Airbnb has been a very popular way to make a little bit of extra money. A lot of people have a spare bedroom and a good portion of those people are curious about turning it into a short-term rental. They are on the edge and want to know the pros and cons of turning your spare bedroom into an Airbnb.
Let’s look at both the pros and cons of turning a spare bedroom into an Airbnb.
Pro: Extra Income
It never hurts to have a little bit of extra income. A single bedroom will not generate as much as a whole home but you can do a lot to raise the value of a single room rental. Anything extra that you earn can be used to help pay the mortgage or buy food.
Con: More Competition
More people rent out single rooms than they do whole homes. Unless you are in an area with limited Airbnbs it is likely you will have a lot of competition. The key to making money, in this case, is making your spare room stand out.
Pro: Less Regulations
Regulations aimed at rentals are usually targeted toward whole-home rentals. This is because you are present in your home while renters are there. This applies to license as well. Neighbors will be less worried about wild parties or bad short-term renters with you present at home too.
Con: You Have To Share Your Home
As much as it is nice to have an extra income, it can be a bit off-putting to have to share your home. While you have people staying in your home you can’t walk around however you want. You also have to worry about your belongings. For some people, this can turn you away from wanting to have an Airbnb.
Pro: Amazing Experiences
When you rent out a room you get to meet a lot of really interesting people from cultures around the world. Even if you don’t interact much, you do get to get a peek into the world of people who are far different from those you are used to interacting with.
Con: More Work
Running an Airbnb requires a fair amount of work. You have to keep your place clean, do the laundry for the linens in the rental room. Maintaining the listing and messaging with potential renters also takes up time. You will have to learn new skills to help you stay up on the management of your rental room.
Pro: A Lot Of Flexibility
People who use traditional routes for short-term rentals have a little less flexibility. There is a lot of flexibility with Airbnb. You can set times for when you will be out of town and otherwise unavailable. Controlling how long someone gets to stay, how you get paid, and many other options is very easy.
Con: Not As Certain As A Roommate
Roommates are great because they are on your lease and you know that you will get regular payments from them. Airbnb is a little more up in the air. You don’t know when you will get bookings and thus your income stream is a little less concrete.
Pro: Insurance From Airbnb
Airbnb provides all of its hosts with insurance against acts committed by those who stay in the rental room. Should something go wrong, something gets stolen, or something gets destroyed, it is covered.
Now that you know the pros and cons of turning your room into an Airbnb, you can make an informed decision on whether to start being an Airbnb host. Everyone has their own unique circumstances and being a host might be right for you and it might not.