The Pros and Cons of Airbnb for Homeowners
When you do the math, turning your home into an Airbnb seems like a lucrative deal, but this isn’t always the case. In this article, the homebuying professionals at LEDGE will explain the pros and cons of Airbnb for homeowners. If you own two homes and want a way to combat your mortgage, signing up for Airbnb could prove to be the key to stabilizing your finances; however, it could also lead you down a road of frustration and exhaustion. If you have more than one home and you’re looking to make a change, consider contacting LEDGE. We buy homes for cash in Winter Garden, FL, regardless of their age or condition and can promise you fair compensation for your home without any headaches.
The Pros of Airbnb for Homeowners
Hosting an Airbnb can help bolster your finances if handled correctly. Airbnb doesn’t have very many imitators, but the business model is reminiscent of other app-based services like Uber. If you dedicate enough time to ensuring that every guest’s stay is a pleasurable experience, you will earn rapport through positive reviews and eventually, more guests. If you can keep your Airbnb booked for two to three weeks out of every month, you’ll generate a generous supplementary income.
In addition, the experience of being an Airbnb host is unique. Meeting new people frequently and engaging in conversations that you would have never had otherwise can help you develop a better understanding of the world at large and an appreciation for the strangers you pass on the street each day. Successful Airbnb hosts can raise their prices once demand is high, and if you live in an area with major events (e.g., an annual parade, college football bowl games) you can charge a premium during these periods of high demand.
The Cons of Airbnb for Homeowners
Unfortunately, the Airbnb experience isn’t always a win-win for homeowners.
First off, most successful Airbnb hosts live close to their Airbnb so they can provide top-tier service and housekeeping. In other words, good luck moving to your vacation home unless you want bad reviews on your Airbnb profile.
Second, Airbnb guests usually arrive with a certain sense of disregard for your abode. You can create rules for each guest to limit the chance of your home being damaged, but overly stringent housing accommodations typically limit the amount of reception your Airbnb will receive. Cleaning up after guests and repairing your house accordingly can be costly, and Airbnb’s customer support, while satisfactory, isn’t a cure-all for your day-to-day hosting struggles.
The allure of turning one of your homes into an Airbnb is evident when you consider the profits you could take in, but the reality is that selling your home today for cash and moving on is much simpler and in many cases, more cost-effective.
Disclaimer: This website is not a substitute for legal advice. If you have a serious legal, tax, or other issue requiring professional advice, please consult with an attorney or CPA.