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What You Need To Know About Listing Your Home On Airbnb

What You Need To Know About Listing Your Home On Airbnb

Do you have a vacation home, acquired a property or have an extra room in your home you want to make some extra money on? You might consider listing your property on a hotel booking site such as Airbnb.  Before you list, we have put together a list of things to consider before opening up your home.  


Why Airbnb?

First off, let's start with why Airbnb.  Airbnb is a hotel booking site that allows you to open up your home to strangers. That may sound scary, but it's not as bad as you think. No matter what kind of home or room you have to share, Airbnb makes it simple and secure to host travelers. You’re in full control of your availability, prices, house rules and how you interact with guests. The potential renters are also verified.  Airbnb always requires guests to provide certain information before they can make a reservation—such as a confirmed phone number and email address. For added control, you can require guests to also provide recommendations from other hosts and a verified ID.


Host Protection

Airbnb takes extensive measures to keep you, your home and your guests safe. To help build trust and reputation on the site, guests and hosts have the opportunity to review each other after each reservation is complete. Another added perk is that you can check out these reviews from other renters before hosting a guest. Also, there's no need to worry about covering damages out-of-pocket with Airbnb.  In the unlikely event of property damage, Airbnb offers a host guarantee of up to $1 million in damages.  Airbnb is committed to creating a safe and trusted community around the world.  


Look Into Your HOA Rules 

Depending on where you live, you might have HOA rules for short-term rentals.  Even if your community doesn't have specific rules on short term rentals, you should check with your property manager because you might have to pay fines if anything were to happen with your house.  Another thing to consider is your relationship with your neighbors. It might be a good idea to alert them before you have a new renter coming in.  


Rental Income

When you get your check from your first rental, it will be a great feeling, but one thing to think about is all profits you earn from rentals are subject to income tax.  Before tax season rolls around, make sure you look into how much of your earnings you will have to report for collection. Airbnb has laid out a step by step guide for homeowners, it even touches on income that can be written off! 


Now that you know the in’s and out’s of Airbnb, you are ready to list your house for rentals.  You can visit Airbnb’s website for more information on how to list your property!