Chris Nooney

The Nooney Team

Should I Airbnb My Home?

Should I Airbnb My HouseOne of the main reasons people Airbnb their homes is to earn extra income. By renting out their homes to guests, hosts can earn money that can be used to pay bills, save for a vacation, or invest in their future. The decision to Airbnb your home ultimately depends on your personal circumstances and preferences.

Here are some factors to consider that can help you make an informed decision:

Legal Requirements: Before you decide to list your home on Airbnb, make sure you are legally allowed to do so in your area. Check your local regulations, zoning laws, and HOA rules to ensure that short-term rentals are permitted. Failure to comply with these regulations could result in legal penalties and fines.

Financial Considerations: Renting out your home on Airbnb can be a great way to earn extra income, but it’s important to consider the financial costs and benefits. Consider the amount of time and money you will need to spend to get your home ready for guests, such as cleaning fees and repairs. Also, consider the opportunity cost of not using your home during the rental period.

Property Management: If you’re planning to rent out your home while you’re away, it’s important to have someone who can manage the property and handle any issues that arise with guests. This may require hiring a property manager or cleaning service, which will add to your costs.

Increased Wear and Tear: Renting out your home on Airbnb can result in increased wear and tear on your property, which may require more frequent repairs and maintenance. This can be especially true if you have multiple guests staying in your home on a regular basis.

Safety and Security: Airbnb offers various safety features and guidelines to protect hosts and guests, but there are still risks associated with hosting strangers in your home. Make sure you have adequate insurance coverage and take necessary safety precautions, such as locking up valuables and installing smoke detectors and carbon monoxide detectors.

If you feel comfortable with the above considerations and believe that renting out your home on Airbnb is a good fit for you, then it could be a worthwhile decision. However, if you have any reservations or concerns, it may be best to explore other options for earning extra income.

Pursuant to the requirements of Section 157.007 of the Mortgage Banker Registration and Residential Mortgage Loan Originator License Act, Chapter 157, Texas Finance Code, you are hereby notified of the following: CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. © 2021 Draper and Kramer Mortgage Corp. All Rights Reserved.
Equal Housing Lender
nmlsconsumeraccess.org
Christopher James Nooney (NMLS ID # 179371 (www.nmlsconsumeraccess.org) TX:179371) Roger G Ryman Jr. (NMLS ID # 180704 TX:180704) Michele Domenico Zugheri (NMLS ID # 179379 TX:179379) are agents of Draper and Kramer Mortgage Corp. (NMLS:2551) an Illinois Residential Mortgage Licensee located at 1431 Opus Place, Suite 200, Downers Grove, IL 60515, 630-376-2100. TX: Draper and Kramer Mortgage Corp. NMLS ID 2551.

Connect with Me!