Renting out a spare room in a house has become a very popular practice both for people searching for some affordable lodging and for owners trying to earn some extra money. Here’s a list of things you should consider to see if this an option for you.
Platforms like Airbnb, Vrbo, and HomeAway are very popular among people trying to make the most out of their homes because they allow users to rent a spare room for a short period and at a great rate per night. If you are a homeowner, they will handle everything. You just need to determine the dates in which the room is available and get paid.
If you are thinking about this option to make more money, then there are a few things you need to consider first:
1- Local Regulations
Know the regulations in your area, as there are many cities (even the most tourist ones) that are opposed. Make sure that you will not get into trouble for short-term renting a room and, if you can do so, make sure you pay any local tax that may apply.
You and your family need to be comfortable with the idea of one or more strangers spending a few days in your house, using your kitchen or your bathroom. It is not for every family, but if you are ok with the idea, this is also a great way to get to know other people and cultures.
Make sure every potential guest is pet-friendly and willing to be careful while coming in or out of your house, so that there are no issues with your pet.
4- Cleaning and Damage
Online platforms will let you charge a certain amount of money as a cleaning fee and add a security deposit that, if no damage is done, your guest will get back upon check out.
5- Being a host
Although you are not expected to show your guests around the area or to act as a tourist guide, it is nice if you can be reachable to them in case they have questions or need assistance getting by.
Nowadays it is extremely simple to make the most out of your home, but make sure this is the right fit for you!