Airbnb and VRBO: Letting Strangers Live in Your Home

The vacation experience has changed over the years, with travelers looking for alternative accommodations at every type of destination. Whether it is a family of four looking for more space or an executive needing a space to entertain clients while on business, many are turning to Airbnb, Vacation Rentals by Owner (VRBO), and other companies to find the perfect place to rest their heads while away from home.

Benefits for travelers

Staying in a home rather than a hotel room allows travelers to find the exact setup that will work for them. For some, this means multiple bedrooms to accommodate a large family. For others, having an outdoor space with a view offers a unique vacation experience. For many, the promise of a full kitchen is enough to forgo the hotel room for an Airbnb or VRBO.

Whatever the traveler is looking for, these platforms have a wide variety of accommodations to choose from, including single rooms for rent up to a whole estate. They are often cheaper than a comparable hotel room since they do not need to build in a lot of overhead. Just be sure to read the fine print about who is allowed to stay (some do not allow kids or pets) as well as any extra fees before booking.

Benefits for owners

Are you interested in renting out your home to make some extra money? Many turn to Airbnb and VRBO to help them bring in some extra cash while they are out of town or on vacation. For the cost of an extra set of linens or two, plus the time needed to clean up before and after your guests stay, you can bring in a decent amount of money to cover your expenses.

Just make sure to put any valuable or sentimental items away before you hand over your keys. You will know who is staying in your home, but it is better to protect yourself and your property and avoid an awkward situation. Airbnb and other insurance companies offer insurance options to cover injuries or damage. You will also need to report the income to the IRS (and pay taxes on it) if you rent your home out for more than 14 days out of the year.

If renting out your home or staying in someone else’s home sounds like an excellent option for you, check out Airbnb, VRBO, or other sites to make the most of your next vacation.

If you have any questions, or you want advice in mortgage or real estate, feel free to reach out to me any time!