Crunchy Kickoff Mozzarella Sticks: Game-Day Goodness
Vegan Maple Sesame Game Day Cauliflower “Wings”
You’ve Gotta Try this in February 2024
Choosing Connection: A BC Family Day Pledge to Prioritize Presence Over Plans
Embracing Plant-Based Living this Veganuary and Beyond
Heal Your Gut, Naturally
Inviting the Steller’s Jay to Your Garden
6 Budget-friendly Holiday Decor Pieces
Dream Home: $8 Million for a Modern Surprise
Local Getaway: Recharge at a Vancouver Island Oceanside Retreat
Protected: The 2024 Spring Road Trip Destination You Won’t Want To Miss
The People’s Open Just One Reason to Visit Some Classic Scottsdale Golf Courses
10 Places to See Holiday Lights in Metro Vancouver
Vancouver Adventures: Our Picks for December
What to Watch This Week: December 3 to 8
Are you getting the most from your expertly cultivated and perfectly aged wine collection?
The Ultimate Holiday Gift Guide for Him
The Ultimate Holiday Gift Guide for Her
Renting a property means doing your research, and these top tips from Zensurance will help
As a landlord, renting a home, condo or apartment has a lot of upsides. Demand is always high; it’s a source of passive income, and owning a rental property allows you to diversify your investment portfolio.
But landlords face challenges as well. There is much risk and liability that comes with renting or leasing a property—from maintenance and repair issues to an unruly tenant—which makes protecting your dwelling with a landlord insurance policy a top priority.
Perhaps it’s one reason why thousands of Canadians opt to participate in the vacation short-term rental game instead. After all, becoming an Airbnb host and offering short-term rentals of a portion or all of your house, condo or seasonal property is an attractive way to earn extra income when convenient to you. According to Statistica, vacation rentals revenue is projected to hit $1.8 million US in Canada in 2022 and rise to around $2.1 million US by 2026. Moreover, 93 percent of vacation rental revenue is expected to be generated through online sales by 2026. But simply listing your property on Airbnb or any home-sharing website, such as VRBO, isn’t a guaranteed path to success.
Moreover, municipalities across Canada may be taking a closer look at regulating the short-term rental industry to ensure it doesn’t exacerbate current housing shortages. For example, the City of Victoria is cracking down on illegal short-term rental operators after introducing a bylaw to regulate the operation of vacation rentals in the capital’s tight housing market in 2018.
Nevertheless, public health restrictions designed to reduce the spread of COVID-19 are relaxing in some provinces, enticing property owners to jump in (or jump back in) to the private short-term rental market. But what should you be wary of?
Whether it’s Airbnb or VRBO you intend to list your property on, take the time to familiarize yourself with the challenges and risks that come with being a host. You want your hosting business or side hustle to be successful.
Therefore, review these important insights before listing your property…
Check your municipality’s bylaws and rules to determine if there are any limitations or restrictions related to being an Airbnb host in your neighbourhood. For instance, in the City of Vancouver, all short-term rental operators must have a business licence and can only operate from the dwelling where they live. The rental can be an entire home or a room within it that is rented for less than 30 consecutive days at a time.
A word to the wise: protect yourself from third-party liability lawsuits and damages to your property. Both Airbnb and VRBO provide hosts with some levels of protection. However, listing your property on Airbnb or VRBO turns it into a business property. Your personal home insurance policy may not cover you for third-party bodily injuries or property damage if you file a claim. Speak to a licensed insurance broker and ensure you’re adequately covered as a host.
The COVID-19 pandemic remains a fact of life, and it may last for many months to come. That means you need to allow for time between reservations to thoroughly clean your dwelling, as well as do any necessary maintenance work.
Property owners need to approach hosting on Airbnb and VRBO in a businesslike fashion. That means laying out a business plan that accounts for all expenses and projected income. For instance, hosting guests means there’s likely to be an increase in your utility bills (electricity and water). Track all your expenses and income and save receipts for when you need to file your taxes.
Let’s face it: there are many risks associated with renting out your vacation rental property. But you can mitigate those risks. Here are seven ways to protect your digs and ensure you delight your guests…
CREATED BY BCLIVING, IN PARTNERSHIP WITH ZENSURANCE