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Turning your home into an AirBNB – Should you do it? – Rob Golfi on CHCH

February 01, 2020
AirBnb. Rob Golfi on CHCH talking about AirBnb

Well more and more people are turning their homes or condos into Air BnB.
Yes. But how easy is it? Sales Representative Rob Golfi from Remax. The Golfi Team is here to tell us
what we need to know about this emerging market. It’s becoming very very
delicate.
You have to be very careful. We have a lot of people looking at buying houses that want to turn them into Air BNB’s and
every city and town has
different rules. It’s a gray area.
For instance in Niagara Falls. They are trying to rule it completely out.
Actually, they ruled it in and then it was appealed and right now it’s out. So because of opposition from the hotel industry
Yeah, they have another 30 high-rises
that have been proposed for Niagara Falls
So those hotel owners don’t want to lose those rooms
So because they’re putting a lot of money,
they pay the taxes and everything and obviously with Airbnb, people are doing them without
the licensing
and taxes, they’re not paying taxes.
It’s just extra income for a lot of people and so obviously
municipalities have an issue with that. There’s a negative impact on the housing supply and long-term rental.
Yes, yes
So what happens is now you’ve getting you’re getting all these investors buying
houses for Airbnb’s so it’s taking away from the long term rentals industry.
In Toronto alone, they were saying like 5,000 homes are being used for Airbnb and and I can’t remember the Hamilton numbers.
So it depends if you run a good Airbnb and you have no complaints and you’re very good with it.
It’ll be fine. But if you get a complaint, they are going say hey listen, you know
We get another call you’re gonna be out.
You can’t do this anymore – And that’s how municipalities are treating. It just on a case by case basis if they hear about it
Then there could be trouble. Yes, absolutely and like for instance there was a lady in Grimsby…
She had a house in the beaches area in Grimsby.
Airbnb no problem. All of a sudden, there was a complaint in the neighborhood and
she was shut down.
You can still run an air B&B;, but I’ll tell you… if the neighbor complains you’re gonna be in trouble
So when you buy a property be very careful
You better work your numbers based on long-term rentals versus short-term rentals
The rules can change on you at any time and become heavily regulated. Currently, Burlington doesn’t have
any regulations. It’s just …everybody’s doing whatever they’re doing
I know some condo corps – like condo condominium buildings. They’re not allowing Air B&Bs; and
So you just got to be very very careful and do your homework before you buy.
You better make sure you have insurance and tell your insurance company that you
are running an Airbnb because your insurance premiums are going to be different and if something happens….Exactly
Yeah, so the distinction between a B&B; and an Airbnb is?
B&B; is bed and breakfast so the owner of the B&B; lives there and cooks breakfast and
So they’re basically there running the household…. they live there.
They are allowing B&B; in Niagara Falls and in other places like Niagara-on-Lake and even in Hamilton.
But it’s the Airbnb where somebody goes and…
there’s a code on the door they get in and they bring their luggage. It depends on what they’re doing
Yeah, so a lot of neighbors could have a problem with that. They do and condo buildings have a problem
You got people coming and going every week with luggage and everything
People don’t want that and who knows who’s going into the building, right?
You know, people live in condo buildings…. They want that protection. Right, right
Yeah
So at the same time it’s attractive to a lot of people or they’re intrigued by it because the potential for extreme.
It’s great income and it’s great for the consumer too because you actually get a place to go to at a
a discounted level
Yeah, well to continue to navigate through this we’re gonna hook up the Golfi Team website for more information.
Perfect. Okay. Thanks Rob. Thank you

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