Currently, individuals are in a position to make an extra coin by renting out their extra space or house easily through services such as Airbnb. This is done by hosting guests or visitors to your property for a given period. However, various issues such as damage to the property accompany this entrepreneurial venture.
In various cases, the repair costs exceed the amount of money generated from renting the space. Therefore, there is a need to consider these tips below before renting out your property through such services.
Factors for Considerations
Though most homeowners have their companies covered under homeowner’s insurance packages, most insurance providers do not cover short-term rentals. Hence, any destruction of the property becomes the responsibility of the owner.
Though services such Airbnb offer their protection, it is secondary. The protection comes into play after a person has depleted all his or her options.
Bear in mind that renting your property comes with many risks. You are prone to lawsuits due to various incidences. Further, you are liable for injuries sustained by the guests while they are on your property.
After individuals have considered such factors, they ought to look for expert advice. Wealth and investment managers such as Wealth Solutions, Inc. are ideal candidates. Richard Blair, the founder and head of Wealth Solutions, is competent enough to provide the necessary advice. Primarily, this is because his skills revolve around employee benefits, insurance, securities, and financial planning. His company offers a broad range of solutions including wealth preservation, retirement, and financial planning.
Who is Richard Blair
Richard Blair is largely known as the founder of Wealth Solutions. On his own, Blair is a retirement income certified professional, Certified Fund Specialist, Certified Estate, and Trust Specialist as well as a Certified Annuity Specialist. Apart from all these certifications, Blair is an alumnus of the University of Houston where he graduated with a Degree in Finance. His experience in the financial service industry spans over twenty years. He founded Wealth Solutions with an objective to offer strategic advice and tailor-made wealth preservation, retirement, and investment plans.
Through his outstanding experience and level of expertise Blair, has managed to help various parties including high net worth individuals and families to achieve their financial targets. Apart from being highly involved in the running of his financial firm, the Wealth Solutions, he spends time as a family man. He also takes part in golfing, riding, exercising as well as family vacations with his there children and wife, Joanne.