Things to consider before listing your property as an Airbnb rentalAirbnb is one of the most popular platforms for owners to list their properties as short-term rentals. If you own a house, cottage, condo, inn, B&B or other property, you can become an Airbnb host. However, there are a few things you should consider before deciding to become a host:
- Read through Airbnb’s terms of service and become familiar with their hosting platform.
- Find out about tax implications, as any revenue earned through your Airbnb rental will need to be declared. For example, if you are a Canadian resident, your Airbnb revenues need to be declared on your tax return. Furthermore, if you earn more than $30,000 you will have to collect the HST or GST and PST depending on your province of residence.
- Talk to your insurance company to see if your insurance will cover damages. While Airbnb’s host guarantee does reimburse hosts for damages up to $1 million, you should still have homeowner’s insurance.
- Budget for extra costs such as toiletries, cleaning fees, management costs and so on.