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Renting out your spare room(s) on Airbnb is quite a prevalent act these days. In fact, the chances are that you may already know someone in the neighborhood or your family who has rented out a portion of their property on Airbnb. At this point, you’ve probably wondered, “is it wise to Airbnb your spare rooms?” Well, totally! How? Let’s find out!
Why Should You Airbnb Your Spare Room(s)?
If you don’t know already, Airbnb is an American vacation rental company that lets you rent out your extra space with visitors or travelers who are in need of accommodation. What attracts people is that this accommodation costs less than hotels in your locality. If you have a spare room (or rooms) in your home and don’t know what to do with them, renting out these extra rooms can be an incredible way to make some extra money.
However, it all comes down to how involved you are. For instance, you can treat this whole thing as a business, which entails hiring a professional cleaner to keep the space clean, marketers to research ways to better promote your space on the listing of houses on Airbnb, and so on. Let’s look at some of the reasons why you should Airbnb your spare rooms.
1. Airbnb Is Free Of Cost
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Is it wise to Airbnb your spare rooms? Well, if you’re looking to make a good amount of money by spending very little, it’s a very wise decision. The best thing about this is that listing your spare room(s) on Airbnb is completely free. You can also set the price and dates by yourself, depending on your own suitability. Note that Airbnb usually charges 3% of your price for their service to connect you with suitable tenants.
2. Easy to Navigate
The best thing about Airbnb is that it’s super simple and straightforward to navigate. Someone who may not be tech-savvy can also easily use Airbnb without any trouble at all. All you have to do is join in as a host, enter your house details – address, number of guests, type of accommodation, upload photos, and start your listing!
3. Allows Renting Out More Than A Room
One of the best things about listing on Airbnb is that you can rent out more than just a single room. You can rent out your entire property if you want! If you have a special cabin, cottage, or any special guest room, you are more than welcome to list it on Airbnb.
4. List Out Pet Stays
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Do you have a special room designed for your pets only? Awesome! Travelers looking for a safe temporary space to keep their pets can easily reach out to you on Airbnb. The best part about this is that you won’t even have to rely on any other online platform to attract travelers, as Airbnb is used by a large number of travelers/visitors across the world.
5. Easy Money
You may be reluctant to rent out your extra space to strangers, but trust us, nothing feels greater than making money quickly, and that too, without putting in any effort!
Having said that, you will need to keep the space in good condition prior to and after the tenants leave your space. You may also want to ensure your tenants feel comfortable so that they always consider you in the future if need be.
6. Protection for Hosts
One of the biggest concerns you may have regarding putting your spare room(s) on Airbnb is the risk of property damage. However, this is not something you have to worry about as the company protects its hosts with the Airbnb Host Guarantee Program. This program covers $1,000,000 worth of damage caused by guests that are staying at your home.
Is It Really Wise to Airbnb Your Spare Room(s)?
Given all the reasons above, the idea of Airbnb your spare room(s) seems fantastic. However, there is a catch. While Airbnb does offer protection to the host, it may not be sufficient and may not cover everything like jewelry, artwork, cash – to name a few, so you have to keep this in mind before listing your home on Airbnb.
Another key bit of information to know is that Airbnb may charge an added fee up to 20% along with the reservation fee to cover their various services, including customer support. What’s more, credit or debit card issuers may be asked to pay added taxes, which can negatively affect your profit. According to Airbnb’s official website, hosts as well as guests from the European Union, Norway, and Switzerland may even be subject to VAT (value-added tax).
Hosts should also remember that listing properties on Airbnb hasn’t been legalized in every state. So if you are interested in being a host, you will need to check with your local zoning ordinance first. This is absolutely necessary to make sure that you’re not doing anything illegal. Furthermore, hosts may also be required to obtain special licenses or permits.
So, is it wise to Airbnb your spare rooms? It is to a great extent as long as you are vigilant about who you rent out your space to, for how much, and so on. There’s no harm in listing your whole property or part of the property (as it is free to enter Airbnb) and see how it goes for you. Anytime you feel it’s not working out for you, you can step back.