With rent prices rising, you may be tempted to list your home on a short-term rental site like Airbnb. But is is it worth it?
“You might be surprised at how well you can do with this, especially in the Seattle market,” says John Connally, PEMCO Product Manager. But he says before you list your home, you need to consider a few things. First, ask yourself if you’re comfortable having a stranger in your home. If you are, check your city’s regulations. Also check with your condo association or apartment complex because many don’t allow short-term rentals. Lastly, check if there are specific taxes you need to pay.
If you decide to list your home, talk to your insurance provider. You may not be covered for a short-term rental. If you are covered, Connolly says it might be worth trying. Especially since the sharing economy will only continue to grow.