Should I Airbnb My House and Earn $1,000 Per Month?
Everybody is hopping on the Airbnb bandwagon nowadays. And why shouldn’t they? Do you also wonder should I Airbnb my house?
The room and house rental website has completely revolutionized the travel sector and put hotels on notice that they need to step up to their competitors.
Similar to should I Airbnb my house:
But even though Airbnb can be completely wonderful, it could also be confusing for first-timers.
Just yesterday I was talking with a neighbour who had been so excited about getting started and who would like to rent out his house.
He was pretty sure all she’d to do was register and put up a few photos and like magic, someone would come to his place and give him money while he went out-of-town.
It’s straightforward, but it’s not that simple.
Despite that, you can earn anywhere from $500 – $2,000 per month extra from a 2-bed apartment listed on Airbnb.
The range comes down to your occupancy rate.
Here are some things you need to know prior to getting started for hosts:
1. Check the Law
Cities like NY and San Francisco, California have really cracked down on people renting out their places on Airbnb.
Not only are they cracking down, but they’re enforcing fines, and those fines can run up to $10,000.
Make certain to check out the local laws and check in with your landlord before you even create a profile page.
2. Airbnb Host Guarantee Insurance
You’re protected when you rent out your place on Airbnb to a large extent.
This is good news for those people who feel anxious about letting strangers into their homes.
What does this mean?
Hosts are protected up to $1,000,000 with an Airbnb Host Guarantee.
You can learn about the details here, but essentially it means you’re protected from major damage to property when a guest stays in your home.
There are several things which are not protected.
Airbnb is clear on its website that certain types of property, like jewellery, collectibles and artwork have more limited protections.
Hosts might want to protect or remove such valuables when renting their place, and might want to consider independent insurance to cover such items.
You must have homeowners or renters insurance.
You must have this anyway, but especially if you’re renting your house out to outsiders on the web.
There are so many situations wherein your very own insurance will give you coverage that Airbnb cannot.
3. Take a lot of photos
The more pictures you have the more queries you’ll get for your space.
Ensure that the pictures are clear and well-lit and show off the unique character of your property.
4. Full Descriptions
Also, get ready to describe things like:
- What does the view look like out your window?
- What does your kitchen look like?
- What size is the bedroom?
- How does the bathroom look, is it modern?
- Is their storage space?
- Is their outdoor parking?
- Do you make breakfast, or not?
- Do you provide tea/coffee/sugar/milk?
- Do you provide bed linen and towel?
- Aer their shops, parks and amenities nearby?
- Is there an airport or public transport?
- Do you have a garden?
- Do you have books, Netflix or other entertainment?
- Is your space pet-friendly?
- Do you welcome children and families?
- What is the average Uber costs to get around?
- The list goes on!
In conclusion, to answer should I Airbnb my house my general answer is always the same – Yes, it is a great way to get semi-passive income and start a property investing journey.
True, it is a bit more hands-on but the opportunity is there for you.
Information is king for both hosts and guests.
Give potential guests as much visual info as you can from the start.
Also compare costs.
Most of us have no idea what to ask for a new listing.
Do your research.
See what other individuals are asking for in your neighbourhood, and do not be afraid to price your place competitively.
Once you set the price, allow it be a process of trial and error.
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