There was a time when property owners would have never considered the idea of renting their family home to strangers while they go on vacation. Things have changed somewhat and the economy is placing a heavy burden on many people and this has resulted in many online services such as VRBO, Airbnb, FlipKey and others. There is now a culture in many countries where it has become entirely acceptable to rent one room in your home or even the entire house to travelers whom you have never seen in your life. Many people are now benefiting from short-term rental income and likewise people visiting from abroad now have the opportunity to experience their destination city in a completely new way. Renting your family home in your city provides them with the perfect opportunity to experience your neighborhood in a very personal way as if they themselves are residents in that neighborhood. Nevertheless, this opportunity should always be carefully considered and there are certain important things to keep in mind.
There can be no doubt that it’s possible to earn a welcome second income when you rent out your house but it is important that homeowners should know exactly what they are getting into. The first thing to consider will be your insurance policy and what exactly the guidelines is when it comes to short-term renting. There may be additional coverage because of the risks, which is potentially involved. Several online real estate agencies such as Airbnb provide free primary liability coverage up to a maximum amount of $1 million and this practice is something, which is also supported by other online sites, and therefore the issue of additional insurance should not be overly problematic. Most online property rental websites such as FlipKey or Airbnb will be eligible for a percentage of the rental income, which is earned, and this could be as much as 3%. Nevertheless, this is something, which is increasingly considered by homeowners and travelers alike, and it certainly offers interesting possibilities to all parties involved.
Although there can be no doubt that there are benefits for both homeowners and travelers, there has been some controversy about the popularity of some online property rental sites. Many countries rely heavily on a healthy hospitality industry and there is some truth in the fact that short-term rentals can have a direct impact on the hospitality industry. Private homeowners renting out a property does not have to obtain industry certificates and they do not have to suffer strict inspections such as those, which has to be endured by hotels. There is also another concern, which is simply the fact that there are many investors which are now purchasing properties simply for the purpose of renting them and this has a serious impact on residential areas where there is already limited housing available. This is exactly why many Metropolitan cities have restrictions in place when it comes to the issue of short-term rentals. People who would like to make use of such opportunities have to register and it may be necessary for them to obtain a license before they will be allowed to make use of short-term renting opportunities.
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