Life is unpredictable. Perhaps you’ve landed a job in a new city or decided to travel and seize the day—the allure of warmer climates beckons, urging you to become a part-time snowbird.
What should you do with it when you’re not living in your primary home for significant parts of the year? Is there value in transforming it into a short-term rental?
A new data collaboration tool between Realtor.com and Airbnb offers insights to aid your decision. While financial considerations are essential, your choice should encompass more than just numbers. Let’s explore how you can use this tool and things to consider.
Using the Collaboration Tool: A Step-by-Step Guide
- Access the Tool: Navigate to Realtor.com and enter your home address.
- Verify Ownership: “Claim” your property and answer questions to confirm you’re the owner.
- Review Property Details: You’ll likely see images of your home, possibly from the last listing. Ensure all details, like the number of bedrooms, are accurate.
- Estimate Potential Earnings: Click the “host or rent” tab. The displayed Airbnb earnings are based on a seven-day rental, not 30 days.
Factors to Consider Before Leasing
- Management Responsibilities: How will you manage guest interactions, cleaning, and maintenance? Considering short-term property management services can be beneficial.
- Potential Revenue: For an accurate earnings prediction, account for a realistic vacancy rate.
- Rental Duration: Assess whether short-term, medium-term, or long-term rentals best suit your circumstances and preferences.
- Effort and Transition: Preparing your home for renters requires effort, especially if you’ve lived there for a while. Consider the challenges of moving personal items in and out, particularly if you plan to switch between living and renting.
- The Ultimate Question: Is the effort and potential income from short-term renting worth it for your primary residence? The answer lies within your circumstances and goals.
Boost Your Wealth with Short-Term Rentals
Short-term rentals, when managed effectively, can significantly augment your monthly earnings. If you’re contemplating diving into this venture, Bliss Vacation Rentals provides an all-encompassing guide to selecting, purchasing, and managing rental properties. Equip yourself for both immediate success and sustained wealth.
Click here to book your appointment!