With the rise of websites like Airbnb, making money out of your house through temporary rentals is easier than ever. When inviting strangers into your house, however, comes a whole load of issues you need to consider. Firstly, is your house ready? To get the best return, it is essential that your house is clean, tidy and enticing, especially the room or rooms you’re going to be advertising. Secondly, who is going to come and how are you going to make sure they are suitable? Read these tips and make sure you get the most from your rental.
Before you think about getting the house ready, read up on how to declare the money that you earn and take into account paying tax as part of your profit calculations. If you are in full-time work, or even if you’re unemployed, any money you make will need to be accounted for. Although it might seem like you can get away with it, with Airbnb, there is a very definite trail left. Do not get stung by a large bill from HMRC. Not fun, not profitable!
Get the Most out of the Room
To maximise the amount you can charge per night, think about first spending some money to get the room looking spick and span. Nobody is going to pay top prices for a room with dirty bedding and old toys stuffed in every cupboard. Have a look at what other rooms look like that charge a top price. Invest in good quality bedding, a nice lamp and make sure there is plenty of storage. If you can, have a look at purchasing built-in wardrobes from Highlux, who specialise in bespoke wardrobes London, and see if you could install some purpose-built cupboards. A little effort at the start could get you great ratings in the long term. Besides, is it worth hosting guests if you aren’t able to charge good money for it?
Decide upon a Criteria for Accepting Guests
Before you put the room live, think about what sort of people you want to rent the room. Even if you’re not initially getting much interest, don’t lower your standards and accept guests without any ratings or with negative ones. Not only are you putting your house and possessions at risk, but you also might end up in a difficult position personally. Although you will get more bookings using instant book consider the pros and cons of such an approach carefully. The golden rule: if you’re not sure, say no. It might sound mean, but it could save you a real headache.
Establish House Boundaries
When the room is ready, the advert is live, and you are waiting for your first guests, be sure to have in mind some house rules. If you have family at home, think about the impact on your children and or spouse and consider making some spaces which are private. If this is not possible, have times of the week and month that you are not with guests. If you are a sociable household that would be fine to offer dinner to your guests, think about how this might work in the long term. The money is only worth it if your house is a bearable place to stay, but it also must suit you and your household too.