This is part duex of my article on vacation rentals. I will be talking about how to make money by posting on a site like Airbnb or one of their competitors. For more information on what Airbnb is, check out the first part of this article here. A brief recap of that article…I wanted an alternative to staying in a hotel, and I wanted to save a little money. I got a great deal on a condo, owned by a woman named Leslie, right in the heart of Atlanta for a fun girls weekend getaway.
The flip side of renting on Airbnb is that you can list your own home, extra room, rental home, RV, backyard tent…you name it on the site to make some extra cash. For me renting out Leslie’s condo or my parents renting out a house for a week is a great deal, but it is a great deal for the owners as well. I checked the website of the apartment I stayed at in Atlanta, the monthly rent was $1180 which is $39 a day. If she could rent out her apartment a couple weekends a month she would be bringing in $400 which would drop her housing cost to $780 a month. That is a 33% housing savings for her. Imagine if she owned the condo, I don’t know maybe she did, a lot of condominiums have converted to apartment rentals in Atlanta. If she bought it for $200,000 with a 20% down payment, her monthly mortgage payment could be $800 a month. Now we are talking about a 50% reduction in her housing costs if she stays with a friend, travels for work, or visits family on 4 nights out of the month that she is renting her home out on Airbnb. This could be a huge improvement to your balance sheet.
If you’re thinking you don’t really want someone in your home or you don’t have anywhere to go while someone is renting from you, well get creative! I saw one guy in Michigan had an above garage apartment without running water plus a gym pass for access to a shower and bathroom that he was offering. It may be a bit of an inconvenience to have someone living in your backyard or renting out your basement, but what does a few hundred dollars of extra income mean to you? What if you were on vacation renting someone else’s home, and your home was being rented while you were away? Your vacation could just cost you your travel and entertainment expenses, or maybe you can get enough for your home and save enough on your trip that you don’t have to spend any money for your vacation. How amazing would that be?
Let us know how your experience with one of these home sharing sites goes. Taking a chance and getting out of our comfort zone sometimes makes for the memories we cherish for a life time. I hope this helps you take a trip that you’ve been dreaming of taking. Enjoy the adventure!
Keep checking back for more travel trips and ideas for how you can get out and explore the world more without spending a lot of money. Chances are that travel is something you can make part of your life; you just need to make it a priority. With our advice, you can and you will make any of your goals a reality.