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Short-term rentals can be highly lucrative to dedicated real estate investors. But what if you don’t want to buy an entire property to rent temporarily and inconsistently? Well, you can Airbnb your primary residence. This strategy is popular for those who travel often or just want extra income and don’t mind visitors. If you have yet to hear of it, read along as we go over how to Airbnb your primary residence and the pros and cons of this strategy.
Steps to setting up an AirBnB Rental Business.
First, you need to check your local laws. Some jurisdictions prohibit short-term rentals, some require licenses, and some have specific rules on how many days you can rent out your property.
MARYLAND
You must apply for a short-term residential rental license through the Department of Health and Human Services.
Additionally, you must be paid up on all taxes, follow zoning restrictions, and inform your homeowner’s association about your plan. Then, you’ll need to keep a record of everyone who’s stayed at your property.
In Maryland, a short-term rental is a unit or room in a single-family home or other property that’s available for rent for less day 30 consecutive days. The maximum number of days you can rent your property per calendar year is 120 if you’re absent from the home. However, there’s no limit if you plan on living there while renting it out. Generally, short-term rentals are listed on sites like Airbnb, VRBO, or Booking.com.
WASHINGTON DC
Link to DC Short term rental licensing website: https://dlcp.dc.gov/shorttermrentals
Sources:
Patrick Freeze - Link
Pros and Cons of Using SMART Locks
Pros and Cons of Using SMART Locks
Smart locks offer several advantages and disadvantages compared to traditional locks. Here are some pros and cons of using smart locks:
Pros:
Convenience: Smart locks provide convenient access control options. You can unlock or lock your door remotely using a smartphone app, key fob, or even voice commands. This eliminates the need for physical keys and allows you to grant access to others without sharing traditional keys.
Keyless entry: With smart locks, you don't need to carry a physical key. This means you won't have to worry about losing your keys or getting locked out of your home. You can also set up temporary access codes for guests, housekeepers, or service providers, which can be easily managed and revoked when necessary.
Integration with home automation: Smart locks can integrate with other smart home devices and systems, such as security cameras, doorbells, and home automation hubs. This integration allows for enhanced security and automation capabilities. For example, you can receive alerts when someone unlocks or locks your door, and you can program your lock to automatically lock when you leave your home.
Remote access and monitoring: One of the significant advantages of smart locks is the ability to remotely control and monitor your locks. You can check the status of your door lock from anywhere, and if you forgot to lock your door, you can do it remotely. This feature provides peace of mind and increases security.
Activity logs: Smart locks often have activity logs that record when the door was locked or unlocked and by whom. This feature can be useful for monitoring who enters your home and keeping track of activities.
Cons:
Dependency on technology: Smart locks require power to operate, which means they rely on batteries or electricity. If the power goes out or the batteries die, you may not be able to unlock or lock your door. This dependency on technology introduces a potential point of failure.
Vulnerabilities and security risks: Like any internet-connected device, smart locks are susceptible to hacking and security breaches. If not properly secured, a smart lock could be compromised, potentially allowing unauthorized access to your home. It's crucial to choose a reputable and secure smart lock system and regularly update the firmware to mitigate security risks.
Compatibility and interoperability: Smart locks often require specific hardware or communication protocols to function properly. Compatibility issues can arise when integrating with other smart home devices or systems. It's essential to ensure that your smart lock is compatible with your existing setup or choose a lock that works seamlessly with your preferred ecosystem.
Higher cost: Smart locks generally have a higher upfront cost compared to traditional locks. In addition to the lock itself, you may need to purchase additional devices, such as a smart hub or bridge, for full functionality. Moreover, ongoing maintenance and battery replacement costs should be considered.
Potential technical glitches: While rare, smart locks can sometimes experience technical issues, such as connectivity problems, firmware bugs, or system malfunctions. These issues can temporarily disrupt access to your home until they are resolved.
When considering a smart lock, it's essential to weigh these pros and cons against your specific needs and preferences. Conduct thorough research, choose a reputable brand, and consider consulting professionals for installation and security recommendations.
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