People who are doing explain the ups and downs—and what you need to do to make it pay off
Can you make your extra space earn its keep? Many people with more house than they need are turning to Airbnb and other services to rent out extra rooms, or even their whole house, to bring in cash—often to cover their mortgage or other critical expenses.
But the process isn’t as simple as putting up a listing. Often, it takes a pricey renovation to make the house appealing to renters, and then there are ongoing costs like restocking soap and hassles like taking care of laundry. Occasionally, the guests leave the space a lot worse than they found it.
How much you can make depends on a number of factors, including location, seasonality and government regulations, which vary depending on the locality. And your margins often depend on how much of the work you’re prepared to do yourself, and how much you contract out to workers such as housecleaners.
Here’s a look at some people who have taken the plunge into short-term renting—along with the nuts-and-bolts math of how they have tried to make it work.
Read the full article from The Wall Street Journal