We live in strange times indeed. Just 20 years ago, the prospect of inviting total strangers to live in your house for a few days would have been deemed as absolutely insane.

However nowadays, sites like Airbnb have made it possible for homeowners to turn their properties into quick sources of cash. From suburban homes to apartments in the city, many have found Airbnb to be an excellent way of earning some extra cash quickly.

Over the past few years, Airbnb has exploded in popularity with nearly 150 million users worldwide. To give you a sense of perspective, that’s 5 million more than the population of Russia!

With the economy being the way that it is, properties are no longer as solid as an investment as they once were 40 years ago. So, in order to get the most out of your property, you would have undoubtedly considered Airbnb at some point.

While it may be tempting to host guests in your home, there are a variety of ramifications that you’ll need to take into account when listing your home on Airbnb. In this article, we’ll share a list of what you’ll need to know about hosting on Airbnb.

1. The neighbors

Unless you’ve got really understanding neighbors, chances are a fair number of them would not agree to you listing your home on Airbnb. While some may cry out about their rights as a homeowner, the truth is that complaints from neighbors about rowdy Airbnb guests have killed more than one successful listing.

When looking to host, you should ideally conduct a survey of your neighborhood.

Do your neighbors regularly host parties with plenty of guests?

Are loud noises and plenty of traffic a problem?

If you’re already has problems with Airbnb and pre-existing noise complaints, it’s best that you tread lightly. Complaints made to your local municipal council or homeowners association could see your Airbnb dreams going up in smoke.

As a rule of thumb, it’s always better to maintain good relationships with your neighbors and understand the area that you live in.

2. Guest considerations

When hosting on Airbnb remember that you’re inviting a total stranger into your home. If you plan on renting out part of your home, do note that you’d be sharing your personal living space with a complete stranger.

While the large majority of Airbnb guests are polite, decent and absolutely amazing, a minority of people often take advantage of the hospitality of others. Take this story for example where a host who rented out her home to a seemingly decent guest ended up with a ransacked and vandalized home.

Hence some caution should be exercised when hosting. For one, setting house rules in place on acceptable behavior is essential. Additionally, keep an eye on the folks you’ll be renting to and always trust your instincts. An easy way to spot a shifty character would be by their unverified identity and hesitance to share additional information.

3. Legality and safety

When hosting on Airbnb, always ensure that you’re operating within the legal limits of your city or town. The disruptive nature of Airbnb has meant that most governments are at a loss when it comes to issues of regulation.

With so many gray areas, it can be easy to overlook issues related to legal liability and insurance. For example, you rent out your home to a guest who decides to throw a huge party. Things get out of control and as a result, your property sustains damage and some of the guest’s friends have been injured.

This is a legal quandary for all involved due to the murky nature of Airbnbs. While Airbnb offers host protection insurance, you’d be better served contacting a true professional like a lawyer who will be able to better advise you. Imagine it like gambling: you rather bet online on horse racing on a trustworthy website like Twinspires.com, instead of shady ones, right?

Alongside this, always ensure that your property is equipped with up-to-date fire protection systems. While they may be costly, such systems are most definitely well-worth the investment.

Hosting on Airbnb can be a life-changing experience. In order to have a fuss-free experience, it’s always best to make plans for the future.