Airbnb has grown into one of the most popular resources for home owners and travelers seeking accommodations in cities around the world. Though home sharing services like Airbnb or Homestay can be a great way for home owners to get additional income, without proper research this business venture can lead to legal trouble if in-depth research is not done in advance.
If you live in a multi-unit building with a condominium association, make sure your building allows subletting and home sharing/hosting prior to signing up – even if you own your unit. Similarly, in some cities renters are able to advertise their units on home sharing service sites, however, without permission from the landlord, you still risk eviction without proper consent. Zoning ordinances are also important to consider before listing your home on sites like Airbnb since cities like Chicago regulate land use within the city.
Before listing your property, check your local laws and regulations. Some cities like Chicago require licenses to rent out your home. In addition to licenses, those who rent their home through Airbnb or any other home sharing service are liable for various taxes such as the hotel accommodation tax and more.
If you own your unit and list it for any home sharing service against the rules of the current condominium association regulating your unit, you can face a fine or legal action if the issue is not rectified in a timely manner.
Overall, proper research can ensure that your investment in home sharing services can proceed without a glitch.