DURBAN - Airbnb is becoming more and more popular as a form of accommodation in Africa, with 2 million guest arrivals in Africa using Airbnb.
According to a recent IOL article the Johannesburg 51500 guests between September 2016 and September 2017. This resulted in a R197 million boost to the economy.
This shows that more South Africans are open to listing their homes on Airbnb.
Here are 5 things to consider before becoming an Airbnb host:
1. Are you happy letting strangers into your home?
Airbnb gives the option of renting the entire home or just a room. You might be alright with renting out your whole home but can you live with a stranger under the same roof if they are renting a room.
2. Have you priced right?
Here there are many factors to consider including the competition out there so consider competitive pricing, stay abreast with the competition and adjust the price when necessary and keeping an eye out for upcoming events to maximise profits.
3. Can you sublet the property?
If you don't own the property then you need to get the landlord's permission before listing the home on Airbnb. Some lease agreements have a clause that discusses if the tenant may sublet the premises or not.
4. Do you have insurance?
Make sure that you have the correct insurance policies in place before you rent the property using Airbnb. Speak with your insurance broker or use Airbnb Liability Insurance.
5. Do you know of the taxes?
You can be held liable for tax on your Airbnb earnings. Let the tax man know that you are earning an extra income.
-BUSINESS REPORT ONLINE