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Is it smart to host short-term rentals on your property?

By Andrew Bell

If you're a homeowner, the idea of putting it on a short-term rental site may be attractive to you. After all, if you can make passive income while you're out of town or otherwise aren't using the property at the time, that can seem like relatively easy money.

However, as you might imagine, the process is a bit more complicated than that, and whether the financial gain ends up being worth it can depend on a lot of factors. Read on to learn more about whether this will make sense for you:

The cost versus the return

While you will be charged a fees and taxes anytime someone books your rental property, there are other costs you might need to consider. Savings.com.au noted that these sites generally offer additional home coverage so that you can financially insulate yourself in the event of serious damage. However, you may have to invest in making your property more accommodating for short-term renters.

On the other hand, the property's amenities, location and your personal preferences and financial needs can be considered when setting the rental price. You may need to crunch some numbers to determine whether this will be advisable.

Taking on the work

Hosting a short-term rental doesn't mean you can "set it and forget it." You will have to do upkeep on the property when it's vacant, and potentially be nearby to deal with any issues that might arise while it is being rented.

Understanding the law

There may be certain legal issues that arise when renting out your property on a short-term basis, according to Money Under 30. Before you commit to this kind of effort, you need to understand what they might be and how they can affect you. There may be national, state/territory or local rules pertaining to short-term rentals that apply to your property, and you can't afford to be caught unawares.

If you are planning a sale of your property at some point in the near future, it's important to know what to expect and be able to set yourself up for success. At Ray White Surfers Paradise, we can help — because we've closed countless sales and maximised our clients' return on investment. Get in touch with us today to learn more about what we can do for you.

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