Should I buy a house in Regina and turn it into an Airbnb Rental?

Airbnb’s have been on the rise in Regina. As of writing this blog, there are currently 298 listings for Airbnb’s in the city. Why is this number growing? 

The reason:

  • Existing homeowners that are unable to sell their property at the price they desire, are finding it easier to rent out their property as a short-term Airbnb rental.
  • Existing renters with properties are discovering that there is less hassle in renting their property as a short-term rental on Airbnb. 

A few benefits to Airbnb’s:

  • Airbnb’s have a higher potential for profits than traditional long-term rentals
  • Airbnb’s are rented per night and are priced at a much higher rate than a long-term rental
  • Many landlords are finding the quality of short-term tenants are better when they come from Airbnb

After hearing all of these fun facts. It may be easy to “make-up your mind” and determine that yes, let’s buy a house in Regina and turn it into an Airbnb rental—but of course there are some things that need to be looked at a little more closely.

Buy a house in Regina

Some things to consider:

It is important that you factor in additional costs such as: 

  • Cleaning
  • Services
  • Utility Bills
  • Landscaping
  • Pool services and 
  • Repairs

Much like a long-term rental, there will be months that will be slower than others and the owner will need to make sure that they can afford the property in a downturn. But unlike long-term rentals, there is a bit more cleaning involved. 

In addition, Airbnb’s rules are not set in stone and could change at a moment’s notice.

My Two Cents?

If you are going to buy a house in Regina for the sole purpose of turning it into an Airbnb rental, you need to consider who you want to attract and the best location and property to attract those people.

Nonetheless, it is best to look at this purchase as an investment property and not purely an Airbnb property. Would this property stand the test of time if Airbnb went out of business tomorrow (unlikely) and be put up as a long-term rental? If the investment did not end up generating the revenue that you expected, does the property possess desirable resale qualities that would allow for a quick sale? 

Ensure that when you do buy a house in Regina, that the property has attractive features across the board. Investment properties always involve risk and it is good knowing what you are getting yourself into before you buy a house in Regina to turn it into an Airbnb rental.

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If you have any questions about how to form a down payment and the dos and don’ts around them, I would be happy to meet and go through my home buyers guide!

Give me a call at 306-552-7047 or fill out my online contact form!

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