12 Benefits to Opening Your Home for Short-Term Rentals

Whether you enjoy entertaining, or you dream of owning a home deep in the woods, you might find that opening your home to short-term rentals provides a few benefits. We have compiled a list of reasons you should consider being a host for short-term rentals and are confident that we can pique your interest.

Extra Money

The additional income might not be everyone’s top priority for opening their home to short-term rentals, but it is undoubtedly a big perk. The amount that you can earn from an Airbnb-style rental depends on multiple factors, including location, seasonality, amenities, and reviews. While it is challenging to rely on a short-term rental property for consistent income, the extra money can quickly add up. You can contact short term rental property management to make the process easier.

Roommates

Owning your own house or condominium in your preferred neighborhood can be challenging on a single income. Rather than soliciting for a roommate, a short-term rental allows you to be more selective about who stays, when they stay, and for how long.

Redecorating

When did you last throw out your throw cushions? Have you been meaning to buy new curtains but have a hard time justifying the expense? If you intend to open your home for short-term rentals, this may finally be the time to redecorate and add unique features. Pictures sell a property, and with Airbnb rentals, the devil is often in the details, so get out your mood board and start planning. Popular interior design styles for rental properties include coastal, bohemian and rustic.

Tax Breaks

It is worthwhile speaking to your accountant before venturing into the short-term rental market and certainly before you start spending money. Once you rent for more than 14 days, or if the property is not your primary residence, then you may be subject to paying taxes on the rental income. This isn’t all bad, though, as it also means that you can write off necessary expenses such as insurance, utilities, maintenance, and household supplies like cleaning products, tea, coffee, and even toilet paper.

Diversifying Investments

The markets have been incredibly volatile over the last few years. Despite the stock market making significant gains, diversifying your investments is still worthwhile to limit your risk. If you don’t already have a vacation rental property or a second home, this might be the ideal time to invest in real estate and start a short-term rental business.

Mortgage Helper

Did you know that adding one extra payment annually could cut your mortgage down by up to five years? Check with your lender to find out your options for paying off your mortgage faster. Short-term rental income can be unpredictable, but if you have a fantastic few months, we certainly recommend allocating a chunk of the money towards helping with your mortgage and paying down the principal.

Retirement Home

For many people, retirement dreams involve downsizing or moving to a seaside town with a beach within walking distance. However, these types of properties can be few and far between on the real estate market. Furthermore, when the ideal home becomes available, you might still be a few years away from locking up the office. If you offer your second home for short-term rentals, then you might be able to afford your retirement home sooner. Having a guide to getting a house ready for selling can also make the transition into retirement less emotionally and financially stressful.

Flexibility

Offering your rental only for the short-term lets you have more flexibility in your day-to-day life. You choose when you would like to rent out your property and for how long. You can even select the maximum number of guests and whether they can bring pets. This gives you more time and money to focus on what you want to be doing, whether it’s traveling, visiting friends, or spending time with the grandkids.

Socializing

Branching out from your typical circle of friends and coworkers is challenging. However, by opening your home to short-term rentals and being a host, you have the potential to meet people that you would never run into otherwise. Before long, you could have friends all over the globe and enjoy stimulating conversations with people far outside your usual bubble.

Entertainment

Most short-term vacation rentals include entertainment such as free Wi-Fi access, Netflix, and cable television. However, there are now additional perks such as multiple streaming services, karaoke machines, or an in-home theatre. Adding a hot tub might seem like an extravagance simply for yourself, but you might be able to pull in more income and bookings with this added feature.

Luxurious Bedding

You can offer every amenity possible, but if you don’t have a comfortable bed, fabulous linens, and fluffy pillow, then your guests won’t get a good night of sleep. Additionally, you won’t get the coveted stellar review. We highly recommend splurging on quality mattresses, hotel-grade mattresses and pillow covers, and deluxe linens. Keep an eye on the sales and grab them when you can as then you can also enjoy the soporific effect.

Cleaning Service

Most short-term rentals charge a cleaning fee, so you can choose to get out the mop yourself and pocket the extra income, or hire a cleaning service. Oftentimes, people do a mixture of the two where a cleaning service will do the deeper clean while the landlord will do the initial cleaning of dishes and linens.

Before you start renting your house for short-term rentals, don’t forget to check the legalities for your area. For example, in Vancouver, short-term rentals need to be a minimum of 30 days, or you could be subject to hefty fines. However, once you get in the groove of hosting at your primary home or recreation property, we are confident that you’ll enjoy the numerous perks of short-term rentals.