In less than a decade, Airbnb has transitioned  from a trendy vacation method to a staple of modern day travel. As the travel season approaches, some will  be looking to save money at vacation destinations, while others might be converting their homes into Airbnb units for extra cash. Could Airbnb hosting be a good option for you and your home? Answer these five questions to find out.

Why do you feel this would be worth it?

These days, people are turning to non-traditional revenue streams in order to accommodate their main income and sustain a comfortable living situation. Companies such as UBER are allowing  people who work part-time and full-time jobs to bring in extra income. You might consider Airbnb the UBER of housing. Some people are using the extra space in their homes as a way to attract tourists looking for affordable hospitality rates as well as something that is a little more comforting while in an unfamiliar place. The key thing to keep in mind is that it does require your time and labor.

Do you really want strangers in your home?

This is probably the main question you’ll want to ask if you’re considering the prospect of Airbnb hosting. People from all walks of life will be in your house for only a few days, but having a stranger in your home can cause quite a bit of anxiety. You might not be sure how people operate in their daily routine. You may receive some guests who are polite, full of excitement about their vacation, but you may also encounter guests that seem grumpy and cold. Consider how you might react to people from all walks of life you’ll be hosting. After all, you are  essentially running a business, and customer service will always be key.

Do you enjoy an extra income?

Being an Airbnb host can be a lucrative side gig if you’re consistent with it. In a 2014 survey, the company found that 71% of Los Angeles hosts relied on Airbnb to meet their financial needs. Stories about the cost of living skyrocketing past current salaries are becoming more common, so people are definitely willing to do what it takes to survive the ever-changing economic landscape.

How equipped is your home to accompany your guests?

Making sure your home is suited for Airbnb guests could take a little work, depending on what you’re willing to offer. Some hosts have stressed the importance of privacy for their guests. This will include having an extra room, or guest house separate from the main living quarters. Some Airbnb hosts provide amenities such as wireless internet, cable television and business-friendly workstations. Airbnb also recommends that hosts provide clean linens, towels and other amenities to guests. Depending on how often you’ll be having visitors, it might make sense to buy a separate set of these items. As a host you will need to spend time cleaning the room or house before and after you rent it out. If you’re considering hiring a cleaning service, you may be able to tack on a cleaning fee to the cost. There are a lot of things to add on that your home might not have at the moment that could be worth the extra cost in the long run.

How active are you on a regular basis?

Smart listings don’t just emphasize a place to stay, but an entire  experience. There are some Airbnb listings who promote exploring the local scenes such as catching the street attractions on Venice Beach or exploring the salsa clubs in Miami. These hosts meet the needs of visitors who want to live as a  local would to get the most out of their stay. Sometimes framing your space in a creative way can make a difference in whether or not people choose your home for their vacation stay.

Airbnb units are usually made from some extra space that the homeowner has, which is usually an extra room or two in their house. For those looking to make some extra money, creating an Airbnb is an idea that is worth visiting.

 

Buying a home

Every home is a milestone. Every mortgage is a cornerstone. Whether you're buying a new home, remodeling or ready to refinance, we understand that a loan is more than a tool to achieve your dreams -- it's a belief in you and the importance of your goals.

Refinancing a home

Take advantage of a lower rate that could reduce your monthly payment or change the term of your loan. Our outstanding customer service and commitment to provide transparent communications means that Open Mortgage makes your priorities our mission.