Owning your own home is exciting but, with mortgage payments due every month, a huge responsibility. Wouldn’t it be nice to pay off your mortgage, relieve some of your monetary commitments and make the house truly yours? There are a few ways you can go about doing this. You can be thrifty; spend less, save more, and put the extra money towards your mortgage. You can work more; the more you work, the more you earn. Alternatively, rent your property on Airbnb. It’s an additional income stream that will bring in extra money without you having to make dramatic changes to your lifestyle.
Airbnb may seem a bit daunting at first, scary in fact. I mean, do you really want strangers living in your house, invading your space? The answer won’t be yes for everyone, but for many, it is an experience, an opportunity to meet lots of interesting people from a mix of cultures. And, as the host, you are always in control. You have the option to vet guests and thus decide who can stay and who can’t and have complete control over your calendar. If you want some guest-free space, you can have it; it is up to you.
How much could you earn?
Now that you may be tempted to give Airbnb a go, let’s look at how much you could earn and thus how much extra money you could put towards your mortgage each month. It is important to remember that there will be some outlays in the beginning. Your property needs to be guest ready, so you may need to purchase some new furniture, for example, and you will need to organise insurance, but you should make these costs back fairly quickly.
As for how much you earn, it will depend upon your property location and what space you have to spare – whole properties in the centre of town will make more than a spare room out in the middle of nowhere, for example. You set your price though, so you can charge what you want. However, if you want guests, make your prices competitive. Have a look around to see what others are charging in your area and pitch yourself accordingly, remembering to update your prices regularly, so they reflect events in your city, such as the Edinburgh Festival Fringe.
In Edinburgh, you have the potential to earn approximately £1,656 a month, not accounting for taxes and other costs associated with hosting; find out more about the figures on our previous blog.
A few points to consider
Inviting guests into your home isn’t for everyone, so think carefully before you do. Hosting does involve a certain level of commitment, from setting up and maintaining your profiles to being there for guests and cleaning once they leave; it is more than just having people stay with you. But, luckily, you don’t need to handle everything yourself; we can help. As an Airbnb property management company, we look after your property for you, doing all the chores you lack the time or desire to do. Get in touch with us today and start earning that bit extra.