Lately, some homeowners looking toward a move are considering a rental service like Airbnb as an attractive alternative to selling.
It’s wise to consider some of the challenges this option – and any owner-tenant arrangement – demands.
- Most rental platforms that advertise your property have specific owner requirements that cost time and materials on your part, to even get initially set up.
- Can you effectively and successfully screen tenants? Be available 24-7 to handle repairs and issues with your property or have an expert, reliable team to help with this? Are you willing to pay a third party to take care of these responsibilities for you?
- There are common risks of hosting strangers, i.e., rude behavior, theft or damaged property, complaints from neighbors, and potential regulatory violations depending on your location.
- Finally, short-term rental homes ought to be conveniently close to attractions, and cater to a variety of travellers. Your home may or may not be the best match for travellers, and this will impact your rental income.
There is a lot to consider before taking the leap to convert your home into a short-term rental. If you aren’t ready for the work it takes, it could be wiser to sell instead.