.jpg?1631720757246)
Did you know that the UK has over 225 thousand properties available to rent on Airbnb? The platform has completely changed the way we holiday in the UK. From family beach trips to a girl’s weekend in the city, Airbnb has accommodation to suit everyone’s needs and budgets.
Renting out a room in your home, or even the whole property while you are away, can provide a lucrative additional income.
Listing Your Worcester Property on Airbnb
Advertising your home on the Airbnb platform is extremely straightforward.
Simply create an account on the Airbnb website, and your profile will be available to view by prospective guests in a matter of minutes.
Airbnb may get in touch, requiring you to submit an official ID document to their database to verify your identity. At this point, the website will also ask you to submit your bank details to ensure you are paid for your services.
When you accept a booking request, Airbnb collects the payment from your guest and holds the money. Twenty-four hours after the guest checks out, Airbnb will release the funds and transfer them into your bank account as the host.
3 Tips for Perfecting Your Airbnb Profile
Once you have registered, you must curate your advertisement to ensure you attract the ideal visitors.
1. Firstly, make sure your profile contains up to date, honest photography. The imagery draws us to all holiday lets, so ensure yours is the best it can be. It can be worthwhile to invest in a professional photographer to make your rental stand out in the crowd.
2. Secondly, ensure you highlight local amenities. Be sure to mention great local bars and cafes, as well as attractions. It is also worth noting transport links or parking options to make your guests comfortable before they arrive.
3. Finally, make any restrictions clear. These might include limiting which rooms in the home the guests can access or the number of visitors that can use the property simultaneously.
Set a Price for your Airbnb Rental
Setting a price can be difficult for hosts, with many struggling to value their home appropriately.
Compare your home to others in the area, of a similar size, to understand the revenue your property may generate. Be sure to consider perks such as allocated parking and a private garden, which will add value to your property.
Check Your Mortgage Criteria
If you are simply renting a room, you shouldn’t need to make any amendments to your mortgage. However, if you are renting your whole home, be sure to review the terms in your mortgage agreement to check it allows for this.
Be Considerate of Your Neighbours
If your home is in the city centre, those around the property are likely used to a little noise, especially on the weekends. However, hosting your home on Airbnb can be a significant burden on your neighbours.
Consider applying a ‘no party’ clause in your listing, to show respect for those living nearby.
Be Aware of Tax Implications
When renting on Airbnb, hosts have the option to rent either their whole home, or a single room.
Airbnb hosts are permitted to earn up to £7,500 each year without attracting any tax. This applies to renting out single rooms in your home, or the whole property whilst you are away. For anything over £7,500, tax will be payable through a self-assessment tax return which must be submitted to HMRC.
Please be aware that different tax implications apply to second homes. The £7,500 threshold is only available when renting your primary residence on Airbnb.
Consider Personal and Property Safety
If you are renting out your whole home, it makes sense to remove all valuables from your property. While we hope that no visitor would take a peek in your jewellery box, it feels like common sense to remove it anyway.
Especially when renting a singular room, personal safety is of paramount importance. Ensure you read guest reviews before accepting any stay requests to improve your chances of a great Airbnb experience.
Arrange Additional Insurance
Airbnb has a host guarantee that covers up to £780,000 worth of damage. However, there are many exclusions to this policy, and it should not be considered as insurance.
It is recommended that all Airbnb hosts consider specialist cover for their properties. This can be done through an entirely new insurance policy or by upgrading your current home plan.
If you are considering the purchase of a property for Airbnb purposes or private rental, Shelton & Lines are your local property experts for the Worcester area. Call us on 01905 616330 or email info@sheltonandlines.co.uk to chat with a member of our friendly and experienced team.
Kind regards
Dawn Hancox