Instead of selling your home, you may consider renting it out. Short-term rentals (STRs) are an increasingly popular financial option for hotels.
Short-term rentals are appealing, but managing one may be tricky. Renting your property instead of selling it may provide several issues.
Short-Term Rental Responsibilities
It takes time and effort to rent your residence short-term. You'll manage bookings, check-ins, housekeeping, landscaping, and maintenance. Any one of them may be difficult, but all of them are.
New visitors check in and out often in short-term rentals. Due to increased house traffic, you may need to repair or replace your furnishings, fixtures, and appliances more regularly.
If you utilize a platform to publicize your rental property, consider your commitment level. Most have host requirements.
Before turning your residence into a short-term rental, consider several factors. If you don't want to work, sell.
Rental Laws
Regulations have grown with the short-term rental business. Vacation rental numbers are often limited by law. In major towns and tourist areas, overpopulation or housing shortages for permanent inhabitants may be a worry. Short-term rental property restrictions may also apply.
Before renting, many localities require homeowners to get a license or permission.
Bottom Line
Research before turning your house into a short-term rental. Let's talk about selling your residence.
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