Using Rental Income To Afford Your Dream Vacation Home
When you see the incredible growth that AirBnB has experienced over the last few years, it’s almost hard to believe.
Since 2007 this short term vacation rental website has expanded to 191 countries and 34,000 cities all over the world. It is becoming a popular way to find travel accommodation and hotels are struggling to keep up.
AirBnB makes it easy for property owners to rent out their home, their spare room or their second property to travellers. If you own a vacation property in Punta Cana, you could be taking advantage of AirBnB to let your property essentially pay for itself.
If you can only use your holiday home during certain periods of the year, why not let it make money for you while it would otherwise be vacant?
How Do You Sign Up?
The process to sign up and be an AirBnB host is pretty straightforward. Here is the official sign up page. You can take some photos of your home, include the details, set your availability and provide any other information that you might want your guests to know. It is free to make your listing – AirBnB will take a 3% service fee on the reservation.
The website also has a messaging function which allows you to chat to your guests, get to know them and answer any questions they might have. You can also download the app and message them while on the go. You can choose to either meet your guests in person to hand over the key or provide them with a door code, whatever works for you.
You may be renting out one room of your home while you are living in it, or you may be renting out your entire home in Punta Cana while you are away. Either way, AirBnB will handle all of the payments and guests will pay before they arrive – so you don’t have to deal directly with money. Of course, you will have to spend some time maintaining and marketing your home – so factor this in when you are considering this option.
Is It Safe?
You might be worried about renting out your Punta Cana vacation home to strangers online. What if it goes wrong and your guests damage or break something? What if they hurt themselves on your property and decide to sue?
The good thing to know is that AirBnB protects your home from accidental damage to the value of $1,000,000. Every host on AirBnB is eligible for this coverage at no additional cost. Also included as part of your AirBnB account is Host Protection Insurance, which will protect your from liability in the event that one of your guests gets hurt on your property.
A bad experience is unlikely to happen, as AirBnB requires verified information from both hosts and guests. After every trip, both host and guest can write a review of each others. This ensures that everyone is kept accountable and treats each other with respect. You will be able to read through the reviews and screen the potential renters before you decide to let them stay at your home.
The Advantages of Renting Out Your Home
Renting out your Punta Cana property on AirBnB brings with it one big advantage – you will make money which you can use to offset the cost of your mortgage. However, that’s not the only perk. Some of the other benefits include:
- You’ll get to meet interesting people whom you might otherwise not have met.
- You can increase the value of your rental by providing extra features, such as snorkeling equipment, boogie boards, a bicycle, etc. This won’t cost you much more if you have these items already, but guests will pay a premium for them.
- If you don’t feel like managing all of the details of renting out your home, you can always use the services of a property manager to deal with it for you. They will take a cut of the bookings, but they will handle everything so you don’t have to worry about it.
Your Punta Cana property could be paying for itself and being enjoyed all year round – so why not consider renting it out for other travelers to enjoy?