Renting part or your entire house on Airbnb seems like a quick way of making money. Hosting travelers for a short while can help landlords get the cash needed for property renovation. However, recent incidents have shown several problems associated with renting your home. Temporary renters can often damage your home to the extent that your homeowner’s insurance may not cover. That can leave you with unanticipated financial and legal issues and end up costing you more to address lawsuits than what you secured as rent. Here are some of the factors to consider before renting your home to Airbnb.
Many risks come along with renting your home. By taking in tenants, you become liable for any damage to your property or your neighbor’s property, illegal activities, theft, and even injuries to the residents. Again, tenants may sometimes fail to pay you.
Airbnb only offers secondary coverage. As such, its coverage kicks off only after you’ve exhausted your resources. Again, short-term renters are rarely covered by many homeowner’s insurance policies. That means you become liable for any expenses incurred by your tenants.
After you have looked into these issues, you can decide whether to take in short-term renters or not. It’s recommendable to consult a qualified wealth and investment manager or insurance professionals before renting out your home. Richard Blair is an accomplished wealth and investment manager with a proven track record of success in property management. Richard Blair will help you review your investment options and offer a personalized solution to your situation. Richard Blair is the owner of Wealth Solutions, a duly registered investment advisory firm in Austin, Texas. He has close to 20 years of working experience specializing in equity markets.
Having been born to a family with a teaching background, Richard Blair is drawn to the education landscape. He combines his firsthand experience in teaching with his aptitude for finance to help his clients invest wisely. Richard Blair founded Wealth Solutions in 1993 immediately after graduating from college to provide personalized and professional financial advice. Over time, Richard Blair has honed his skills in developing and managing retirement plans. He specializes in helping his clients bridge the gap between planning for retirement and living in it. Richard Blair’s Wealth Solutions often helps its customers to avoid common financial pitfalls by providing strategies to plan for retirement. His mission is to help investors and entrepreneurs to make their dream of having a successful retirement a reality. Learn more: https://www.crunchbase.com/person/richard-blair