You’ve probably heard of the property website Airbnb before. You may have even stayed in an Airbnb property before. My own family has stayed in Airbnb properties all over the world. It’s a great way for homeowners and investors to make a little bit of extra money, and more buyers are purchasing properties lately to use for this sole purpose.
If you’re thinking of listing your current home on Airbnb or buying a rental property to use as a rental property for Airbnb, there are a few questions you should ask yourself to know if you’re making the right choice.
First, have you picked a good location? As the first rule of real estate goes: location, location, location. In order to be a successful investment, demand for lodging has to exist in your specified area. It wouldn’t make sense to have an Airbnb property in a place that has very little tourism. Your property should be close to attractions and transportation. A good view helps, as well.
“For your Airbnb to be successful invest,ent, it had to be in the right area.”
Second, how much time and energy are you willing to invest? Airbnb properties don’t rent themselves. You’re expected to provide a clean space, and guests will expect certain things like clean towels, tourist information, and a way to reach you in case they have any problems. Hosting can be difficult and time consuming. You can hire a service to remove some of that burden, but that doesn’t come cheap.
Third, are you hosting Airbnb by the book? In places like New York and San Diego, they’re cracking down on properties because they’re greatly affecting the hospitality industry. Laws and regulations are always changing, so you need to make sure you’re following all of the rules and paying all necessary taxes in your area.
Renting out your place on Airbnb may not be a full-time business endeavor, but make no mistake—it requires effort and attention to detail. Consider that before buying or renting a property on Airbnb.
If you have any questions about Airbnb properties or want to take a look at some Airbnb properties on the market, feel free to give us a call or shoot us an email. We look forward to helping you.
