People never believe us when we tell them it’s cheaper for us to travel than it is to live in our own home. But it’s the truth.
Let me explain. Our home town is Vancouver, British Columbia, one of the world’s most expensive cities in the world. It is ranked as the 3rd least affordable place to live, after Hong Kong and Sydney, when examining home prices compared with household incomes.
Yes, Vancouver is beautiful with so much to see and do. But when we lived in our home full-time, our incomes did not afford us the luxury of participating in all the activities that we wanted, to eat out as often as we would have liked, or to enjoy the things we liked most about the city. What’s the point in living in the best city when you can’t go anywhere or do anything? Despite us both having professional jobs earning higher than average salaries, every year in Vancouver just got more and more expensive and our salaries were simply not keeping up. Even our grocery bills were so depressing. The fact that we have 2 growing tweens, who can empty a fridge as fast as we can fill it, didn’t help either. Often, we felt stuck at home, with no means to do much else.
Vancouver offers the picture perfect life, yet many families need to spend a significant chunk of their income on rent or mortgage payments, leaving very little for anything else. It’s no wonder Vancouverites are known to be house-rich but cash-poor.
That being said, the cost of living in Vancouver is not what drove us to alter our lifestyle. We chose our way of life because life’s too short, our kids won’t be kids forever, and we just love adventure. Plain and simple.
Make money from your home while you travel
With the idea of travel and an alternative lifestyle in our minds, we began thinking of how we could make it happen. We decided to turn our house-rich/cash-poor situation to work in our favour. Even though Vancouver is expensive to live in, it is also a highly attractive place to visit. Lots of tourists travel to our city every year. So, rather than leave our home empty while we are out exploring other parts of the world, we decided to host other guests and generate income by renting out our home. Et voila! That’s how we make money from our home while we travel.
Have any of you read the book by Robert Kiyosaki, Rich Dad, Poor Dad? This strategy allowed us to turn our liability (our principal home) into an asset (producing income).
What? Have a stranger sleep in my bed?
Some people feel that they could never let a stranger sleep in their bed. I get it. But when you stop to really think about it, we all sleep in hotel beds where countless strangers have slept before us. So long as the sheets are cleaned and sanitized before your return, is it really all that different? Others feel very protective of their stuff and don’t want people they don’t know to use their tv, cook with their pots and pans, or lay on their couch. For us, we look at all of it as just ‘stuff’. It’s all replaceable. But the experiences and the memories we get to have together as a result of the income we generate from our home are irreplaceable. They have far outweighed any kind of ‘ick’ factor of having people stay in our home.
Besides, when we travel, we stay in other people’s homes and feel grateful to be able to do so. We look at renting out our home as a way to give others an opportunity to enjoy it while we’re not there.
How we got started – “hey, why not?”
In 2017, after a lot of thought we decided, hey why not? Let’s give it a try and see what happens.
Since then, we have learned a LOT. About what to do and also what not to do.
After a lot of trial and error, we were able to successfully build a steady income through our home, and we even achieved Superhost 5-star status with Airbnb. Imagine our surprise when one day we realized that the income we were generating by renting out our home was able to cover 100% of our travels AND our regular mortgage payments! All because we asked ourselves “hey why not?”. Plus we even have a home to go back to throughout the year.
By deciding to just give it a try, it enabled us to get out of the rat race, travel the world as a family, and enjoy every day life to its fullest. Would you be interested in doing the same?
Could you start too?
If you want to learn more about how you could do it too, we will be sharing useful resources with the world soon. If you have ever considered a life of travel, and are open to turning your home into an income-producing asset, sign up below and we’ll notify you as soon as our resources are ready!
We want to share with others how they too can fund their travels by offering their home through short term rental platforms like Airbnb, VRBO, Booking.com and even their own website.
It’s not as easy as just setting up a profile and taking pictures of your place. There are so many things to consider, like:
- How to field your guests properly
- How to avoid being a target for those crazy nightmare parties we have all read about
- How to handle insurance needs, adhering to your local bylaws, regulatory issues, strata or HOA considerations, etc
- What do you do with all your ‘stuff’?
- How to manage guest communication while you’re on the other side of the world in a different time zone
- How to set up systems whereby guests are attended to quickly and feel supported without you having to answer and deal with every little detail from afar
- Who you need to hire to help you onsite when you’re away
- How to overcome the worry of having strangers in your home
- What are the right ways and wrong ways to host successfully
- How to become a Superhost, and is it even necessary?
Part of these resources will also include the step-by-step guide on how to get started. Combining that together with the most expert tips of do’s and do not’s and useful customized templates, you too can begin hosting quality guests to help fund your travels!
Sign up now by subscribing for updates to be notified when our resources become available.