Many people dream of owning a place that has a high level of luxury but also offers a place to have fun and unwind with family and friends. However, with the costs of real estate and the high competition for the best properties, this dream is far from reality for many.
When people think of Airbnb, they often think of Airbnb rentals in exotic destinations, but hundreds of Airbnb-style homes are being used for vacation rentals right here in the United States. Airbnb hosts rent out their homes to travelers from all over the world, and some of these homeowners are turning their homes into Airbnb destinations.
Should You Try to Rent Out Your Home on Airbnb?
This is a question many of us have asked ourselves at some point. And maybe you’ve already done it. After all, Airbnb is a huge success story. It can provide some interesting income, and it’s a great way to share a home with others who love it as much as you do. But do you have to turn your home into an Airbnb destination? Can you just rent it out selectively? And if you do decide to do so, are there any rules you need to follow?
The idea of turning your home into an Airbnb rental is alluring for many homeowners and the expense of such a project is typically low. Yet is it really the best option for you? There are pros and cons to running a home rental business. Here’s what you need to know:
- The Airbnb concepts. If you’re not familiar, it’s pretty simple: You list your home on a (free) website, and anyone can stay there for a few days or weeks. It’s a great way to make extra money, and it can even be a fun part of your vacation. Plus, it’s a great way to meet new people, and it’s a great way to visit places you otherwise would not have been able to afford to visit.
- There’s a new way to get into the Airbnb market, and it’s called Airbnb-in-a-Box. This is a service that allows you to turn your home into an Airbnb destination and then lease it out for short-term hotel stays. The only catch is that you must already have an Airbnb account to use this service.
- Airbnb just announced that its users are now able to rent multiple rooms from the same property, an improvement that will help hosts grow their business and potentially increase the number of guests they can accommodate.
- The average rental rate for Airbnb has reached an all-time high of USD 191 a night. The typical host earns USD 1,000 a month and up. But, do all of those guests stay at your home? If you decide to rent your home out on Airbnb, you’ll need to know the rules and regulations. Don’t skip this step, and it’s important to know what you’re getting into.
One of the biggest reasons people look into a vacation rental is because they can turn their home into a business for a period of time. If your home is located in a good area and your home has ample decorations and amenities, then you can rent your home out to people who want to stay in your area. Better yet, these vacation rental companies usually provide you with a discounted price for renting your home for an extended amount of time, such as an entire year. You get to make some money while also enjoying the benefits of being a vacation rental property owner.
Things to Consider
Now that you know that Airbnb is a great business opportunity, you may be wondering about the best ways to turn your home into a money-making enterprise. While Airbnb’s mission is to help people travel and be a host, you may want to consider a few things before you hit the try button on your property. To start, you may want to consider adding a few Airbnb-like amenities to your home, though these may be a bit expensive in the short term. Security measures are usually a thing that may have to be upgraded specifically for an Airbnb property, this could include sourcing things such as replacement windows in Myrtle Beach or your Airbnbs’s location, or fitting new door locks that connect to the alarms so that prospective short term tenants feel safe and comfortable both leaving their valuables and staying overnight in your property.
You should also consider how your home looks overall. Is it spacious? Does it look like a place that people would want to spend time in? Is the wallpaper or paint fresh and clean-looking? These are things that could be possibly worth thinking about and maybe even fixing if you do find issues with them.
Now that you are turning your home into an Airbnb property, you’ve probably heard about how crowdsourced reviews can help your home stand out from the competition. But what about the opposite and how can you get reviews from guests if they’re not staying at your property? Deciding what to do when reviews aren’t available is a difficult question. But it’s not impossible to get reviews as long as you’re prepared to go the extra mile.