You may not think that the UK is a desirable place for people to come and visit for a holiday from overseas, but you would be wrong. With a summer that is absolutely packed full of amazing events and things to do, more and more people are opting to visit the UK.
Not only this but people within the UK are looking to book a holiday that is within their own shores, which means that there is a real surge in UK holidays.
You may not think that this could have any impact on your income, but the truth is, particularly for those that live in popular tourist areas, you can make some money simply by renting out your home to holidaymakers.
The rise of Airbnb
Chances are that you have heard of Airbnb, these short term renting sites offer up people to rent out their homes or even spare rooms to those that need a place to stay whilst they are on holiday or simply visiting an area. It is safe and secure website, which helps you to find the right people that you want to stay with you and advertise the property that you have.
So, can you really make money?
The answer is yes, if your home is advertised on Airbnb, then you should think of it as a small scale hotel. A room will make some money, but renting out your entire home will make even more money. The only stipulation is that you own your home, not rent it. Apart from that you are good to go.
What things do I need to think about?
One of the most important things to think about when it comes to renting out your home as a holiday base, is to ensure that you have the right insurance to protect the property itself as well as your belongings. You will need to check with your current insurance company, as the majority will not cover for a short term rental. Instead, you may need to head to a specialist provider who is able to cover you.
Tax is another thing that puts people off of the idea of renting out their home short term, however, at the moment, the government have a scheme that allows those who are letting out a room (not the entire house) can make £7,500 tax free. A great way to earn some extra cash, without knowing what the tax man could possibly take from you.
Sounds great, where do I start?
If you think that you like the idea of making money from short term letting, then why not visit Airbnb or some of the other popular sites that you can use to advertise your home. Before you go ahead, it is important to consider how you feel about sharing your space, or allowing another family to stay there whilst you are not there. If you feel comfortable about this idea, then go ahead and try it out for yourself. You may be surprised by just how much you can earn!