Paying off your mortgage is one of the most important things you need to do on a monthly basis. It is a responsibility. It is an obligation on your part, and it is a must to do. If you do not pay your mortgage, in less than a year, you will be homeless. Nobody wants to lose their homes. It is a very painful event if it will happen. This is why you need to settle it each month without any delays.
In Philadelphia, buying your home and paying off your mortgage each month is the better alternative. For a one bedroom home in PA, rent is $900-$1000. It will increase up to $2000 for a 4-bedroom home. But then again, it is just renting. With almost the same amount, you will own your home. It is your property. All you need to do is work and save up to pay a mortgage when the due date comes.
Mortgage payments are slightly higher than rental payments. But if you think outside the box, having your home by paying a little bit extra each month has its perks. Have you ever heard of Airbnb and how it can help you pay your mortgage?
Paying Off your Mortgage in Philadelphia with Airbnb
Airbnb is a website that assists in renting out a room, a house or any type of domicile. If you are a homeowner, you can post your home for rent or room for rent there. If you are looking for a place to stay in, it is a legit site to check out. It is being used worldwide by approximately 190 countries and with over 1.5 million listings.
So, how can Airbnb help you if you are a homeowner in Philadelphia and looking for ways to cover your mortgage?
According to a very reputable real estate website, it was reported that in 2016, owning a home in Philly and paying off your mortgage will take up 18% of your income. Renting will take 30% of your hard earned cash. Wise homeowners know that opportunity cost. This is the reason why owning a home is preferred in PA and looking for ways to earn from home is a clever idea.
Think about tourists, vacationers, or backpackers. They will use Airbnb to find a place to stay in Philly. Your home can be that place for them. It can also be a new experience for you while you make money.
How to Use Airbnb to your Financial Advantage
Paying off your mortgage by using Airbnb is super possible, and it is a very smart move to take. All you have to do is sign up on the Airbnb site and get all the requirements ready. What requirements do they ask for? Your valid ID is one of them. This is to ensure that both landlord and renter are real people and will be easy to locate, just in case.
You also need to secure pictures of your room or home – the exact area that you want to rent out. Be sure to post only what is to be rented out. You will be surprised on how your posting with beautiful images in Airbnb can assist you in getting reservations and ultimately paying off your mortgage.
Let’s say, for the sake of an argument that you have a 4-bedroom home, and only one room is being occupied (and that is for you). If you accept the challenge of being a hospitable landlord, you can make money on the three remaining rooms available at your home. In Philadelphia, depending upon location, you can rent out your room for at least $50 a night. If you have three homey rooms, that means $150 for you. If you are fully booked, compute how much that is! $150 for five nights is $750. In total, $3000 in one month during peak season! Paying off your mortgage by using Airbnb is real and within your reach.
It is your home and your rules. Airbnb will respect that. You can always put up the ROOMS AVAILABLE sign anytime you want and close if you are simply not vacant. You can also screen your guests, accept only whom you want, and there will be no hassle on your part. You can communicate all your terms and conditions to renters, and you can close a deal with them if everything you want is covered. Try it because it can provide you the income you need to meet your due date.
Paying off your mortgage is achievable through Airbnb. Be accommodating and kind enough to show your guests that they made the right choice in renting a room in Philadelphia – in your home. Their feedback will make you a popular place to stay in PA.