Congratulations, you're a homeowner! With all of the joys of home-ownership also comes the task of paying off your mortgage, paying property taxes and keeping up with regular maintenance as required. While you've purchased a home within your means, paying off a mortgage can be daunting; however, there are ways in which you can make your payments a little more manageable. If you’ve decided to purchase a home, you’ve put down a certain percentage as a down payment, and you’ve agreed to pay into a mortgage (over the course of x-amount of years with an interest rate of x-percent). You can’t help but to ask yourself, “what can I do to reduce the costs associated with being a homeowner?”
Airbnb might just be the answer you’re searching for. With Airbnb you’re able to rent out your home (or second home, depending on whether or not you’ve decided to take out a second mortgage on a retirement property, for instance) to people who are traveling from around the world and need a place to temporarily stay. According to their site, as an Airbnb host you can earn $182 CAD by sharing a single, private room in Ottawa in only 1 week and $331 CAD by sharing your entire home in Ottawa in the same amount of time. And the best part? It’s easy! Simply visit their website, select the “become a host” button, and answer a few basic questions. It’s an extremely reasonable option for you to earn a few extra dollars while renting out your home for only a few short stints at a time, rather than for a full season (or vice versa depending on which home you choose to rent out).
Before renting out your home through Airbnb, or any other related service, it’s wise that you first do your homework. Check with your bank: more often than not, you must inform them of the intended use of your property. It goes without saying that receiving a little extra help in lessening your mortgage will undoubtedly feel awesome, but simply make sure you’re providing diligence where it’s due – throughout the entire process.