Does your 9-to-5 paycheck leave much to be desired? Are you trying to pay down a mountain of debt as quickly as possible? The peer-to-peer short-term rental service Airbnb might be the solution to your problems. Here’s what you need to know about the risks and rewards of renting out all or part of your home through this service.
How to List
You decide when to make your space available and at what price. Listing is free, and you can individually approve potential guests. In setting your price, you’ll want to consider the going rate in your area by looking at competing listings. You’ll want to consider the costs of hosting – including cleaning, higher utility bills, taxes and Airbnb’s host fee, which is 3% for payment processing.