So, what do you need to know when renting a part or your whole house on Airbnb? Even though many consider this as an easy and fast way of making money to pay up for their property, there are unexpected problems that come with it. To avoid such, expert advice from Blair and Wealth Solutions will come in handy for you. Richard Blair will help you review your options and then provide advice that is specific to your situation. http://hackronym.com/wealth-solutions-insurance-and-other-considerations-when-renting-on-airbnb/
About Richard Blair
Richard Blair is the founder of Wealth Solutions, the Austin-based investment advisory firm. With an experience of more than 20 years in the financial services industry, Blair has a broad scope of academic qualification. He is a Certified Tax Specialist, a Retired Income Certified Professional, a Certified Estate and Trust Specialist, a Certified Annuity Specialist, a Certified Income Specialist and a Certified Fund Specialist.
Wealth Solutions is focused on providing customized advice on financial planning, investment, wealth preservation strategies and retirement planning. Wealth Solutions regards its customers as partners in financial management and avails to them the most current information and technologies to enhance their chances for success.
Regarding renting your house through Airbnb, Wealth Solutions recommends you ask yourself three questions:
What risk do the tenants pose to your property?
This could include the damage caused on your property, criminal activities or injuries to the guests. The tenants may refuse to pay up their rent or may engage in actions that may bring about legal action.
Are there any options for insurance coverage?
Most homeowner’s insurance policies do not cover short-term rental agreements. This will mean that you will be personally liable for any expenses that are incurred by the tenants.
What Protection Does Airbnb Offer?
It is important to get acquainted to the protection that Airbnb offers. It is also important to know that this protection is normally secondary. Therefore, it does not begin to function until you have completely exhausted your resources.
Information is an important resource when undertaking a particular investment. Answering these three question will give you a leverage on your investment. Blair’s Wealth Solutions will help you answer them and determine if or not your property will give you returns on Airbnb.