What to Consider When Renting Your Property on Airbnb
For most individuals, renting their entire or part of their property on Airbnb is a fast and simple method of making money. This procedure allows most homeowners to earn money they require to pay for their residential property by hosting visitors on short term basis. There are several factors to consider when renting your residential property via Airbnb. These include:
You are likely to face several risks when hosting tenants in your property. You are also responsible for any damages on your property or neighbor’s property left by the tenants. Furthermore, if any guest is injured, it is your responsibility to ensure that he or she receives the right treatment. At times, tenants may refuse to pay the rental fees. As a homeowner, you should be prepared for such risks.
You should note that short-term rental facilities are not covered by most homeowner’s insurance plans. This means that you are liable and responsible for all costs incurred by your guests.
Airbnb offers secondary coverage protection to its clients. As a property owner, the protection is only effective when you have completely exhausted your resources. You can therefore decide on whether you want to host short-term guests. It is advisable to speak with qualified insurance professionals or wealth and investment managers such as Richard Dwayne Blair of Wealth Solutions.
As the main owner of Wealth Solutions, a company headquartered in Austin, Texas, Blair has been offering wealth and investment advice to clients for 22 years. Blair’s Wealth Solutions offers financial planning services and information regarding funds to wealthy people. Through professional partnerships with companies such as Crownbridge Wealth LLC, Blair Insurance Group LLC, Worldwide Ventures GP LLC and United Global Securities, Blair has assisted many people to achieve their investment goals.
Richard Blair’s areas of specialization include integrated and financial planning, estate tax planning, employee benefits, insurance and asset protection. He has more than $55 million assets in terms of investment. Blair’s passion for financial and investment planning compelled him to emancipate himself on the modern financial trends. He began his financial services career after graduating from college and creating Wealth Solutions in 1994.
Wealth Solution’s Services
Wealth Solution offers trusted and expert financial advice to clients. The company also offers retirement planning through a series of stages. They advise clients to begin planning for retirement early. This involves amassing, developing, managing and investing wealth to the final step of retiring. Based on Blair’s expertise and knowledge, you can create a financial plan by assessing your assets, establishing goals and developing a working action plan.