Looking for a new stream of income and have a property to rent out this summer? Websites such as Airbnb, Vrbo, and Kayak are popular ways to advertise your property to possible renters. These websites have been on the rise in recent years and are a new mainstream way that people choose to vacation due to the spacious homes and potentially lower costs as compared to staying in a hotel.Like a hotel, you can rent your home for a set price per night and advertise local areas, amenities, and other unique details about your home on the site. Many of these sites offer reimbursement to homeowners if there is damage after a stay. They also offer a screening of guests through a name, address, government ID, and more from the guest. This way you can know who is staying in your home and deny them from renting out your home if you do not feel comfortable. If you also want to stay in your home over the summer, you can choose dates to block off so you can still enjoy your property.
While this can be a great way to earn quick cash from an investment, inviting random vacationers into your house can also be risky. It is a great idea to protect yourself and your hard-earned assets through proper planning. Through thorough planning strategies, you can minimize the risk of tenants or other people entering your investment property from suing you or your loved ones. If you are interested in exploring your estate planning options, including strategies for minimizing risk for rental properties, give our office a call. We would be happy to set up a complimentary consultation to discuss the best options for you and your loved ones with you.
