If you did not know the super bowl is heading to Atlanta! We have seen a lot of people decide to rent their home out on websites like Airbnb and VRBO. Before you list your home check out these points to consider:
Insurance- Call your insurance company to see what is covered and what is excluded. Most home insurance policy have specific coverage limitations on short-term rentals. This adds a whole new level of risk that you and your property are exposed to such as theft and liability.
Income Tax- Call your CPA or tax consultant to discuss the impact to your taxes regarding the money earned from the short-term rental of your personal home.
Local Laws and Restrictions- Some HOA's or local laws prohibit short term rentals. Make sure you are complying with local laws and regulations.
Check out these local news stories:
When the proper steps are taken renting your home with AirBnB or VRBO it can be an excellent source of added income. Bottom line, this is not a decision to rush into but something that should be carefully considered.