I (35) am just about to close on my first apartment and I will be living in it alone. It's a 3 bed (two doubles and a box room) in an area that is popular with tourists pretty much all year round. I can just about afford to pay my mortgage out off my salary but it would be nice to have another stream of income coming in.
It looks like my mortgage is going to be €990. I checked on AirBnb, and it's not uncommon for a place that can sleep 5-6 adults to go for €400-500/night... in other words I could pay my mortgage by renting my place out for 2-3 nights a month around bank holidays and during other major events.
I quite often go home to my parents or visit friends in other parts of the country on such weekends anyway, so it wouldn't really inconvenience me and might actually be something that prompts me to keep my place up nicely.
So, I am wondering about downsides:
It looks like my mortgage is going to be €990. I checked on AirBnb, and it's not uncommon for a place that can sleep 5-6 adults to go for €400-500/night... in other words I could pay my mortgage by renting my place out for 2-3 nights a month around bank holidays and during other major events.
I quite often go home to my parents or visit friends in other parts of the country on such weekends anyway, so it wouldn't really inconvenience me and might actually be something that prompts me to keep my place up nicely.
So, I am wondering about downsides:
- What are the tax implications?
- How likely is it that my place is going to get completely trashed?
- Any others I haven't thought of