I’ve recently been asked by a number of people if I thought it was a good idea to rent their home through a national website to earn some additional cash. After all, what could possibly go wrong?
Aside from your house being trashed while you’re away, here are three things to keep in mind if you are considering renting out your house on a short-term basis.
The rise in popularity of Airbnb and other sites hasn’t been without its controversy. There are concerns that short-term rentals threaten the jobs of hotel workers, and that a short-term rental doesn’t have to pass the same certifications and inspections of regular hotels. Finally, many investors are buying properties with the intent of renting them out, which takes housing off the market in areas with already limited inventory (check out this article from The Los Angeles Times to learn more).
Some cities have enacted restrictions against short-term rentals. You may need to register and get a permit or a license – or you may not be able to host at all. Check with your local government to make sure you understand the laws. Continue reading