With the rise of services like AirBnb, it is becoming increasingly common for homeowners to rent out space in their home to visitors. Most of us have stayed in a rental property while visiting a new city or traveling to a far flung destination, and they are usually convenient and affordable places that serve as a functional base when away from home. But what is it like to actually rent out your home to complete strangers?
You might be considering opening up your spare room or extension as a rental space, but are perhaps worried about the security implications. Is it safe to let a stranger into your home, especially if you have a family? What if your guest is a troublemaker and wrecks your possessions? These are all understandable concerns, but the truth is that the benefits of renting out your home far outweigh the risks. To help you make your mind up, here are three great reasons to rent out your spare room.
The most obvious reason to rent out a room in your home is the money. Your side hustle can be an excellent source of passive income, where you receive regular payments without having to do a huge amount of ongoing work. Simply sign up to a rental service like AirBnb, fill in your listings page with details and photos of your property, and wait for people to make reservations. Once you have signed up, most of the work has already been done, and all you need to do is get the room ready for your guests and tidy up once they’re gone. Running an AirBnb can easily fit around a full time career, especially if you have a partner, neighbors, or other family members who can help you out with the responsibilities.
It’s reasonable to be concerned about the safety aspect of renting out a room, but professional services like AirBnb make the whole process totally worry free. Guests and hosts can review each other on the website, so you can check any visitors’ profiles for red flags before you accept them. Any visitors must provide their full details before making a reservation and you even have the option to message and chat with them before their stay. If your spare room is in a separate part of your house, such as an extension or even one of these brick garden rooms, then you will have complete privacy and may not even have to meet your guests while they are in town.
One of the best things about renting out a room in your home is the opportunity to meet new people. Vacation rentals attract people who love traveling and exploring the world, so it is easy to strike up a conversation based on your shared interests and experiences. New and exciting people will come in and out of your life, some of whom might become lifelong friends. Your new lifestyle will become an incredibly social experience and you’ll never look back.