Greeting Guests: Should You Rent Your Home to Holidaymakers?

Monday, December 18, 2017


The growth of the sharing economy has meant many people have been thinking of ways they can benefit from it. Renting out rooms and whole homes is one of the major ways that people have been joining in. It's a great way to make some extra money, whether you have a spare room in your home or you're able to rent out an entire property to anyone who needs it. If you've been considering listing your home on Airbnb or a similar site, you need to give it some careful thought before you make your decision. Consider these essential points before you put your home on the market.

Is the Demand There?
Not everyone is going to find success offering a room or property for rent. There are some locations where there will be plenty of demand and others where you will be lucky to get a handful of guests a year. It's important to consider whether there is any demand, what it is, and when it is. For example, if you live somewhere like Edinburgh where there's a yearly event, you'll have potential to make a lot of money during the short period. A lot of Edinburgh residents fund their own holidays by renting out their home in August. Who comes to your town, why, and for how long?

Check That You're Allowed
Before you rent out your home, you need to check that you won't get in any trouble. There are a few things you might want to check. Firstly, see if your local council has any problems with you renting a room or property to short-term guests. Check with your home insurance provider too, and your mortgage provider if you don't own your home outright yet. It's important to make sure you're not going to be penalised for doing this, especially as you're trying to make money.

Consider the Impact on Your Life
If you want to rent out a property or even just a room in your home, it's going to have some impact on your life. If you plan to rent a room or two while you're living in your home, you'll have to deal with having guests to stay. And even if you rent a property while you're not there, you're still expected to play host. You might benefit from using Airbnb management services if you don't want to spend too much of your time on it. They could do everything for you, from interior design to vetting guests. Or you could take on all of it yourself if you have the time and dedication.

Is Your Home Ready for Guests?
It's worth considering whether your home is ready to receive guests. Does it meet the demand in your area? If most people visiting are young and trendy, it will help you if your property is what they're looking for. You also need to consider the amenities and facilities you have to offer. Guests need to be able to do things like cook or do their laundry.

You could start bringing in some income by renting out a room or property. However, you need to think carefully about it before you list your property on any websites.

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