List your home as a hotel

Vacationers’ search for alternative getaways has contributed to a $100 billion industry, with millions of people worldwide listing their homes to generate income.

Websites like Airbnb, FlipKey, and HomeAway have made it easier than ever for homeowners to rent out their homes. And the market is strong. According to a survey by Consumer Reports, 75 percent of people who’ve never used a homestay say they’d consider trying it.

How to start renting your home? Consumer Reports says the first thing to do is make sure it’s legal. Vacation rentals aren’t legal everywhere, so you’ve got to look into the local laws before you list your home. Your town or city hall can tell you what’s legal in your area. And consider a call to your insurance agent and your accountant.

When you’re renting your home, you’re essentially running a business, which means you’ve got to think about things like the type of insurance you need and whether or not you’re going to owe taxes on the income you earn.

Consumer Reports also says outfitting your home with a keyless lock, reliable coffee machine, and comfortable mattress will make it a more desirable rental.

All Consumer Reports material Copyright 2017 Consumer Reports, Inc. All Rights Reserved. Consumer Reports is a not-for-profit organization which accepts no advertising. It has no commercial relationship with any advertiser or sponsor on this site. For more information visit consumer.org.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s