Short term rentals have become popular over the last few years. With websites like AirBnB and VRBO, it is easy to go this route. Is this option better than selling your home? Let’s take a look at some of the responsibilities and challenges that go along with doing a short-term rental.
If you are looking at the option of using your home as a short-term rental, make sure you have all the costs figured out and see if you can get enough money from the rental to cover the additional charges associated with renting. The rental websites do have a lot of information regarding some of the needs to make your home a rental.
What other issues do you need to think about? First, are you ready for the upkeep of the home? You will need to be available to make any repairs necessary to the home, before during or after your guests occupy the house. Do you have contractors readily available? Not only is this time consuming, but it can also be expensive to manage.
Secondly, you need to think about how you will screen the possible guests. Some of the rental websites will help with this, but there may be additional charges to do so. Another option is to hire a managing company to take care of all these-maintenance and screening responsibilities. Again, more money to spend.
Lastly, the renters. Are you willing to deal with the issues they can bring. Not everyone is as sweet as your Grandmother or as neat. You may have to deal with the cleanup or the possible theft of your appliances and housing decor. Does your home insurance cover these losses? Is there additional insurance that you will need to get? Also, are you willing to deal with the “Karens” of the world? Not everyone can be pleased and some have no problem with airing their issues in a review. While most are constructive criticisms, we all know the ones out there will complain about everything. Just make sure you are ready for those, if they come about.
Read the Original Article Here: Should You Rent Your House or Sell It?
