I was watching a news report today that talked about how with the arrival of the Olympics next year hotel accommodations are booking up fast. As a result, this is apparently opening up a market of local residents who are renting part or all of their homes for a fee.
Some of the fees were pretty astronomical too such as for one place the owners are asking for about $24,000 just for the month of February. Talk about profitability. A lot of interesting points were brought up though if you are intending to do this. The biggest is probably the insurance as you need to be extra careful about the liabilities that can occur as a result of renting out your place to others.
As well, it probably is a wise thin to say take a damage deposit just to be extra safe. Just thinking about it, if it was me trying to take advantage of this I think the route I would probably go for is to try and book some rooms from the existing hotels here and then in turn give it up to someone else for a profit. Have similar precautions in place still, but in general I’d say it would be less worries on your end and in theory you can generate similar returns.
1 Comment