The Drawbacks of Airbnb Renting
In this article, a homebuying professional from Quick Turn Properties LLC will discuss the disadvantages of turning your second home into an Airbnb rental. You may find that Airbnb hosting is more stressful than profitable; fortunately, we buy houses for cash in Hernando County, FL, and can help you turn your second home into cash in no time if other options, like Airbnb renting, aren’t for you.
Successful Airbnbs Require Hard Work
Many homeowners have found success using Airbnb to rent their houses, apartments, and spare rooms to tenants, much like a hotel, but these homeowners have invested a significant amount of time and money to build rapport with clients and establish a strong reputation.
Simply declaring that your home is an Airbnb won’t help you attract guests. You will need to spend time creating a space that feels like a getaway and outfit your home with the right amenities to ensure that your guests are safe and comfortable. For many, this means installing an electronic keypad lock, renovating a guest house, having a new door installed, and constantly stocking your Airbnb with bathroom products, snacks, and more. Plus, you will need to have the Airbnb cleaned after every guest.
Many full-time Airbnb hosts even provide their guests with free dinner, transport, and even tours of their area. The bar has been set very high, so if you aren’t willing to commit yourself to a life of hospitality, you should consider selling your home instead.
Airbnbs Profits are Often Overhyped
According to a report by SmartAsset, the average annual profit of an Airbnb host who rents out a full two bedroom apartment or house is $20,619. For most, that’s not enough to live off, especially for people who own more than one home. On the other hand, if you choose to rent out a single room in a similarly sized home, you could pay 81 percent of your rent or mortgage. Unfortunately, this would require you to share a living space with strangers for much of the year. If you don’t care about privacy, this can be a lucrative deal, but most people aren’t willing to welcome strangers into their personal home in exchange for a deal on rent. Miami and San Diego are considered the two most profitable Airbnb hosting cities, but if you want to find success in these markets, you’ll need to live in close proximity to your Airbnb which can be turn out to be less profitable than simply selling your home to a reputable real estate investor like Quick Turn Properties, LLC.
Disclaimer: This website is not a substitute for legal advice. If you have a serious legal, tax, or other issue requiring professional advice, please consult with an attorney or CPA.