Over the last few years, short-term rentals have grown in popularity all around the world. Fully furnished apartments for rent are now easier to live in and more reasonable on a budget, which is what home-seekers look for in their temporary home prospects.
The more popular anything gets, the more ideal circumstances for myths and misunderstandings emerge. The important thing to remember here is that such misconceptions spread like wildfire. The real estate market is no different, and short-term rentals appear to bear the brunt of these untruths. Here are some myths about these rental opportunities and the truth behind them.
Your Property Will Be Ruined
Whether you live far away from your short-term rental property or you bought it with Loftium, and you’re there all the time, a common myth is that guests who come to stay won’t treat the place well and that it will be ruined.
Most individuals who book a vacation in a short-term rental are exactly like you: ordinary people searching for a break from their daily life. They are not trying to ruin your property or make your life miserable, therefore you should only have good encounters. However, if you have a poor experience, having insurance is going to help you put things back to normal.
Guests Won’t Leave
Most visitors have limited vacation time and return travel arrangements. The likelihood that they will refuse to leave or return the keys at the end is low. If you’re concerned, though, assess your visitors and decline invitations from people who make you feel uneasy. You might even install an electronic lock that you can manage remotely if you want to invest in security and peace of mind. It comes at a cost at first, but you can provide time-limited key tokens to visitors that expire after their check-out date. This also protects you if you’re concerned about key duplication or just want a stress-free check-in/check-out since you don’t have to be there to allow your visitors in.
Guests Will Be Noisy
Again, being choosy about who stays on your property is the best way to prevent this. However, create explicit house rules and inform your visitors about what is and isn’t appropriate in terms of noise and behavior. If they violate the rules or make you uncomfortable, you have the right to cancel their reservation at any time.
You Don’t Need to Report Your Income
If you utilize your vacation rental space, you’ll almost certainly have to disclose the money. Depending on your unique scenario, there are several tax standards. As a general rule, if you rent your property for more than 14 days out of the year, you must report it.
It Creates A Passive Income
If you speak to anybody who leases out their house, you’ll soon realize that, although it might be a terrific side business for extra cash – in many circumstances, it can even make you more money than being a typical landlord – it’s not a passive income. As a host, you must always strive to be the most fabulous host you can be. This includes connecting with visitors before, during, and after their arrival; preparing the space; and crafting a fantastic vacation rental experience for each visitor, regardless of their stay length.