Richard Blair manages Wealth Solutions as a fully-functioning retirement and wealth management resource for his clients, and he has placed particular emphasis on wealth investments such as real estate. This article explains how a wealthy client of Richard’s may choose to rent their home on AirBnb, the risks involved and considerations that must be covered. There is quite a lot to think about when a wealthy client owns a home they do not occupy year-round.
#1: Renting Homes Is Wildly-Popular
Renting homes through AirBnb is wildly-popular among the wealthy because their homes are often not occupied on a consistent basis. A fine home that is well-appointed may be rented though AirBnb, and Richard often encourages his clients to rent their homes as often as possible. The homes will produce their own income when the client is not there, and the guests will help build a reputation for the client as a renter on AirBnb.
#2: Insurance Must Be Considered
Richard encourages all his clients to improve their insurance policies to account for renting. There are certain policies in the insurance industry that will not pay for damages or wear-and-tear from a renter. The client must alter their policy with Richard’s guidance, and he will alter the value of the home in the client’s portfolio.
#3: Keeping A Tight Schedule
Renters must ensure that they are keeping a tight schedule at all times. The home may be cleaned and set up by a maid service between renters, and a wealthy client will earn quite a lot of money as they plan to rent their home for several months of the year. Holiday travel is especially important for renters, and a wealthy client will do quite well in the summer and holiday season with their rental homes. These homes were not purchased for the sake of renting, but they perform well as rental homes.
Richard helps every client make rental decisions for their alternative homes, and he prefers his clients earn as much money as they can through rental agreements. Travelers will happily rent a home from Richard’s clients because of the location, style and price.
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