Module #01: Income Generating Options For Holiday Rentals/ Homestay Business

In This Module, Nurul will cover
* Own unit or Help Others
* Whole Unit or Sublet
* Daily vs Short Term
* Income Projection
* Market Analysis


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3 Comments

  • Chen Keong Fei

    August 13, 2016

    Hi Nurul,
    I am your new premium member of Homestay method and would like to enter this homestay business. I have few questions regarding this homestay business, may I know that:

    1) Any government rules and regulation for homestay business? For example: do we need to apply license to rent out homestay house on behalf of the owner? Do we need to register at SSM to start this businees too?

    2) Do we need the tenant stay at homestay house to buy insurance? If yes, what type of insurance converage needed (example: personal accident)? Just want to know it is government rules that required hosts or homestay business operator to buy insurance for tenants stay inside the homestay house?

    Hope to hear from you soon, you can reply to me at my personal gmail too: keongfei@gmail.com.

    Thank you.

    Best regards,
    Chen Keong Fei

    • Nurul

      August 16, 2016

      Hi Chen,
      Apologies for delayed reply. Extremely bz past few days.

      My answer below:
      1) Yes, I do register at SSM as when you register enterprise, then you can file you tax by 30 June and entitle to deduct your expenses like house repair, laundry, cleaning, travel, furnishing etc under business expenses. So its good especially if your primary income is high especially.
      There are no clear rules and regulations in Malaysia, but Ministry of Tourism themselves promote homestay, mainly the kampungstay concept.
      I am very sure many govt officers themselves use homestay as its cost saving, so the industry situation now is similar to uber/grabcar vs taxi.

      2) Your property rightfully should have fire insurance. You can consider home contents insurance (they have this in overseas, I am not sure if they do have in Malaysia).
      We don’t enforce clients to buy insurance, it is optional just like when u buy AirAsia tix.
      Main thing is have a guest agreement that protects you and limit your liability should there be any accident. This agreement must be sign when guest check in or even before. The sample is in the bonus section. You can edit as per your needs.

      Your question is quite common and I have answered in the later modules. Anyway, as mention by Evanna, good to have FAQ section moving forward.

      Regards
      -Nurul-

      • Chen Keong Fei

        August 18, 2016

        Hi Nurul,
        Thanks for your reply. I have better understand of it now.

        Regards,
        Chen

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