Extra income from your AirBNB property

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Airbnb your home: how to generate extra income from your property – Sarah Tucker features in Yahoo Finance

While Airbnb may be lucrative, there are several things you need to be aware of before you start taking bookings...

Fancy earning some extra cash this summer? Airbnb (ABNB) might be an easy way to do this but make sure you know what you’re doing first.

With 2022 seeing finances squeezed, many homeowners are looking to their properties as a way to make extra income. Research from Airbnb shows hosting on the site earns homeowners an average of £6,000 per year — the equivalent of two months’ salary for most people.

While it may be lucrative, there are several things you need to be aware of before you start taking bookings.

With the most popular month to host — August — approaching, here’s everything you need to know if you want to Airbnb your home…

Check with your mortgage provider

Before you do anything else, you need to tell your mortgage provider if you’re planning to Airbnb any part of your property.

“The lenders response will vary. Some will charge a fee to grant you the consent, and others will not be happy for you to let it out,” says Sarah Tucker, founder of The Mortgage Mum.

If they do agree, there may be conditions attached.

“Often lenders will put a cap on the number of days you can Airbnb the property for, or the way they calculate affordability will differ… That’s why you need a broker to help to navigate this,” says Tucker. “The good news is we’re seeing more lenders becoming open to this, as it becomes more popular.”

Read the full article on Yahoo Finance here


Photo: Getty via Yahoo Finance