off in about 6 months.
If you had an entire basement apartment available to rent, you could potentially earn a lot more than that. $1000 or more a month. In that case you could pay it off in about 3 months, leaving you with somewhere around $9000 (before taxes of course) to do with as you please. Not a bad return on investment (ROI).
If you chose to go the short term rental (Airbnb / VRBO) route, you may be able to pay it off even faster. How much you can earn from hosting a room on Airbnb is highly dependent on location, amount of competition, reviews and occupancy rates.
And there’s more. The real bonus is that even if you installed the egress window and then changed your mind and decided not to rent out your basement, simply by converting your basement room into a legal bedroom or in-law apartment you will have added value to your home. Possibly a lot of value. Check out our blog article on how much value adding an egress window can add to your home.
Given the earning potential of a short term or long term rental side hustle, installing an egress window in a basement room turns out to be a pretty low cost investment.
You’ll be on your way to achieve superhost status in no time!
by Theo Stephens March 25, 2021
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