What’s the Best Move?
If you’re a homeowner ready to make a move, you may be thinking about using your current house as a short-term rental property instead of selling it. A short-term rental is typically offered as an alternative to a hotel. They are an investment that’s gained popularity in recent years.
A short-term rental can be a tempting idea. However, you may find the reality of being responsible for one difficult to take on. Here are some of the challenges you could face if you rent out your house instead of selling it.
A Short-Term Rental Comes with Responsibilities
Managing your house as a short-term rental takes a lot of time and effort. Tasks like dealing with reservations, organizing check-ins, and tackling cleaning, landscape, and maintenance duties will take up a lot of your time.
Short-term rentals experience high turnover rates. This home traffic can lead to increased wear and tear on your property.
Think through your ability to make that level of commitment. Managing a rental property can be time-consuming and challenging. There’s a lot to consider before taking the leap and converting your house into a short-term rental. If you aren’t ready for the work it takes, it could be wise to sell instead.
Short-Term Rental Regulations
As the short-term rental industry continues to grow, regulations have increased. Legal restrictions commonly include limits on the number of vacation rentals in a particular location. This is especially true in larger cities and tourist destinations. There may be concerns about overcrowding or housing shortages for permanent residents. Restrictions may also apply to the type of property that can be used for short-term rentals. Many cities also require homeowners to obtain a license or permit before renting out their properties.
It is important to thoroughly check whether short-term rentals are regulated or prohibited by the local government and your homeowners association.
Bottom Line
Converting your home into a short-term rental isn’t a decision you should make without doing your research. To decide if selling your house is a better alternative, let’s connect today.
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