All About Airbnbs
I’ve owned and operated an Airbnb for the last couple of years and have learned some lessons I often share with clients.
Canmore is interesting... If you’re thinking about buying an Airbnb in town you need to know about the two kinds of zoning.
1. Tourist Home: This zoning allows for a property to either be rented on a short-term basis or for a long-term tenant, or you can live in it yourself.
2. Hotel condo: This zoning is more specific. If you buy a hotel-condo unit you can only use it for a maximum of 28 consecutive days. It cannot be a full-time residence. You cannot have a long-term tenant.
That means that generally speaking tourist home zone properties are more expensive. They are also easier to finance.
If you’re thinking about buying an Airbnb the first step is to talk to a mortgage broker. Some lenders shy away from these types of properties so you need to know your options.
Here’s what you need to know in terms of revenue. Clearly, Covid has been terrible for the Airbnb industry. But under more normal circumstances Airbnb’s perform well in Canmore.
There are a few options for how to manage the property. You can do it yourself or have it privately managed. Management companies charge between 15-25% normally and they take care of all the work. From bookings to cleaning, and re-stocking the condo.
Many of these properties are also in the rental pool - which means you get a percentage of the overall profit of the building. This is often the least economically beneficial arrangement but its totally hands-off.
But if you wanna talk investment strategy I’m here for you! I would also be happy to share some revenue projections, so don't hesitate to reach out!