3 Reasons To Turn Your Home Into An Airbnb

3 Reasons To Turn Your Home Into An Airbnb

Considering hosting an Airbnb? Well, as we know, Airbnb has seen a boom in the past few years as traditional travel options have become much more expensive. You’ll typically find apartments, cottages, or even townhomes to stay in all around the world for cheaper than a hotel room. To further peak your interest, read our three reasons below on why you should turn your home into an Airbnb.

Earn Some Extra Cash

This one is the easiest and most obvious. Listing your property or even a portion, could potentially earn you hundreds of dollars a year on the low end. Also, take into consideration what you should price your property at and revisit it often to monitor competitive rates in your city. Pricing is not just about setting weekday and weekend rates. For example, your city might be having a special event, which is a prime opportunity to increase your rates and gain a higher profit.

Stay Motivated To Upkeep Your Property

Excellent Airbnb’s are the result of great guest experiences. Cleanliness is a high priority on that list, as well as updates, fresh designs, and features. Having an Airbnb will (hopefully) keep you motivated to stay in with the trends and do the necessary updates that your home needs. Even by doing simple updates, you can bring your ratings from good to great, allowing you to gain more guests in the future.

Dabble At Being A Landlord

Have you thought about purchasing an investment property? Airbnb could be the perfect place to start. Being a host will allow you to practice your interactions with guests and determine if all of the effort (wear and tear, clean up, communication) is worth all of the money you’d be putting into an investment property. Who knows, you might end up enjoying Airbnb so much that you’ll want to continue listing with them or take a chance at being a traditional landlord.

Warnings!

As exciting as becoming an Airbnb host sounds, it isn’t all sunshine and rainbows. To have a successful experience, you’ll need to know what to watch out for.

  1. Check with your homeowner’s or condo association. Many associations have restrictions or policies in place about renting out properties, so be sure to ask before you get started.

  2. Check with your lender. Your current mortgage could have restrictions that can prevent you from participating as a temporary renter.

  3. Check with your insurance company. Even before you rent a car, you check with your insurance company. This is no different for renting out your home. Some homeowner’s policies have short-term rental coverage built-in, but if you want to commit for the long haul, you’ll want to purchase long-term coverage.

Did you pass all of our red flags and are ready to turn your home into an Airbnb? Or are you considering purchasing an already Airbnb-friendly home? Reach out to our team today to find out which homes you could pre-qualify for or if you need any advice on turning your home into an Airbnb.

Sources:

House Loan Blog

Learn Airbnb

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