You'll need to factor that into your ongoing maintenance and operation costs. Airbnb, for example, generally charges hosts a flat 3% per reservation. Last, while it is free to list your home on sites like Airbnb, it's important to keep in mind that the listing site will take a small cut of your booking fee. Also be sure to also check rules and bylaws enforced by homeowners' associations, condo boards and landlords. "Many times, the city needs to be informed that you're renting out your space," Weber says.Īnd while you might be able to welcome guests without doing this step, it could save you headaches later.
For example, some hosts will find they need to take a trip down to city hall to fill out some paperwork. Put in some time to find whether it's legal to host in your area and what requirements you need to meet. Next, double check that your rental can operate legally. "Many aspiring hosts do not understand that the earning potential for their property is largely determined by their location and the existing demand for Airbnb travel," Symon He, co-owner of LearnAirbnb, tells CNBC Make It.
If your home is not located in a Airbnb hotspot, you may be handicapped from the get-go. Before you get started fixing up your rental space, you'll need to do a little research on the demand in your area.
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