How to make money with Airbnb

DETAILS

If you have a room in your home that you aren’t using or a space that you aren’t occupying very often, Airbnb might be a good solution to earn something.
The first step is to decide the price that you want to apply and when to make your space available. The price should consider the going rate in your area and the costs of hosting, including bills, cleaning, taxes and Airbnb’s host fee, which is 3% for payment processing. The room or the space has to be cleaned to present it in the best possible light.
The second step is to list. Listing is free, and you can individually approve potential guests. Experts suggest when you describe your place to think about what makes it unique. Try to consider it from an out-of-town visitor’s perspective. What amenities can you offer? Have you a wireless Internet or a cable television? Is your space near great restaurants, nightlife or cultural activities? Is it within walking distance of public transit? Describe everything, give all details and add the right photographs. The best solution would be contact a professionist but if you haven’t the budget, make sure that every photo is perfect.
The third step is getting permission and paying taxes. What kind of permissions do you need? Your locality might require a business license, and you might owe local taxes on any income you earn. An example? You could be oblidged to pay a transient occupancy tax, the same tax that applies to hotels. Not only. If you live in USA you will also pay federal taxes on Airbnb income, which will be reported to you and to the IRS on form 1099.
What else? Talking of personal safety, it’s important don’t give guests the opportunity to steal your possessions or your identity. So, don’t forget to find a safe place to store anything of high sentimental or financial value. Instead, thinking about the home safety you should keep in mind that Airbnb’s host guarantee provides up to $1 million in insurance coverage for property damage in 29 countries, including the United States, United Kingdom and Canada, but it’s not a substitute for homeowner’s or renter’s insurance, and it doesn’t protect against theft or personal liability. Talk to your homeowner’s or renter’s insurance company to make sure your policy will cover your property, your possessions and your liability while renting out your place through Airbnb.

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