Should I list on Airbnb?

[Lauren4003]

Hi There,  I am completely new to Airbnb.  I am contemplating if it's a good idea to list my brand new built 4 bedroom townhouse in North York for rent.  The property is great however I am surrounded with construction due to it being a new development of homes.  Is it a good idea to list for Airbnb?  I am worried people will complain that it has construction around the property.

Looking to hear your feedback, thanks in advance.

L

[Helen3 · Accepted solution]

No-one here can answer your question I'm afraid. You need to carry out your own market research to see what demand might be for your property @Lauren4003

Who do you see as your target audience?

What are your potential competitors offering and at what price? 

Look at Airdna to get an idea of demand.

Many areas are suffering from falling demand and over saturated markets so do make sure you do a profit and loss account to see what your likely profit levels might be.

And check the new fire regulations - you need to carry out an assessment and comply with the regulations.

[Lauren4003]

@Helen3 Thank you kindly for your feedback.  I agree that I would need to complete a more thorough research and prepare a P&L  before jumping in.  Much appreciated.

[Mike-And-Jane0]

@Lauren4003 Other key considerations are your insurance (most standard policies do not allow AIRBNB) and your mortgage company (again many do not allow Airbnb).

If you are only planning to rent a room in your home then its not important to do a business case/research - just jump in once you've sorted out legality and fire issues.

[Lauren4003]

Hi @Mike-And-Jane0 Thank you so much for the tips.  I will have to contact the mortgage and insurance first in this case just to make sure.  

That was another idea I was considering. Potentially locking up one room and only rent out 3 instead of offering the whole house for airbnb.

There are so many factors to consider, why did it seem to look so simple when I did the initial high level research. lol.

Thank you again, appreciate the feedback.

[Bhumika]

Hi @Lauren4003 Hope you are doing well and it is great to hear that you are considering Hosting. 

I hope the tips from our Host members have helped you get started already and understand what things need consideration.

Adding to Mike and Helen's advice, I wanted to share a link to the Resource Centre and Help Centre that has a lot of useful articles related to Hosting , ranging from how to get started, creating listing and an overview of what legal or regulatory rules you need to consider as you publish your listing.

I hope it is helpful and all the best!🌻