Investing in short-term rental properties is proving profitable for some homeowners' long-term financial goals.

Websites like Airbnb, HomeAway and VRBO make it easier than ever to market short-term rental properties to travelers seeking a home-away-from-home, says Fred Miller, president of Consumer Specialists and a consultant for the National Association of the Remodeling Industry, based outside Memphis, Tennessee.

"After the housing market bubble burst in 2008, some people saw an investment opportunity to buy desirable properties at a great price," Miller says. "Now, people have the option to rent their guesthouse, spare bedroom or entire home on a short-term basis for more money per night than if they were landlords of a property with a traditional long-term lease agreement."

Miller says the No. 1 rule of real estate -- location, location, location -- also applies to purchasing a property for short-term leasing. Also, before acquiring investment rental property, know local regulations regarding short-term leasing, as cities -- New York, New Orleans, San Francisco and others -- are embroiled in ongoing housing controversies.

While some urban areas may be scrambling to regulate short-term rental properties, Ryanne Hodson of Luray, Virgina, says her community welcomes the influx of visitors. Hodson and her partner of 12 years, Jay Dedman, bought a 1,300 square-foot, 1850-era farmhouse in 2011, which is a vacation destination located two hours from Washington, D.C., nestled in the Blue Ridge Mountains, and is a gateway to Shenandoah National Park.

In 2009, Hodson and Dedman moved from San Francisco to Luray after buying a home that was in foreclosure and began to renovate it.

"After we finished work renovating our home in Luray, we found the farmhouse property on two acres and knew it was special," Hodson says. "We bought it with the intention of renovating it and using it exclusively as a short-term rental property."

Miller says when considering buying real estate as a rental property, a homeowner should invest in a structure based on its livability, not just its affordability. "After ensuring the property is in a good location for short-term rentals, make sure the house has good bones," he says. "If a property appeals to you as a homeowner -- in that you could live there -- chances are, it will also appeal to renters, as well."

With three bedrooms, one-and-a-half baths and a small cottage, the Luray farmhouse was a total renovation that took about three years to complete, Hodson says. "We wanted to really know the house, and took the time to renovate it room-by-room," she says. "We needed to change the space, without changing its charm."

Years of neglect and so-called "improvements" by previous owners -- plastered brick walls and covered old-growth pine wood flooring -- had to be stripped away to reveal the farmhouse's inner beauty. "I can paint, clean up garbage and lay tile, but when it comes to plumbing, electricity or taking down a wall -- like we did between the kitchen and dining room -- you better have trusted contractors," Hodson says. "Jay and I were the general contractors on the farmhouse, working hand-in-glove with professionals to keep the old-world appeal, while bringing in modern conveniences."

If a home's walls could talk, they would reveal the secret inner workings of a house, Miller says. "It's not only imperative for a home to look good, it also has to work well," he says. "Nothing can kill your stay in a home quicker than an overflowing toilet or a heating/cooling system that doesn't work."

When it comes to walled-in systems, there are four different contractors who install the labyrinth of wires, pipes and ductwork: heating, ventilation and air conditioning (HVAC) professionals; plumbers; electricians; and specialty electrical contractors, who install refined systems such as Wi-Fi and security. Generally, as the pipe or wire becomes smaller, those are the professionals who do their work later in the construction process.

Hodson and Dedman spent an estimated $80,000 on the farmhouse renovations. If the budget is tight, Miller says to spend money wisely in a home, so you get "more bang for the buck."

Create curb appeal

Drive up a home's street appeal by focusing on the front entry. The first impression of a house can start at the driveway and sidewalk as visitors make their way to the front door.

The Luray farmhouse has an inviting wraparound porch that leads to pavers in the yard, which are flanked by gardens. "To create a special place outside, we also had an outdoor masonry fire pit built," Hodson says. "This extends the living space of the home out into the yard."

A first-impression foyer

The foyer of a home is a nonverbal welcome to houseguests and should make a statement about what lies inside. "We love when our renters say, 'Wow!' when they first walk into the home," Hodson says. "We spent a lot of time renovating the kitchen–dining area, which is what you see when you enter the house, with the hope that people will feel at home cooking and eating together."

Bedroom-bathroom benefits

Miller says the creature comforts of a clean bedroom and bathroom can never be underestimated when it comes to short-term rentals. To brighten and lighten the full bath of the Luray farmhouse, Hodson and Dedman installed a window, which meant cutting into three layers of brickwork on the outer wall.

Removing a wall to an adjacent room created a sitting area and opened up the master suite.

"I have an art background, and furnishing this home was like curating a practical, livable exhibition," Hodson says. "Details such as the farmhouse table with an antique wool rug underneath and making sure there's enough olive oil in the kitchen for cooking make the stay in our house feel like a home to the visitors."

Short turnaround can be a long-term investment

Miller says owning and renting property can still be a wise investment, as long as you've done your homework and know the local market. Hodson and Dedman are in the process of renovating a second home for another short-term rental property in Luray. "We're deciding what to do to a 1973 A-frame home we bought earlier this year, and if building an addition is a good financial move," Hodson says. "At the end of the day, we own the property, and any improvements we make must make dollars and sense."

On the Short List:

National Association of the Remodeling Industry (NARI), NARI.org. To find a professional contractor in your area, click "Consumer," then drop down to "Find a Pro."

To listen to Ryanne Hodson and Jay Dedman's podcast on the adventures of owning properties for short-term rentals, go to: ShampooandBooze.com, so named, because renters are most likely to leave these items after their stay. To view the renovated 1850s Luray farmhouse, go to: LurayModern.com.

(For editorial questions, please contact Clint Hooker at chooker@amuniversal.com.)

A Good Hood

Homeowners are fans of vented range hoods, which clear the air in kitchen design.

A range hood has both form and function in the updated hearth of a home, says Alana Busse, National Kitchen and Bath Association (NKBA) Central Coast and Valleys Chapter president and a designer at Westside Remodeling Inc., based in Thousand Oaks, California. "More people want to cook like a 'top chef' at home, and invest in a big, beefy range or cooktop, instead of a traditional electric stove," Busse says. "The properly ventilated range hood not only removes cooking grease, moistures and odors from the kitchen, it is required to vent gas burners."

Before a kitchen design can get cooking, you need to plan how best to ventilate it. The style of a range hood is secondary to the substance of its performance. Busse says you must start with the home of the range. "The size and location of the cooking source in the kitchen determines its best range hood partner," she says. "A range hood's performance is measured in cubic-feet-per-minute (CFM), so the higher a range hood's CFM number, the more air it will remove."

A large, six-burner gas range can require a hood with a maximum output of 1,200 CFMs, but Busse says the hidden ductwork is as essential as a range hood's CFM number. The venting of a range hood may determine the layout of a kitchen and the configuration of appliances.

"The chance of build-up is greater in a 20-foot run of venting ductwork, than in a 5-foot run directly vented through an exterior wall," she says. "Generally, the size of a range hood should mimic the dimensions of the cooking source, but the higher it is installed from the cooktop surface, the less efficient it becomes at capturing smoke and particles."

The typical installation distance between a cooktop's burners and the hood is about three feet. But a standard height installation for a range hood may not work for the tall cook, so it's essential to choose a model with adequate power to remove air effectively.

If you choose a strong range hood fan, building codes may require a makeup air system in your home's heating, ventilating and air conditioning (HVAC) system. High-powered range hoods can take out large volumes of air, and if air is not replaced at the same rate it is expelled, a vacuum effect can be created in the home.

All of the planning around the range hood is secondary if it is never pressed into service, says Molly Erin McCabe, co-owner and founder of A Kitchen That Works, based on Bainbridge Island, Washington.

"Range hoods are designed to remove moisture, grease and particulates from your home, and prevent these things from being breathed in and adhering to your walls, cabinets and furnishings," McCabe says. "If the range hood isn't used, homeowners might experience moisture-related issues, such as mold, and higher maintenance requirements for paint, wallpaper, cabinetry and furnishings."

The time to turn on the range hood isn't when water is boiling or food becomes blackened. "Make a habit of turning on your range hood before you begin cooking; that way, when you need it to be venting, you've already created an airflow," McCabe says. "Also, don't snap off the range hood as soon as you're done cooking; really allow it to clear the air, so to speak. Some range hoods even come equipped with a timer, so you don't have to interrupt a meal to flip a switch."

McCabe says homeowners make a lot of noise over the loudness of a range hood's fan. A range hood's sound output is measured in sones -- an internationally recognized measurement of loudness -- and each is marked in a product's description.

One sone is roughly equal to the sound of a refrigerator running; while conversations take place around 4 sones. As a rule, the higher the range hood's CFM rating, the louder the unit is when running. Range hood fans typically have three to six speeds; so to mitigate noise, purchase the most powerful range hood you can afford and run it on a lower speed.

If the cooking surface is on a kitchen island, the capture area of the exhaust fan should be larger to compensate for the fact that the fan will be drawing air from an open space. But along with technical considerations, homeowners need to consider a range hood's aesthetics. An island cooktop with a large hood vented to the ceiling can visually fight with hanging light fixtures, so an inconspicuous downdraft fan system might be the best solution.

Range hoods have evolved from utilitarian stainless steel to the ubercool wrapped in cabinetry, and come in all shapes and sizes: from a straight-sided box to sleek, tapered styles. "A wall-mounted range hood can be housed in cabinetry that becomes the modern-day mantle in the kitchen," Busse says. "The range area is often a focal point of the kitchen, with an eye-catching backsplash on the wall visually connected to the hood venting."

The backsplash between the hood venting and range is prime visual real estate and allows homeowners to make a personal style statement. Materials such as stone, metal, ceramic tile and glass should add interest, but be practical to clean.

McCabe also wants to shed light on not only buying the proper range hood, but the importance of maintaining it, as well. Many range hood models come with a warning light that indicates when it's time to clean filters, which can be as easy as running them through the dishwasher. "Expect to pay about $1,000 for a high-quality range hood, which should include lights, so what you're doing on the stovetop is well-illuminated," she says. "Homeowners can showcase their design range by incorporating the hood venting into their overall kitchen aesthetic."

Under the (Range) Hood

To find a certified kitchen professional, go to the National Kitchen and Bath Association's website: www.nkba.org and type in your zip code under the "Find a Professional" link under the DESIGN tab.

-- AKitchenThatWorks.com

-- WestsideRemodeling.com

(For editorial questions, please contact Clint Hooker at chooker@amuniversal.com.)

Homeowners thinking outside of the traditional wood-framed residential box are pouring on the creativity when building houses with precast concrete walls.

Not only used in below-grade applications, concrete shows its durability and energy efficiency from the ground up in new home construction, says James Baty, executive director of the Concrete Foundations Association, based in Mount Vernon, Iowa. "It's hard to beat concrete's thermal performance, storm resistance and sustainability qualities," he says. "A concrete home built with the proper supports can easily last 200 years and, as in 'The Three Pigs' fairy tale, can withstand nature's 'huffs and puffs' better than the house made of sticks."

Concrete is comprised of cement, which is a fine powder made from limestone, clay and/or shale. When mixed with water, cement binds aggregates, such as sand and gravel, into solid concrete through a chemical reaction called hydration.

But Baty says today's concrete isn't that of your grandfather's generation -- technological advances build a better, stronger and firmer concrete -- especially when it comes to the precast variety.

Superior Walls of America, based in New Holland, Pennsylvania, is a 35-year-old company with a dozen licensees in the United States and Canada, and has been an innovator in precast concrete building systems since its inception, says company president Jim Costello.

The precast concrete process is one in which wall panels are fabricated to architectural plans in factory-controlled conditions and assembled on-site, Costello says. "Instead of pouring concrete into forms on the construction site, our products are steel-reinforced concrete walls with insulation inside, for the highest energy efficiency," he says. "Precast concrete walls are up to 10 1/4 inches thick and can be up to 12 feet tall with custom-made holes so forms are easily bolted together to create a tight seal."

A specially formulated concrete that can withstand up to 5,000 pounds per square inch after a full 28-day curing process, precast concrete wall panels need not remain a utilitarian gray color. Texture can also be achieved in precast concrete walls shortly after being poured into forms through stamping -- a process by which patterns are pressed into wet concrete. Colorants can be spread over the top of stamped, wet concrete so the outside of panels can emulate stones or bricks. Or, after the house is built, skilled masonry workers can affix stone or brickwork to concrete panels.

Foam insulation is layered in each precasted form, and acts as an impervious barrier to water and air. Precast concrete forms serve as a solid wall structure, and are bolted together for below-grade applications and multiple story homes. When fit together according to architectural plans, the precast concrete walls create a tight building envelope, which wins awards for energy efficiency.

"There's a higher concentration of concrete homes in Europe, while concrete homes in North America can range from 15 percent to 25 percent more on front-end costs than traditional new construction that uses wood," Baty says. "But we are finding that more people are considering building concrete homes in storm-prone coastal regions and in places where tornados are prevalent."

An energy-efficient home in Litchfield, Connecticut, constructed with Superior Walls precast concrete wall panels, was recently declared a winner in the state's sixth annual Zero Energy Challenge. The residence, built by Revival Homes LLC of New Hartford, tied in the category for the home with the "lowest projected annual net operating cost."

The precast concrete walls are structural, but also serve as the finished surface on the outside of the home. Since the low-maintenance concrete panels will not burn or rot over time, they add to the durability and energy efficiency of the home.

Precast concrete panels have vertical steel rebar inside each stud and insulated access holes for ease in wiring and plumbing. Inside the home, galvanized steel stud facings are ready for drywall or plasterboard finishing, so interior walls conceal the solid stone-cold nature of concrete.

Meticulous planning is essential when choosing to build a concrete home made of precast walls, because once poured, walls are set in concrete. "The beauty of concrete is that it can be formed in all different shapes," Costello says. "A house in the round, or geodome, made of concrete is attainable if an architect can plan it, then we can cast it and build it."

Set in Concrete

For precast concrete information, go to SuperiorWalls.com.

(For editorial questions, please contact Clint Hooker at chooker@amuniversal.com.)