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For those who have the ability to rent out one or more of their properties, short-term home rentals on Airbnb can be a nice money-making opportunity. However, is using Airbnb a smart move? That depends on your circumstances.
Since I’ve been using Airbnb to rent out my house for four years, I’ve encountered a variety of circumstances. If you’re thinking about doing the same, you might be able to benefit from what I’ve learned.
The short-term rental market has generally been a positive experience for me, and I have benefited greatly from it. Here are five reasons why I love using Airbnb to rent out my space.
I rent out my home during the three months of the peak season because I live in a relatively well-known, high-traffic area, which covers my mortgage for the remainder of the year.
This is a significant benefit of the short-term rental system: Since my guests aren’t long-term renters, I can rent daily at a reduced rate.
There are undoubtedly expenses involved with short-term apartment rentals, such as Airbnb fees, regular maintenance, internet and cable, and hiring a cleaner when I’m not in town to do it myself.
However, those expenses are negligible when compared to the cost of the nightly rental, so I still have a sizable sum of money that I can use as additional income.
Typically, after just a few months of renting it out, I can pay off more than half the cost of my home. And I travel when Im not living in Colorado.
I can manage it from anywhere
I can easily communicate with visitors using the Airbnb app and do so from almost anywhere there is internet access.
I use messaging to coordinate cleanings and on-site management, so I don’t need to live in the city to be a good host. I haven’t yet traveled anywhere where I couldn’t contact my Airbnb guests using the app or the website because Airbnb is a well-known global brand.
Being location independent, or at least having the option to be, is important to me, and Airbnb makes this possible and simple.
I don’t need to move out of my place
I can leave with my belongings locked in closets rather than completely moving out. It’s nice not to have to move everything just because I have Airbnb guests because I have a storage unit for larger things that I can’t store in my apartment.
Additionally, since guests will require items like cookware, furniture, and linens, there is no need to store or secure them.
While Im away, my Airbnb guests can use them and if something gets lost or broken, Im able to cover the loss or file a claim with Airbnb if its really serious. So far, I havent needed to do so.
Guests are generally very courteous
I always try to leave every Airbnb in excellent condition because I am a frequent Airbnb guest, and I expect my guests to do the same.
People will treat the location well if they know it is owned by a real person and not a huge, faceless company, and I haven’t had many problems with visitors.
The majority of guests are simply looking for a comfortable place to rest during their trip, and most stays go off without a hitch.
Because Airbnb doesn’t provide professional services, people who use it don’t expect any level of them. Most of the time, all people really want when they are away from home is to feel at home.
It gives me complete freedom
I’m not confined to my home thanks to Airbnb; I can travel whenever I want and return to a tidy apartment that is still mine. I don’t have to worry about relocating to new rental properties or finding storage for all of my belongings.
One of my personal priorities is location independence, which I can maintain by renting out my home on Airbnb while I’m away.
I have access to a large customer base of Airbnb users as well as protections, policies, and paper trails to keep everything in order by using an established platform rather than attempting to do it myself. Its about as hassle-free as renting can be.
Airbnb is a great option for property owners who want to add some flexibility and make a little extra money. Although there are some Airbnb horror stories out there, most host-guest interactions and experiences are positive, and so far, I haven’t encountered any issues that couldn’t be resolved quickly.
If you’re thinking about entering the short-term rental market, I recommend considering signing up to be an Airbnb host. The best way to learn is to start by reading articles about hosting, which you have already done. Good luck!.
Axel Springer, Insider Inc. s parent company, is an investor in Airbnb.
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FAQ
Can you host an Airbnb with a mortgage?
Airbnb Mortgage You’ll need to finance a new property that you can use as a short-term rental if you intend to run an Airbnb that isn’t on your property or a portion of a home you already own. To finance the house or property, you must obtain a mortgage unless you can pay cash.
Can I Airbnb my primary home?
You must register your listing with the relevant City of California if you host your primary residence. If your listing is approved, you will immediately receive a pending permit number that you must add to your listing in order to comply with the ordinance. Registration costs $89 and must be renewed each year.
What are the rules for putting your house on Airbnb?
- Visitors and guests must abide by the parking guidelines and requirements and must be considerate of other nearby vehicles.
- No shoes inside the home.
- No smoking inside the Airbnb. …
- No parties or events.
- No unregistered guests or visitors allowed. …
- Quiet time after 11 p.m.
Can I buy a house and turn it into an Airbnb?
Buying a house with the intention of renting it out on Airbnb is definitely possible. Just be sure to first carefully consider all the costs and consequences. Speak with a loan officer or financial advisor if you’re unsure if it’s a wise decision. For your particular objectives and spending capacity, they can help guide you in the right direction.