Renting your property as an AirBnB can be terrifying with tragic tales of parties that ruined properties to having guests that treat you like royalty. The same could be said of even just renting an Airbnb. What if the renter is too friendly? Or what if the house is like a fairytale and you couldn’t have gotten a better deal any other way?
There are pros and cons to both renting an AirBnB and being the renter to an AirBnB, and before you do either, you should check out the list.
PROS OF RENTING OUT PROPERTY
If you have a property that is well-equipped and well-furnished, you can attract quality guests and make a good profit. On the other hand, if it is not kept in good condition, you may want to consider renovating the property before renting it out. If you don’t have the funds for this, you can look into taking out STR Loans (Short Term Rental Loans) and use the rental income to pay off the loan.
- Cultural Experiences
For a reward a little different than cash, meeting different travelers from all walks of life can be very rewarding. If you want to interact with your guests and help them enjoy your city, you can meet people from all over.
- Own Different Properties
Maybe you are comfortable where you live, but want to build your portfolio and equity and are interested in owning real estate. Well, operating an AirBnB can give you the chance to own different properties without moving. You can look up Kansas City Houses for Sale and make some extra cash without having to stress about moving to Kansas City.
- Better Upkeep
If you have a spare room in your house or property where nobody lives, it is likely that it will become a home for moss and pests in no time. But when you rent it out as Airbnb, it will remain maintained while also fetching a substantial amount of passive income. In case you don’t have the time to deal with the queries of numerous guests or the resources to keep the place maintained, you can leave these tasks to a professional from a reputable airbnb agency london (if that’s where your property is located). Many agencies also tend to offer marketing and promotional services, helping owners to maximize their rental potential. This can be a great way to make sure that your property is in constant demand, and that you are making the most out of your investment.
PROS OF STAYING AT AN AIRBNB
- Amazing Hosts
You can find people who love to host when you stay at an AirBnB. People will do everything from making coffee and breakfast in the morning to making sure you have the right dinner reservations at night. Some hosts can become friends for life.
- Local Knowledge
Hosts can be locals of the area you are staying in and will have knowledge of the area that a guidebook can’t tell you. You will find the best of everything by just asking.
- Great Value
Airbnb was founded on the premise of saving money. You can find great little hideaways for $50 a night when the hotels in the area were asking for $250-plus. Also if you just need a place to crash and would rather a bed than a couch, it is always better to save money.
- Save Money on Food
Most Airbnb rentals include a kitchen, or you can specifically look for one that does, and then you are able to grab groceries and save some money while you travel by cooking. Then you are able to do more activities rather than just eating out.
CONS OF RENTING OUT PROPERTY
- Time and Work
If you want to run a profitable Airbnb, it really isn’t hard, however, it’s not a cakewalk either. You have to put time and work into the operation. There are cleaning toilets, laundry that isn’t your own, stocking, key handoffs, communication with guests before and during their stay, time and calendar management, and the occasional repair and upkeep. You have to make sure either you have the time for all of these duties or you may have to look into hiring someone who does.
Inviting unknown and numerous people to stay in your place day after day or month after month obviously opens you up to risk. There are thoughtless people in the world who party hard and don’t clean up, and even the most well-intentioned guests can clog a toilet or break a table. You can purchase insurance for short-term rentals and you can try to vet your guests to try to lower the risk, but it is always there.
CONS OF STAYING AT AN AIRBNB
- Fees and Minimum Stays
Airbnb does promote flexibility and affordability, it doesn’t always work that way. Sometimes the price can read a certain, affordable amount per night, however, when you go to book the room, there is a two night required to stay and something called a “service fee.” The price has been jacked up and your travel plans are all kinds of turned around.
- Lack of Privacy
You know all those little signs you hang on your door at hotels that read “Privacy Wanted,” well those don’t exist at AirBnbs. Privacy can be limited if you are in a home with a host where you are sharing spaces. So, you have to ask yourself, do you want to save money for other things or can you not stomach a shared bathroom?
AirBnBs can throw you into the world of real estate investing and hone your business skills. As a traveler, it can save you money and give you a totally unique experience. You just need to weigh the options and then either take the risks or ask the bellhop for directions to the elevator.