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Unpacking Airbnb

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In the last  five years or so, the popularity of the home-share app Airbnb has skyrocketed, many choosing to search for an Airbnb for their vacation instead of a traditional hotel. Airbnbs are a great option for vacationers, because they allow them be in a home environment instead of a hotel, and they are often cheaper and more flexible than hotels as well. Because of their spike in popularity, many homeowners are considering buying a property to convert into an Airbnb or converting part of their own home into one to bring in some extra income, but is it worth the hassle?

Airbnbs can be a particularly good option if you are either not ready to invest in a full-year rental, or you live in an area that does not have a great market for it. But, if you do decide to list your property on Airbnb, it is important to remember that it will not be as steady a source of income as a full-term rental. There are many more ebbs and flows in the demand for Airbnbs, as many times they are only rented for a few days to a week at a time. It is also important to look into the process for listing a property, and to make sure you are complying with all tax ordinances. If you are considering listing your property, it is probably a good idea to consult a lawyer or CPA who can help you understand the tax code and how you should file your income from your rentals.

However, there are upsides to listing a property in Airbnb. It is a great way to earn extra income on a second home that you might already have, or even on your personal home if you are comfortable with renting out a room. Airbnb takes great care of their hosts, with things like cleaning fees and deposits paid for by the customers. It is also a great way to dip your toe in the rental market, if you are not ready financially to commit to buying a full-time rental property. So, before deciding to become a host, make sure you weigh all of your options and do your research, even go as far as to contact Airbnb hosts in your area to ask them about their experience.

Lydia Whiteford (32 Posts)


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