In this day and age, before making any rash decision with regards to spending money and investments, it is recommended to find financial advisor that will help you along the way. This is important if you don’t want to get old with nothing to your name. Many people believe that real estate is a good investment and one of the most popular trend that has caught the attention of many especially travellers is the rise in Airbnb.
Airbnb is an online marketplace that offers guests short-term rentals while they are on a vacation. These are not exclusive to hotels and accommodation industry but private homes and properties can also be listed by the owners. While this may sound like a lucrative business requiring very little work, experts have warned that it may not be what you are expecting in real life.
According to a certified financial planner, location is very important in this type of business. There are places that will be booked all year round because of the good location while there are those that will only have seasonal increase in bookings. It is important for an investor to know the different market conditions in the area where they want to hold a rental property. Aside from this, a number of things have to be considered too.
Unless you are well-verse with your local laws and rules with regards to short-term rental, it is best to inquire with your local office. The local laws are always changing therefore getting updated is important. In places where there is a short supply of affordable housing, local authorities mandate landlords that available properties should be listed on the market with long-term rental as a condition.
Do not think for second that your property will survive with short-term rentals forever. This is why it is important to ask if it can be listed for long-term rentals or any other purpose. This will ensure that you will have a steady passive income even if the age of Airbnb has long gone. The demand will not stay the same thus if you find financial advisor it is best to discuss these things beforehand.