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MAKE AN EXTRA £670 A MONTH THIS SUMMER BY MAKING YOUR UNUSED SPACE AIRBNB READY
Summer marks a golden opportunity for Brits to make passive income through
unused space on their property. Here’s how you can get your property Airbnb
ready and earn some extra cash
You can turn your spare room or outbuilding into an Airbnb money-spinner (
Image: Max Mumby/Indigo/Getty Images)
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By
Suruchi Sharma DiwanProperty Writer
* 14:20, 19 Jul 2022
* Updated14:44, 19 Jul 2022
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It's a summer bummer for Brits this year - the temperature has reached scorching
highs, flights are getting delayed amidst airport chaos, Covid cases are on the
rise again and the cost of living crisis is tightening its grip on the nation.
Amidst this rising cost and chaos, homeowners across the UK are looking for ways
to supplement their salaries. One perfect way of forming a significant stream of
passive income is via Airbnb – particularly if you have an unused annexe or
outbuilding.
This opportunity comes as new research from private equity house, IW Capital,
found that 39% of Brits see passive income sources as a way to supplement their
9-5 salary and 32% are planning on becoming financially independent within the
next ten years through these means.
Converting your extra space into an Airbnb listing is simple and rewarding (
Image:
SOPA Images/LightRocket via Getty Images)
David Hannah, Group Chairman of Cornerstone Tax, suggests that by taking the
necessary steps needed to make your annexe or outbuilding Airbnb ready, property
owners have the chance to create a significant new revenue stream averaging £670
a month.
UK hosts on Airbnb collectively earned more than £1.5 billion last year - £668
million of which was made over the summer months, demonstrating the clear desire
for Airbnb rentals in the UK.
UK heatwave reaches 40C for the first time EVER as temperatures continue to rise
Six of the most lucrative dates to host last year fell in August, meaning the
upcoming month holds great potential for Brits to earn passive income from
unused space in their property.
Homeowners have the ability to decide the nightly price they charge on their
accommodation and research from the company showed that half of all new listings
received a booking within five days of activation.
Travel chaos and cost of living leave Britons holidaying at home (
Image:
Anadolu Agency via Getty Images)
A recent survey by holiday cottage rental agency Sykes revealed that more than
three-quarters of Brits (77%) are planning to holiday in the UK this year. As
Brits are forced to cut costs due to rising prices, David Hannah expects
staycations will remain popular for UK travellers.
PROMOTED STORIES
However, Hannah states that whilst the demand for UK Airbnb properties is
evident, it is critical you take the right steps to prepare your annexe or
outbuilding before making it available. He suggests taking these steps to get a
property Airbnb ready:
Exact time UK heatwave will come to an end as heavy rain to drench the country
1. The first and the most basic thing to start off with is to make sure the
area is suitable for use as a dwelling. Make sure it contains all the basic
necessities for living – somewhere to cook, bathe, go to the toilet and of
course, sleep.
2. If you’re converting an outbuilding into a living space, make sure it has
proper insulation. But to start any kind of work, you are going to need
planning permission. This could take several months depending on where you
are and the state of your property.
3. You need to make sure that your annexe or outbuilding has a separate meter
so that you can recover part of the costs of electricity and heating against
the income that you earn from Airbnb.
4. The important thing is to count everything that you use wholly and
exclusively in that business and put it into your accounting software and
claim it against your income tax – maximising the return.
5. To run that place as an Airbnb, you need to register yourselves with HMRC as
having this new trade, so that you can do self-assessment returns at the end
of the tax year.
6. Once you are registered, you need to market it by uploading the property to
Airbnb. You can even build your own website to increase the promotion. Once
online, you are ready to have guests booking in.
Read More
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sight
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1.
Converted Boeing 747 plane lets guests sleep in the cockpit and eat on the
roof
2.
Travelodge worker slams hotel guests as ‘animals’ after room left in
horrendous state
3.
Huge train strikes affecting 15 firms announced for two days in August
4.
Luton Airport cancels ALL flights after runway melts in extreme heatwave
5.
World's most powerful passports for 2022 revealed as UK changes ranking
Share
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* |
*
* 2
* Comments
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