HOUSTON, Texas - Vacationers who search for alternative getaways has contributed to a $100 billion industry, with millions of people worldwide listing their homes on websites like Airbnb and VRBO to generate income.
Websites like Airbnb, FlipKey, and Homeaway have made it easier than ever for homeowners to rent out their homes, and the market is strong.
According to a survey by Consumer Reports, 75 percent of people who have never used a homestay say they would consider trying it.
How do you start renting your home? Consumer Reports says the first thing to do is make sure it is legal. Vacation rentals are not legal everywhere, so you need to look into the local laws before you list your home.
Your town or city hall can tell you what's legal in your area. Consider a call to your insurance agent and your accountant as well.
When you're renting your home, you are essentially running a business, which means you've got to think about things like the type of insurance you need and whether or not you are going to owe taxes on the income you earn.
Consumer Reports also says outfitting your home with a keyless lock, reliable coffee machine, and comfortable mattress will make it a more desirable rental.
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