Rent or Sell?
If you’re a homeowner considering a different approach, you might contemplate transforming your current house into a short-term rental property instead of putting it up for sale. Short-term rentals (STRs) have become increasingly popular as an alternative to traditional hotels and have piqued the interest of many investors.
Although the concept of a short-term rental may seem appealing, you may discover that assuming responsibility for one can be challenging. Here are a few obstacles you might encounter if you decide to rent out your house instead of selling it.
A Short-Term Rental Comes with Responsibilities
Effectively operating your house as a short-term rental requires a significant investment of time and energy. Managing reservations, coordinating check-ins, and handling cleaning, landscaping, and maintenance tasks are just a few of the responsibilities you’ll need to juggle. Individually, each of these tasks can be demanding, but when combined, they can become overwhelming. Additionally, short-term rentals experience frequent turnover as new guests come and go, resulting in increased wear and tear on your property. This may necessitate more frequent repairs and the replacement of furniture, fixtures, and appliances.
“Managing a rental property can be time-consuming and challenging. Are you handy and able to make some repairs yourself? If not, do you have a network of affordable contractors you can reach out to in a pinch? Consider whether you want to take on the added responsibility of being a landlord, which means screening tenants and fielding issues, among other responsibilities, or paying for a third party to take care of things instead.” – Bankrate
Converting your home into a short-term rental isn’t a decision you should make without doing research. To decide if selling your house is a better alternative, let’s connect today!
STR Regulations
With the ongoing expansion of the short-term rental industry, regulations have become more stringent. One common legal restriction involves imposing limits on the number of vacation rentals allowed in a specific area, particularly in larger cities and popular tourist destinations. These limitations aim to address concerns such as overcrowding or the availability of housing for local residents. Additionally, there may be specific guidelines pertaining to the types of properties eligible for short-term rentals.
