Millions of homeowners are adopting the short rental business by renting their extra space on services such as Airbnb as a fast and easy way to make some extra money. In this case, travelers or individuals visiting a particular area do not worry about accommodation since they can easily get a place to stay for the short stay in a foreign destination. As much as this idea is an excellent entrepreneurial opportunity, it is accompanied by various risks.
Most amateur accommodation providers are typically faced with financial and legal issues, especially when the temporary renters damage their property during their stay. In such a case scenario, the burden of loss is borne by the property owner since most homeowners’ insurance policies exclude such coverage since it is associated with commercial affairs. Subsequently, a homeowner facing such issues ends up paying more that he or she acquires out of renting the property.
Various issues ought to be considered before putting your property up for short-term rental services on online services such as Airbnb. A homeowner should consider the potential risks such as lawsuits, illegal activities, theft, failure to pay the rental fee, damage to neighboring property and injuries sustained by the visitors or guests.
Considering all the risks you may be subjecting yourself to versus the gains you stand to get will help you make an appropriate decision. In such cases, consulting a wealth and investment manager such as Richard Blair of Wealth Solutions can also assist in making a decisive decision.
Richard Blair is the man credited with founding Wealth Solutions, Inc., which is a Retirement Investment Advisory entity based in Austin, TX. He boasts of a deep-rooted level of experience that spans 23 years in the finance sector. Blair is an Investment Advisor by profession who possesses an impressive record of achievements in this line of work such as being a Certified Annuity Specialist. He established the Wealth Solutions out of the need to make a significant impact in the lives of small business proprietors, families as well as individuals.
Growing up Blair developed a liking for education since his grandmother, mother and the wife he later married were teachers. Subsequently, he witnessed first-hand the impact can have on a person’s confidence and knowledge. He used his love for education and knack in finance to establish an independent firm to help individuals in society with financial problems.