Designing a revenue suite in your new home can be an exciting and profitable venture. It can help you take a bite out of your monthly mortgage payment. But it can also be a fun and interesting way to house paying guests from all around the world via platforms such as Airbnb.
What is a revenue suite?
A revenue suite is a self-contained unit within a home that can be rented out to generate income. It is an excellent way to increase your property value, create an additional income stream, and help pay off your mortgage sooner. It’s not for everyone, but many homeowners with extra space and the desire to be a landlord or host find this ideal for them.
Features of a revenue suite
To ensure your revenue suite is successful, it is important to design it with both practicality and aesthetics in mind. Here is a list of tips for creating a revenue suite in your new home that will work for you and your tenants.
1. Determine the purpose of the suite
– The first step in designing a revenue suite is determining its purpose. Will it be a long-term rental or a short-term rental like an Airbnb? Will it be used for family members, guests, or a tenant? Understanding the purpose of the suite will help you make design decisions that will enhance the space’s functionality.
2. Create a separate entrance
– A dedicated entrance for the revenue suite and its tenants is highly preferred. Primarily, it provides privacy for both the tenants and the homeowners. It also gives the impression of a separate living space. Ideally, the entrance should be easily accessible and well-lit to ensure safety for your tenants. When designing the entrance, offer something extra such as a small foyer or mudroom to keep outdoor gear, shoes, and coats organized.
3. Maximize natural light
– Natural light is essential in any living space but especially important in a revenue suite. Maximizing natural light will make the space feel larger, brighter, and more inviting. Consider installing larger windows, skylights, or French doors to let in more light. In addition, using light colors on the walls and floors can also enhance natural light.
4. Choose durable flooring
– Flooring is an essential design element in any living space. However, in a revenue suite, durability is key. Choose flooring materials that can withstand heavy foot traffic, spills, and stains. Some excellent choices include porcelain tiles, luxury vinyl planks, and engineered hardwood. These materials are easy to clean, long-lasting, and can withstand wear and tear. They won’t require constant replacement.
5. Include a kitchen or kitchenette
– A kitchenette is a small kitchen area with a sink, a mini-fridge, and a microwave. It provides short-term tenants a convenient way to prepare small meals, snacks, and beverages. This way, they won’t have to eat all their meals in a restaurant. However, if you plan to have long-term tenants, you must include a full kitchen in your design plans.
6. Install ample storage
– Storage is a critical element in any living space but is often overlooked in revenue suites. Tenants will appreciate having plenty of storage space to keep their belongings organized. Consider adding built-in shelving, cabinets, and closets to maximize available storage.
7. Include a private bathroom
– A private bathroom is preferred even if you’re using your revenue suite for only short-term stays. It provides tenants with solitude and convenience, and tenants shopping for short-term rentals will choose yours over one with a shared bathroom. Installing a modern shower, sink, and toilet with stylish fixtures and accessories is attractive to tenants and will bring you more return on investment when you sell your home.
8. Focus on comfort and style
– Designing a revenue suite is not just about functionality. It is also about creating a comfortable and up-to-date living space. Incorporate elements that enhance the look and feel of the space, such as comfortable seating, soft lighting, and artwork.
Don’t forget about outdoor space
– Outdoor space is essential to any living space, including revenue suites. Consider creating an outdoor area for tenants, such as a patio or a balcony. Ideally, it will be away from the main residence area so that tenants can enjoy some privacy and so that you’re not bothered by noise.
Designing a revenue suite
If you’re ready to design a new home and want to consider including a future revenue suite in your plans, we can help. At F.M. Construction, we can assist you with a design and building plan that will maximize your extra space and allow you to enjoy a bonus income stream when ready. For more information on our services or to view some of our recent projects, contact us at 604-880-4081.