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Rent a room to pay off your mortgage faster

Overview

Published: 06/02/2015

by David Ferrer

For more information, visit Airbnb.ca.

Whether you've got a mortgage to pay, student debt or just want a little extra spending money on the side, renting out your home, or simply a room, is a great option to tackle debt or open up a stream of cash flow. With Airbnb, a community built on sharing and trust, it's now easy and safe to do. All you have to do is list your space, respond to requests and welcome your guests. Here are a few more benefits:

Your schedule comes first. You can rent whenever it's convenient for you. People looking for a place to stay will only see yours if it's listed on the specific dates they've entered. You can also rent long term or short term – the choice is yours! A great time to host is when you're going to be out of town – on vacation, travelling for work or at the cottage. Why not make some money if your home is sitting empty? Alternatively, take a look at your community's calendar – major events in the city, like FIFA or Pan Am, are a big tourist draw which means an influx of people looking for accommodations.

You hand pick who stays. Bottom line: read reviews. You want the person staying at your house to have positive previous reviews. If you don't like someone's review then you don't need to rent to them. It's as easy as that. This system provides extra reassurance that your guest will be respectful of your home. In the unlikely event that something does go wrong – Airbnb comes with a host guarantee which means your property is covered for up to $900,000 CAD.

Money in the bank. With Airbnb, hosts set their own price so you'll never rent for anything less than what you want. On top of this, there is only a 3 per cent hosting fee which means you're getting extra security for a very low cost. You also receive your payout approximately 24 hours after a guest leaves which is fast money in your pocket.

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