*Collaborative post. It’s hard to believe that Airbnb was only set up ten years ago. The initial idea of putting an air mattress on the floor of a living room and charging strangers a few pounds per night has revolutionised the travel industry.
Since August 2008 5,300,000+ homes have been listed on Airbnb, many by regular folk who had never considered renting out their home before. Many other similar companies have popped up in the last decade to take a slice of the Airbnb profits, further boosting the popularity of this trend. Many people are now funding travels by renting out their homes, or part of their home, when they themselves go on holiday. Others do it on a more long term basis to make a profit. For some landlords catering to tourists, renting out their home is their main source of income.
Whether you’re thinking about renting out your home on a short term ad hoc basis or on a long term basis you’ll probably have some concerns which is only natural. Read on to find out more about funding travels by renting out your home…
Table of Contents
Find a letting agent with a good reputation
This is the most important step. Use an agent that asks for high deposits from tenants, as well as conducting checks and offering good insurance. There are several nationwide agencies like this, as well as, no doubt, more local, independent companies. How much you use them for will depend on how long you’re planning to be away. For short lets you may want to do the changeovers and cleaning yourself, for longer lets you may want an agency to handle all the T’s and C’s.
There’s a sign for that…
It’s your home, not an impersonal hotel room. Your Wi-Fi might get a bit temperamental when it’s rainy, or your smoke alarm might go off as soon as someone looks at it. Your guests will feel so much more at home if there’s information at hand to explain how everything works. Head to mysecuritysigns for ideas and maybe invest in a laminator for the more customised notices. Having the instructions for the boiler, the Wi-Fi and the oversensitive smoke alarms handy will make life a lot easier for your guests.
Compile a reference book
You need to give your guests detailed instructions to help them to navigate your home and the local area. As well as the instructions for the smart TV, you should also list the nearby attractions, good eating places and pubs and the contact numbers of electricians, hospitals, doctors and dentists. If you buy any new appliances, make sure you keep the instruction manuals and leave them where your guests will find them.
Move any valuables to a place of safety
It’s handy to have a spare room that’s out of bounds so you can move some items into it and keep it locked. For very valuable appliances, artworks, heirlooms and so on, paying for a storage unit away from your home is a better idea, especially if you’re going to be away for a long time.
Talk to your mortgage lender about your new enterprise
If you have a mortgage on the property, the lender will want to know that you are you renting it out because it’ll almost certainly mean you need to change your insurance. Once you’ve notified your lender, the next step is to make any necessary changes to your buildings and contents insurance. You may also need to take out additional liability insurance as well, so don’t take any bookings until you’ve dotted all the I’s and crossed all the T’s – as this protects you and your home.
Would you consider renting out your home to fund your travels?
