Can you turn your home into an Airbnb? The answer depends on a few factors.
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With so many people moving to Colorado Springs, many residents are making extra money on the side by renting out rooms or entire properties. If you’re considering turning your own home into an Airbnb, you have a great opportunity to do so, but there are a few things to keep in mind.
First, Colorado Springs and Manitou Springs have implemented several restrictions regarding short-term rentals. In either area, you have to apply for a permit to make sure you’re in compliance. You can use this link to double-check all the requirements, which include getting liability insurance, paying taxes, etc.
How do you know whether your home will work as an Airbnb? If you live in an HOA neighborhood, you need to check with your homeowners association to see whether it’s allowed. A lot of HOAs have changed their bylaws recently to disallow residents from turning their home into an Airbnb.
We’ve found that homes on the west side of town are ideal for Airbnbs. Some investors have sold single-family homes on the east side of town and then bought multiple smaller homes so they could double the rent they receive, but that strategy comes with some inherent risk. No matter what your plans are, do your homework and make sure you’re in compliance with your HOA and/or city guidelines.
As always, if you have any questions about this or any other real estate topic, don’t hesitate to reach out to me. I’d love to help you.