Have you been thinking about starting an Air BnB? Are you skeptical of whether or not its “as worth it” as they say?Although we were skeptical at first, having an Air BnB has been one of our best investments to date! Today, I’m going to be sharing some amazing benefits to owning an Air BnB!
Extra Money – one of the top benefits to owning an Air BnB
Air Bnb is a great way to earn extra money! Did you know, you can rent out a single room in a house with more than one room? While this is not as common, it is an alternative to renting a whole home. The first Air BnB we set up is in our in-law quarters and the income we make from the Air BnB pays for the mortgage of our home! While I cant guarantee your Air BnB will perform the same, having a home pay for itself is just one of the great benefits to owning an Air BnB
Insurance Claims – one of the secret benefits to owning an Air BnB
Did you know Air BnB covers insurance claims? Thats right! As a “thank-you” for listing your property on their platform, they compensate for any damages done by guests during their stays. This allows you to upkeep your property over the years with no cost to you. Insurance coverage compensates you for damages to small items like pots and pans to large items like stoves and refrigerators. The insurance also covers anything stolen by guests. And unfortunately this does happen. But the good news is, you are not responsible for damages to your property caused by guests. Air BnB’s got you covered.
Cleaning Fees
Guests pay a cleaning fee to stay at your property. You may be worried about how to manage cleaning for the property, but its easy! Simply get a quote from a local cleaning company to do cleaning and laundry every turnover and then post their price as your cleaning fee. Guests pay 100% of the cost for cleaning so it does not come out of your own pocket. In other words, maintaining the property in between guests is paid for by your guests – just another amazing benefits to owning an Air BnB!
List for Free
You can list your property for free on VRBO And Air BnB. Thats right! As in incentive to host your property on their platform, these listing sites are absolutely FREE to list your property on. The sites make their money by charging a percentage of the guests nightly total, which the guests pay. This allows you to manage and reap the benefits of listing on their platforms!
High ROI
One of our owners recently switched their property from a long term rental to an Air Bnb and increased profits by a whopping 455%! We’ve found this insane increase in profit for most people we know who have entered the Air BnB market. When set up right, an Air BnB can bring in huge profits.
Flexible Rental Terms
As an owner, you can set your own rental terms. This means you have full control on who books, what they can and can not do while staying on your property as well as set up any fees if guests break these rules. There is a lot of work that goes into setting up an Air BnB and getting it ready for guests. This is a wonderful way you can still have control of the property.
Less Wear and Tear
In addition to all the advantages we’ve already mentioned, wear and tear is something to be considered. We’ve seen first hand the difference between wear and tear in our long term rental and that of our Air BnB. Because of Air Bnb’s insurance and regular cleanings (paid for by our guests), we have been able to upkeep our Air BnB much more than our long term rental property. A long term renter is a gamble because although they may have a clean background and reliable job, they are not guaranteed to be clean people or care about maintaining your property.
Tax Advantages
Any supplies are you purchase for your Air BnB are a tax write off. This includes supplies like tp and paper towels as well as major purchases like pieces of furniture, appliances and more! Cleaning fees you pay to the cleaning team is a tax write off as well. Cost for utilities, insurance premium and more are all great tax advantages to owning an Air BnB.
All that said, I can say from personal experience, there are some wonderful benefits to owning an Air BnB. Its been our best investment so far!
Here’s a picture of the Air BnB in our basement that pays our mortgage every month! 🙂
Have the space for an Air BnB, but wondering how to set it up and decorate in a way that guests will enjoy? Check out my 5 Essential Decorating Tips here!
I also link every essential you’ll need to purchase for your Air BnB here. This post is designed to save you a TON of time and money when setting everything up!