Did you know that sites like Airbnb could help you earn thousands and thousands of pounds a month by just letting out your home or even a spare room?
However, for some landlords and homeowners, this can be a daunting task – especially when you don’t know where to begin.
In this article, we’re going to share with you some really helpful tips to get started so that you can be the hostess with the mostest.
How short-term room renting works
Using short-term renting sites can help connect you to travellers on the hunt for their next best staycation.
To be successful, you’ll need a home and ideally live in a location that gets lots of visitors – for example, London and other major UK cities and tourist towns.
To rent your home, sites like Airbnb or Theatre Digs Booker will charge both a fee to you and your guests to use their platform. If you also consider property management companies this will also include an overall percentage fee.
Read these 21 tips for more helpful information.
WAIT, can you do it?
Before you get going and start listing your home on Airbnb or other sites, you should consider your possessions and ask yourself what would you do if all your treasured possessions have been stolen? Or if one of the guests have a party and your home ends up trashed.
Or worse… Flatmates furious after £8,000 Banksy print stolen after home was rented out on Airbnb. Read.
What you might need to be aware of is that most home insurers do not cover the rental of rooms of homes as standard, even if you do have impeccably behaved guests. So, if you have not let your insurer know you could get into trouble.
Vet your guests and get your property ready
More often than not, many homeowners tend not to rent out their homes because of the management and guest care responsibilities. As essentially you’ll be running a small-scale hotel, you will need clean sheets, a clean home and be there to check the guests in and out.
So if this is something you’re really interested in doing, perhaps with one of your second homes, it’s best to opt for or look into Airbnb host management services, which tend to take the faff and hassle out of renting out your home. See example.
Benefits of services like this mean that you can expect high-quality hotel treatment, alongside promotion and marketing from the management company who will ensure you’re fully booked and ready to go. They’ll be there to communicate with the guests, vet them and make sure your home remains in tip-top shape.
Boost your income
Through renting your home, you could earn £7,500 tax-free money each year if it’s your main residence with the Government’s Rent a Room scheme.
Hosts can seriously boost their income and earn a substantial profit from renting out their homes. This is because guests are lured in by the low attractive rates, which hotels are unable to keep up with.