Airbnb: Worth the Risk?
Airbnb, an internet-based company, allows homeowners to rent out their homes on a temporary basis to travelers and those looking for a room for a short stay. Many homeowners have touted the financial benefits of doing so to off-set the cost of their mortgages or just for extra spending money. However, as an article recently published on hackronym.com points out, there are also a few points that one should consider before deciding to become an Airbnb host.
First, homeowners need to take into consideration the amount of risk they are assuming with their temporary tenants. According to the article, liability for damages, theft, and even illegal activities may lie with the homeowner. Secondly, short-term rentals are not part of many homeowner’s insurance policies, leaving then open to additional liability, including any injuries incurred by guests while on the property.
Issues like the debate over the benefits and risks of becoming and Airbnb entrepreneur can be responsibly addressed with qualified insurance or wealth management professionals such as Richard Dwayne Blair of the Austin, Texas firm, Wealth Solutions Inc. Blair, a 22-year veteran of the securities industry has worked with hundreds of clients on addressing issues such as insurance, retirement planning, tax planning, employee benefits, and more. He is also certified and registered as an Estate and Trust Specialist and a Retirement Income Professional.
After owning and operating several other firms Richard has developed Wealth Solutions Inc. to work with clients in an effort to create a “partnership” in financial management. In the article posted on Hackronym, Wealth Management Solutions Inc. is described as “professional investment advisory firm that offers wealth management solutions by using time tested advanced technology to deliver innovative products and services to its clients.”
After considering the risks associated with renting on a site like Airbnb privately, one should take serious consideration to consult with a seasoned advisor such as Blair. This can help alleviate the risks or surprises down the road, and proactively protect homeowner’s assets should they decide to move forward with the venture.