Putting your property on Airbnb can be a great way to make extra money, but it does come with its drawbacks. Despite the negatives, listing on Airbnb can be completely worth it, providing financial independence and a way to meet new people both from your country and abroad. If you prepare and do your homework about what to expect, you will likely be very happy with listing your property. Below are the positives of putting your house or a room on Airbnb and the cons you should be prepared for.
Pros: Getting Started is Easy
One of the biggest reasons to get started on Airbnb is that it is fairly simple and easy. By opening an account and following the steps, you can get your place listed quite quickly. They will ask you questions concerning how big the rental area is, where the accommodation is located, what amenities are offered, and if you’d like guests to be able to book without requesting a booking notice beforehand. Airbnb makes it easy for you to book a property and list one of your own.
Pros: You Can Make Money While Being Gone
Another positive of listing your property is that you don’t have to be there. While it is extremely helpful and recommended to have someone nearby who can help your guests, it is not mandatory. You can use the money you make from bookings and use it to finance your own travels. This is a popular option with many travelers who have properties to list, and it doesn’t take a lot to figure out why.
Pros: Supplement Your Income
If you have a job that isn’t providing enough money, putting your property on Airbnb can help you supplement your income. This is a popular way to make extra money in Britain, with 25,000 empty-nesters and travel-friendly hosts renting rooms and whole properties to travelers. When you’re struggling to gather enough money, welcoming guests is a great to make some money and meet new people.
Pros: Meet New People
For those who love meeting new people, listing a room or property on Airbnb can be the perfect way to do so. If you’re a natural host, welcoming foreigners could be the perfect thing to do. Meet people from around the world and make connections in countries you want to visit. Being around for your guests’ check-ins can also be a great benefit to you if you’re worried about being gone when they are staying at your property.
Cons: Possibility of Noise
It has become something of a phenomenon in the UK—Airbnb guests are making too much noise for the neighbors. If you aren’t around to supervise things, there is always the risk of your guests throwing a party or simply being too loud. There have been horror stories of 50-people parties, but the odds of this happening are low. You should be clear about the neighborhood and what you will allow.
Cons: Possibility of Theft
When you are not around to look after the property, there is also the possibility of theft. While it isn’t common, it is always something to think about. Keep valuables out when renting and you should be fine. Take inventory of what is inside the property and you will have a better idea if something is missing.
Cons: Rules & Regulations
As an Airbnb renter, you have to follow rules and regulations of the company and the local laws. Fire safety in the UK is the responsibility of the host, for example. If you are mortgaging your property, you will likely need the approval of your lender. There are surely other laws, it is best to do your research in order to know what you have to comply with.
Cons: Airbnb’s Track Record
Airbnb doesn’t have the best track record when it comes to compensating their hosts and guests if something were to go wrong. You take a lot of responsibility upon yourself when you engage with the site. Understanding this can help you make the proper precautions.
One way to avoid the worry and headaches an Airbnb may cause is to get the proper insurance. According to MoneyPug, the site used to compare home insurance, it is crucial to inform your property insurance company when you plan to rent out your property. Having the insurance you need to cover anything that will go wrong is pivotal. With the right insurance, theft, accidents, noise complaints, sudden tragedies and more will be covered.
If you take the right precautions and do your research, there is less to worry about. Be prepared know what you’re getting yourself into. That way you can get the most out of your listing.
Ryan Beitler is a journalist, writer, and travel blogger. He has written for Paste Magazine, The Slovenia Times, New Noise Magazine, Deadline News, OC Weekly, and numerous travel sites. His blog is Our Little Blue Rock and he can be reached at email@example.com