If you have a
property you don’t use that much, maybe a few times a year, but it is in return
costing you a fortune to maintain, then opting for AirBnB is the perfect
solution. If you still haven’t heard about this renting platform here is a
short overview. AirBnB began in 2008 when two designers had a space to share.
Today millions of people around the globe are posting spaces or choosing unique
accommodation offers through AirBnB.
So how do you go
about renting your space?
Check
if you have all the clearances
So the first step
is determining if you fulfill all the conditions required for becoming an
AirBnB host. Local laws differ from country to country, and at times there may
exist some local restrictions on short-term renting options. London also has a 90-day rule in which your property can't be let out for more then 90 days per year, so this is something worth bearing in mind if your planning on renting in the British capital. The next step is sitting
down and having a chat with your neighbors. Some people are not thrilled to
have a lot of tourist go through their building or neighborhood, but with the
right argumentation things can be smoothed over quite easily. And most guests
are just great since they also want to get a good review on their AirBnB
profile from their hosts.
Well
you still have to deal with the taxes
There is a great section on the AirBnB site explaining this.
But taking into account the different laws and rules you should be prepared to
do a bit of digging to make sure you are doing everything by the book. For
example, if you need to collect the local tax, you can state that in your AirBnB
listing, so that the guest know the amount that will go for this cause. Also if
you live in a country where VAT is applicable it would be wise to contact your
local tax advisor as to correctly assess the VAT amount you’ll need to charge
for your rental.
You
don’t have to do it alone
If the procedures in the previous sections are deterring you a bit from this option you can always do what most hosts do, hire Land and Property VAT Specialists, for example, that way you will have experts handle the tax side of your AirBnB properties and you will feel a lot more content with the outcome. Everything from your account management to booking and guest communication can be done by trained professionals who have your best interest in mind. Just make sure you clearly point out the dates you might want to stay at your space so that the manager in charge of your property can have a clear yearly schedule. You see, Australians, and so many others in the AirBnB business have got it made.
Cleanliness,
design and house rules
If you are indeed
brave enough to take your AirBnB property into your own hands then these three
are bound to make or break your reviews. The cleanliness levels are essential for your
guests to feel welcome. Now you can always hire a cleaning service after the
guests leave so that the place is perfect for the next ones. On the other
design of your property is something unique to you, so if you love eccentric furniture
or boho style, go for it, the uniqueness of your place might be exactly what
attracts your guests. Finally, we come to the house rules, the clearer and more
detailed they are the less chance there is your guests will damage your
property, willingly or unwillingly. So place house rules in a visible place,
and when welcoming your guests make sure you point them out so that you know
that they have seen them and read them as to avoid any possible
misunderstandings later on.
So now that you are
completely informed about the ins and outs of renting an AirBnB property you
are ready to make your decision. The bottom line is, yes it is a bit of work,
but with property managers you don’t even have to lift a finger and you can
just collect the profits. Having a property that just sits there, unused and
constantly costing you money is in no way a good thing, and an AirBnB profile
and some time investment can really turn your income around.
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