With the advent of the digital age comes a series of tech innovations aimed at making life more efficient. From searching for the best pizza place in town to messaging thousands of friends and family at once, the golden era of the internet is here. Love it or hate it, it is not going away anytime soon.
For homeowners, the advancement of technology has helped them better find service providers for their property, secure their property, keep tabs on their property and easily access important property guidelines and documents. Most agree that these advancements are generally positive, but there is one new app that people are split on: Airbnb.
Airbnb and services like it are designed to enable homeowners to rent out their property, either a single room or the entire space, to visitors. It is meant as a cozy, personal, less expensive alternative to a hotel. Airbnb has become wildly popular among travelers, particularly young adults looking for a unique way to see the world. It is no wonder it is successful: you can rent a gorgeous condo in the historic sector of Victoria, B.C, overlooking the ocean for just $60 CAN a night. What is not to love?
If you are considering renting your home out with a site such as Airbnb, keep in mind the following:
This is a great opportunity to make some extra cash, particularly if you are not regularly using the property. During Stampede, you could make a fortune. All home-sharing/renting apps have a vetting program where guests rate you and you rate guests, so you would be able to see what other homeowners have said about the quality of the guests requesting your property. You get to completely set the terms of the rental: what areas of the property can be used, how much you want to rent it for, and when it is available to be rented.
The downsides? A stranger you may never actually meet stays in your home, and could damage it or go through your things. There is always that risk. You could also invest a lot of money in making it a great rental spot and never see a major return. Neighbors may become concerned with seeing strangers parking and walking around the area.
Airbnb and it's similar apps work diligently to keep you and your home secure. If you are going to be the next Airbnb hotspot, make sure you do some more research about laws in your area that may apply and what the standards are for rental properties. If you own a vacation home that sits empty for most of the year, this is definitely something you should look into.
Make your home work for you!
Your Real Estate Professional,