We live in a world where anybody with a bicycle, car, or even a house can open an app on their phone and make money. However, some of the options in the sharing economy require more work than others.
If you’re looking to earn some extra income while doing what you love, then you may consider renting out your home. Let’s talk about why and how!
Why You Should Consider Renting Out Your Home
While crypto, stocks, and digital features are getting all of the media attention for modern investments, millionaires still agree that real estate is the best investment today.
Now, not everybody can afford to buy a second building or renovate their second floor for tenants. However, you can use your existing home.
Renting out your house when you aren’t using it is a great way to earn passive income. If you aren’t going to be there, the mortgage is still costing you money, so why not make it back with a little extra?
Renting out properties is one of the most time-tested investments you can make, but the investment is evolving. Much like taxis evolved into rideshare companies, long-term landlords are now involved in home-sharing.
Short-term and medium-term rentals may not be as consistent as long-term rentals, but they come at a much higher price per day.
Also, landlords are tied down to one place, as they need to be around to make repairs, help tenants, maintain the properties, and more. Conversely, home-sharing allows people to move around as much as they like.
However, that’s not the only reason for the major shift in recent years. Find out why at thirdhome.com
How to Rent Out Your Home
Fortunately, there are plenty of ways to rent out your home in today’s world. First, and most obviously, is using platforms like Airbnb.
From there, you’ll only need to set prices, determine cleaning fees, and figure out how long of a stay you can manage. If you’ll be gone for three months, then you’ll save money by finding a tenant to occupy the home during that time, as you won’t need to hire someone to clean as often.
Otherwise, put out an ad for the duration you’ll be gone and set the rates you wish to receive. Look at rentals in your area on online listings, Airbnb, and more to see.
If you’re gone for a longer time, offer discounts on rent based on the length they stay, as you will still earn more money without having fast turnovers.
Ideally, you will have a point of contact in the area who has a key and can assist your tenants when needed. If you have that, you’re ready to start listing!
Earn Passive Income
You want to live the dream of traveling while renting out your home for income, right? Well, living that life is now more feasible than ever, so give it a shot and see for yourself!
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