If you are looking to make a little extra cash for the family or you want a new side hustle, renting out your home to holidaymakers is great way to do it.
If you have a property which you own as well as your house, you could open it up as an Airbnb or rent it out on holiday websites. It will give you a way to cover the cost of the mortgage and some extra for yourself at the end of it all.
Before you start, check with your local council and mortgage lender that they are happy with you renting out your property for holiday purposes. Once you’ve been approved by them, you can get going and begin to turn your home into the perfect rental property.
As said above, check with your local council and authorities that it is acceptable for you to use your domestic building as a commercial one. You may find that your local area has strict guidelines to adhere to and they may not take too kindly to you using your home as a holiday home.
Some mortgage lenders are also a little bit tricky to deal with when it comes to changing your agreement terms. They may not allow you to let the property short term, which of course will mean that you are unable to go ahead with the deal. If you need any advice before you start making arrangements, make an appointment with your mortgage provider and they will discuss everything with you and may be able to push you changes through.
Listing The Property
Once you’ve spoken to your local council and mortgage provider, and they seem happy for you to go ahead with the move; make sure that you shop around for which websites you want to list the property on. Once you’ve chosen where to advertise, you’ll need to write a listing for your property.
When you come to listing the property for rent, make sure that you list every room that the guests will have access to, and all of the amenities available to the during their stay. Some examples of things to include are:
· Pets Allowed/Not Allowed
· Washing Machine and Dryer
· Oven and Fridge/Freezer
· En-suite bathroom
· Wifi Available
· TV/DVD Player
Once you’ve written up the most concise and helpful listing you can, you will need to take some photos of the property to advertise on the platform. If you have an SLR camera, you may want to clean up all of the rooms and get at least one photo in each room of the house. You will also want to take a photo of the front of the property, the garden if there is one, and the view from the bedroom if it’s a good view. If you don’t have a camera, consider hiring someone to take some professional shots for you. The better the photos the more likely you are to receive a booking.
Prepare The Property
Look online and compare your holiday home to ones such as this: http://rumahdijual.com/jakarta-selatan/rumah-murah. Many rental properties are now going for a sleek, modern feel and pride themselves on having great Wifi, technology and an open planned space. If the property you own needs renovating before you list it, make sure to check online at what other properties are doing to gain some inspiration for your own. You want to create a place which a bright, homely and full of local art and pieces of interest. If you have a seaside property for example, you might want to make use of seashells and photos of the coastline. You want to try and stick to a theme because it will benefit you in the long run.
The most important thing you need to invest in when you begin to rent out your property is insurance. If you are signing up with Airbnb, they offer you a guarantee which will protect you from damages made to the property during residents stays.
Ideally though, you’ll want to try and take out a specialist policy and sort out all of the terms yourself. This way you know for a fact that you are covered for any costs. You can find out more about insurance and compare different deals here:https://www.moneysupermarket.com/travel-insurance/holiday-insurance/
The Cost Of Listing
Of course, as you will be using someone else’s website to list your property, there will be certain advertising fees involved. The rates will vary from 5-15% of the final fee the guests pay to you as commission. Make sure you shop around and find the best deal you possibly can for the money.
You will pay tax on the income you earn from renting in just the same manner as you do with your full-time employment. Make sure that as soon as you start making money from renting, you declare the extra income to the government and fill out a tax return to send back at the end of the year.
Being a good host
Finally, if you are going to be close by when the guests stay at your property, be a good host to them. Many renters will lay out a bottle of champagne or some tea and biscuits for the guests when they arrive at the property. It means that your guests will remember you and your kindness for the whole of their stay. If you see your guests throughout the week, make sure to be friendly and chatty.
If the property you are renting out is on your premises, make sure that you give your guests privacy and space during the time they spend with you. Small annexes at the end of the garden are brilliant places to have a rental property, but it doesn’t mean you should be pestering your guests every 5 minutes. Give them space to enjoy their holiday, and if you do happen to bump into them, be friendly but no over the top.