Risks Involved with Airbnb

Airbnb is a new way to look at traveling. Rather than staying in a hotel, airbnb offers a new options to not only stay in a fully furnished home, but to also meet some of the locals while trying some of the local activities. Airbnb not only offers a comfortable place to live, but also offers a new experience in culture. Airbnb also offers individuals with larger homes new ways to make money. For a short period of time, all home owners need to do is host a few travelers for a couple of days to earn extra cash. Though this may seem like a great option, there are some risks involved that require much thought of things to consider when renting out a home. Original source: http://hackronym.com/category/financial-advice/

Here is a list of things to consider.

1.) Risk

There is always a risk that not only damage could take place on the property, but also illegal activities could occur. With this in mind, often enough tenants sometimes refuse to pay for lawsuits or property damage that takes place.

2.) Insurance coverage

The damages that can be incurred on behalf of tenants may not be included in the insurance of the house. This means that the homeowner is personally liable for the damages that occur.

3.) Protection

To avoid these issues, household protection is the next step to take. For those that want to continue to have short-term guests, it is recommended to discuss this with a financial advisor. One of the most recommended individuals to discuss this with is Richard Blair, an investment manager at Wealth Solutions, Inc.

For individuals who are looking for financial planning that is affordable and high quality, Richard Blair is the professional to seek out. Mr. Blair not only draws a picture of the client’s finances, but also draws up a future plan to create a diverse portfolio that will keep the finances secure and growing over time.

Richard Blair especially offers expert advice to individuals who wish to host short-term travelers. Mr. Blair understands the risks involved and suggests precautions be taken before letting travelers into the home. As there is always a risk of property damage, illegal activity, as well as lawsuits, Mr. Blair works hard to make sure that the financial situation of every homeowner is stable. With the latest technology and the best services available, Wealth Solutions is the financial advisory to choose from.

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