Should You Put Your House For Rent In Air BNB?
With the current popularity of Airbnb, most people are thinking if it’s possible to gain extra dollars by putting their houses for rent on the site. Well, maybe you are pretty aware that some of your neighbors or friends are already doing it, and you’re wondering if you can do the same, or perhaps, you’ve tried staying at an Airbnb in one of your trips.
For whatever reason, if you want to find out more about this idea, this article will give you a clear answer to the questions that bug you.
What to Do when Considering the Idea?
If you want to consider putting your home for rent on the site, you should first try to check the site online. You can check some of the areas in your location that has been set out for rent to see how much is the estimated charges or cost that you can put out as your rent value.
The next step is to make a decision on what types of the rental will you be offering. Some people will prefer to have their homes for rent when they are on a long trip or vacations while some may favor utilizing their basement suites or vacant rooms for the entire year.
Besides, some others possess rental properties that are shifted from traditional rentals to rental in Airbnb. Moreover, if you’re someone who’s deeply concerned with your security, you must first decide whether you’ll be comfortable renting your spare or vacant rooms with other people. This has to be considered, especially when you’re putting your whole home for rent while you’re currently on a vacation. In fact, you can consider some ways to ensure the security of your home while you are not around.
Furthermore, one of the good aspects of Airbnb is that it enables you to check out your guests. This way, you will have some idea about the people whom you’re entrusting your home or sharing your space. However, this may not be as perfect as it looks in terms of the background check. While it’s unpredictable as some people might have good reviews in some places, but might not be behaving the same in your homes. Also, with the number of new renters on the site, there could be renters who don’t have any reviews as of yet.
There are disadvantages that you need to consider before making a decision to rent out your home. You must know these things to help you come up with a sound decision that you wouldn’t regret.
It Can Consume Most Of Your Time
If you’re an Airbnb host, you have to out a significant amount of your time in making sure that everything is in place. This includes communicating with your guests to answer all their questions and giving them detailed information regarding your room rental.
Besides, ones your guests reach your property, there’s a big possibility that you might need to fix certain issues that they might have with your room. This is time-consuming as you get to scramble for a solution especially when you’re on a long vacation.
On the other hand, if you’re also putting your spare room for rent, you may have to clean the unit for guests to occupy. If you’ll be doing it yourself, it can consume most of your time especially when you put out your home for rent for the whole year. Conversely, hiring for cleaners will give you additional expenses and might have an issue with unreliable cleaners. Apart from that, you have to make sure that your room is decorated and must look pleasing for the guests.
It Can Potentially Break Your Lease
If you don’t own your home, you must first look into the possibilities before putting it out for rent in Airbnb. Most tenants will likely to break their lease when putting out their house or unit for rent on Airbnb. This will cause you to hassle as you need to find another place to rent and move in. This can take up the money you’ve to earn by putting your house for rent. Though you might think that your landlord does not mind, your neighbors may let your landlord know about how they’ve been bothered by their guests.
Possible Effect in Your Home Space
There are so many stories circulating here and there about Airbnb guests. You’re lucky if you get good guests that concern the cleanliness and safety of your living space. Though Airbnb offers insurance in case your guests break things or steals something, safe keeps and irreplaceable items might not be recovered. These are some of the items that have sentimental values or keepsakes or pictures. Besides, you’ll get to spend time and energy in repairing the things that were broken or damaged.
There are also benefits or disadvantages from putting your house out for rent in Airbnb and these are as follows:
You Can Earn More Money
If you have a vacant room or basement suites, you can definitely earn extra money when putting it out for rent in Airbnb. In fact, you can out your basement suites for about $1,200 per month or you can make it $700 per week.
It Can Finance Your Dream Vacation
If you’re spending a long vacation, putting out your house for rent can potentially compensate for the amount that you spent on your trip.
Allows You To Meet Interesting People
If you favor to rent out the spare room in your home, then you are likely to share the space with your guests, which allows you to interact and get to know them better. This can even build new friendships with interesting and good people.
So, Should You Do It?
Whatever your decision is towards putting out your home for rent on Airbnb or not, you just have to be prepared to take the consequences. However, is your main priority as of the moment is to earn more money, this might be a good solution for you. Above everything else, what matters is the legality that is at stake within your municipality. So, before you go ahead with the idea, make sure to check it in your municipality to find out if there are prerequisites or fees at stake.
CONSUMER PROPOSAL EXAMPLE
Example Unsecured Debts
|2||Credit card 1||$6,812|
Your Monthly Repayments Would Be
a Consumer proposal $748
(total contractual repayments)
a Consumer proposal $295
(total contractual repayments)
* Subject to creditor acceptance
* Payment subject to individual circumstances
* Credit rating may be affected
* Fees apply, subject to individual's circumstances.