Nashville is one of the top markets for short term rentals on sites such as Airbnb, VRBO, and HomeAway. Many Nashvillians are earning additional money by renting their homes, extra bedrooms, and rental properties. However, renting your home or rental property comes with additional work and often unforeseen risks and consequences. Before you jump into short term renting, check out these common issues.
HOMEOWNERS INSURANCE DOES NOT COVER SHORT TERM RENTAL
Most homeowners are unaware that their traditional homeowners insurance would most likely not cover a loss to their home if it was being used as a short term rental at the time of the loss. Because you are earning income, short term rental is considered a business use. Most traditional homeowners policies exclude losses related to business use of the property. Therefore, a homeowner could find themselves without coverage in a desperate time of need.
MIDDLE OF THE NIGHT PHONE CALLS
Scared of having to deal with calls in the middle of the night from a locked out guest? Just like being a landlord, renting your home or investment property on a short term basis creates maintenance issues that have to be dealt with, often at the most inconvenient times. Just be ready to deal with a locked out guest in the middle of the night.
HOME CLEANING SERVICES
No matter how well your guests behave and maintain your home, you're still going to have extra work cut out for you. Whether its changing the sheets, cleaning the bathrooms, or restocking refreshments, taking on short term guests can create a lot of additional work. Finding a great partner for cleaning your Airbnb rental, will reduce your work load and improve your guest's experience. One of our customers, Nestive offers Airbnb cleaning services. You can check them out at http://www.nestive.com/airbnb-cleaning-nashville.