Category: Financial Advice

Things You Should Consider Before Renting To Airbnb

Every investor who has ventured in property wants to get the best returns and to ensure the property is kept in the best shape for as long as possible. The usual expectations of making profits and little or no losses run through the minds of many people especially when they consider renting to Airbnb. http://hackronym.com/wealth-solutions-insurance-and-other-considerations-when-renting-on-airbnb/

However, the reality may be something quite different since it is not always easy to receive all the benefits one expects to get from renting property to the company. Here are issues that are ignored when making such a decision and why you need to look into each before you leap to make the deal with Airbnb.

The costs and risks estimated
Short-term tenants are hard to please and are not predictable. Unlike long-term contracts, you cannot easily track the activities of the tenant and in case of any damage, you are left with the problem to solve solely without any support from those who caused the losses. Others may rent the space to propagate illegal dealings that may see you answer questions in a court of law. The tenants may also flee before settling some bills and this will translate to losses on your part.

Insurance cover considerations
It is expected that property insurance should provide cover for all your property, but the mere fact you will be dealing with short-term tenants may make it difficult for the insurance firm to guarantee you a cover. In fact, most companies don’t cover premises where short-term tenants are the source of income because of the estimated losses and instances that will require the insurance firm to cover costs.

Considerations based on protection
Also note that Airbnb only offers secondary protection that may not be taken as insurance. Don’t be duped into the agreement by impressive agreements because most of the terms don’t count. Also involve insurance and wealth management experts like Richard Blair. He executes his services through his company Wealth Solutions.

A look into Richard Blair Wealth Solutions
Wealth Solutions is a company that was established by veteran Finance and Tax specialist Richard Blair.

His main clients have been major companies and wealthy people looking for direction on how to better manage their earnings and wealth. Richard Blair has also excelled in offering financial advice that is focused on retirement planning.

Learn more:

https://www.brightscope.com/financial-planning/advisor/218993/Richard-Dwayne-Blair/

https://www.intelius.com/Find-Phone-Address/Austin-TX/Richard-Blair.html

Read This Before Renting Your Home On Airbnb

Instead of letting your vacation home sit empty for several months, why not rent it out and make some extra income? With Airbnb you can do just that. http://hackronym.com/category/financial-advice/

What Is Airbnb?

Airbnb is an online marketplace that allows property owners to rent out their space for a processing fee. To get started all you have to do is sign up as a host, create your listing, and wait for someone to book your available space.

Once booked Airbnb will collect payment and notify you. Guests are charged before they arrive and you will automatically be paid 24 hours after the guests check in.

Things To Be Aware Of

While renting your extra space on Airbnb is a great way to bring in additional income, there are a few very important things you should consider before you jump on board.

#1 – Risks

When you rent out your property to a complete stranger there are many risks you are taking. First and foremost you have no idea what the guests will do in your home. They may steal your belongings or they may engage in illegal activity. Either way it is you who is on the line.

If something gets stolen or broken, you will have to cover those expenses out of your own pocket.

#2 – Are You Covered By Your Insurance?

The hard truth is your homeowners insurance is more than likely not going to cover anything that happens at your home as a result of renting it out through Airbnb.

If someone gets hurt on your property you will be held responsible. You may also find yourself dropped by your insurance company as many of them forbid short term leasing.

Get The Help You Need

Richard Blair, the founder and CEO of Wealth Solutions, is just the man you want to speak to in this type of situation.

Blair has over 20 years of experience in the world of finance. His areas of expertise include asset protection, employee benefits, securities, insurance, financial planning and much more.

He can help you make the best possible decision when it comes to any type of financial investment.

 

To learn more about Richard Blair and how he can help you plan for the future, visit http://www.wealthsolutionsria.com/p/my-story.

Follow Blair on LinkedIn