It is not uncommon for many seniors or nearly-retired individuals to be carrying a pile of debt into their Golden Years. This is one reason why this website was developed – to give you ideas to help earn some extra cash in the non-working years in your life. One great way to do this with minimal start up costs is by renting out a spare room in your home to make money on AirBnB.
We’ve discussed ways in which this can help elsewhere in this website but one great service you should connect with is called AirBnB. The BnB part stands for bed ‘n’ breakfast and the idea is a slight spin off of the traditional B ‘n’ B program.
If you have never heard of a bed ‘n’ breakfast they are common. For travelers who are either on a budget or do not wish to stay in a hotel or motel and are not particularly interested in hostel arrangements a B ‘n’ B fits somewhere in the middle.
Typically a bed ‘n’ breakfast is in a home or cottage located in a residential or rural setting away from a commercial area. The home owners rent out a room (the bed) for an evening and provide a meal (the breakfast) before check out. AirBnB is a free listing service where you decide what space you are going to rent and at what rate.
What to charge?
It’s a good idea to check out what others in your area are charging for B ‘n’ B rentals and what extras are included, if any. You can do this on AirBnB. This will give you a general idea of what you may want to charge. If you can include something extra, for example, if you have lakefront property swimming could be an added feature to make your listing stand out. It may also allow you to charge a little more than your nearby competitors.
When you list with AirBnB there will be additional fees to consider including the 3-percent payment processing fee that AirBnB includes and guests will be paying an extra 6 to 12-percent as a booking fee for using the AirBnB system but it is worth it for various reasons.
AirBnB is a large network which will provide your listing with plenty of exposure and this means you will have rentals. The listing you post on the AirBnB system is also shareable which means you can cross promote it on social media platforms and your own website to increase exposure.
Keep it legal
If you own your own home it should be easy to connect with AirBnB but on the offhand chance that you are renting a home or live in a dwelling that is controlled by an association or homeowner’s council you will need permission from all parties before proceeding.
You will also need to confirm whether or not rentals of a portion of your home are permissible in accordance with local bylaws.
You may require a business license and other related documentation before listing on AirBnB. Once those tasks are completed, you are good to go and start to make money on AirBnB. Keep in mind that income earned through the rental of a room and space in your home is taxable through the federal government and that your home insurance will need to be updated.
Other factors to consider
You will also have to decide if you are comfortable with sharing part of your home with strangers. If all of these issues are resolved, then you will be on your way. The best part about dealing through AirBnB is that since renters pay through the booking system, you will not be required to handle money. It also means that AirBnB pays you directly for the bookings arranged for your home.
If you have a popular location, offer some great extras and just love to meet and visit with new and interesting people, this can turn into a great extra income opportunity. What makes AirBnB attractive to many seniors is that if you have recently become widowed the prospect of renting out a portion of a home allows you to stay in your home longer.
This is especially effective if you have a home that is much larger than needed for one person or if there are still outstanding mortgage payments. Regardless, the people traffic created by becoming part of the AirBnB network will give you company and people to share and swap stories with whenever you wish.