Airbnb was established in 2008 as a way for both travelers and hosts to benefit. Travelers have been given the opportunity to save money while making their travel plans through the service. Hosts benefit by earning money to let tourists use their space. Using an Airbnb investment can be a blessing on all fronts but also problematic if guests and hosts fail to prepare. Consider these things before renting an Airbnb.
Guests Should Determine Their Needs
You should already have in mind the accommodations necessary to make your Airbnb trip a success before searching the database for space. Some travelers let the available Airbnb hubs shape their trips. This practice becomes problematic when you are planning to tour a region for days or even weeks.
It is no secret that vacationing with kids and other family members not living in your house comes with its share of complications. There will always be someone who needs additional amenities or wants to reside in an Airbnb closer to the city. Meanwhile, you may have family members on the trip who prefer the outdoors.
You should settle all compromises before booking your trip with a host. Knowing what you need before paying for a room or house lowers the risk of you having to cancel at the last minute.
Hosts Should List All Amenities
It is difficult for guests to find an Airbnb that satisfies their needs if all amenities are not listed by the host. You, as a host, should make certain to be specific about the number of bedrooms and bathrooms along with whether the home is a two-story or single-story residence.
It may also be a good idea to share the details about Wi-Fi and access to washing machines and dryers. Guests traveling with children may need to find another Airbnb if your home does not offer a washer and dryer on site.
As a host, you should make it a point to be upfront about what you offer. Airbnb guests who are tricked into believing your place provides everything they are searching for only to learn that your home falls short upon their arrival may not give the best reviews. Nearly 95% of consumers read reviews before making a purchase. You can, essentially, hinder your ability to earn more by making your Airbnb more than what it is in real life.
Guests Should Check Out The Neighborhood
It is not uncommon for travelers to rent an Airbnb in a community with which they are not familiar. You should not, however, travel to the area without at least viewing the region online.
Google Maps is instrumental in providing a basic feel for a neighborhood. You can use the Street View feature to get a semi-accurate feel for the community.
Using Google Maps alongside the “Neighborhood” description on Airbnb is also a great way to determine the honesty of your host. A host who paints a community as a suburban neighborhood while knowing full well that they are renting space in an urban area may be dishonest about other elements that impact your trip. Using Google Maps to disprove such a lie may help you steer clear of what could be a disastrous vacation.
Hosts Should Know The Laws
Some 71% of Americans do not have an updated will. Among those with outdated wills are those beneficiaries who inherit homes that may be used as Airbnb rentals.
It may be exciting for you to use your inherited estate as a side business venture. You should, however, understand local laws as well as federal tax laws.
In terms of taxes, estates worth more than $10,860,000 for married couples and $5,430,000 for single individuals are subject to estate taxes. You can expect to pay this tax as well as taxes on the income you earn from using your inherited property as an Airbnb.
You may also be subject to fines if you fail to understand local laws, which may require you to obtain a permit before listing your property as an Airbnb. Some hosts seek legal counsel before starting an Airbnb business to avoid these unexpected costs.
The world of sharing continues to grow through venues such as Airbnb. There are many benefits to the service as well as responsibilities for both guests and hosts. You should ultimately count up all the costs before renting an Airbnb.