Extra ££s from Airbnb - easy?
The unforeseen Airbnb traps owners must always consider
In what seems like a never ending always evolving landscape of UK property, Airbnb has emerged as a lucrative avenue for owners to supplement their income, especially in the face of rising mortgage costs, whilst dreaming that reduced rates are ‘just around the corner.’
The allure of substantial sums on a weekly basis (Central London rooms can command £100 a night even in January) can be a tempting proposition for homeowners looking to make the most of their Zone 1 & 2 prime residences. However, the decision to open one's home to travellers and holidaymakers comes with a set of responsibilities that should not be taken too lightly.
Ensuring the safety and well-being of your guests is paramount. Get this wrong, and the ‘gains’ picked up over months of hard work can be quickly wiped out. From addressing concerns like street door access and lost keys to mitigating potential hazards such as open fires and unfenced gardens, hosts have to learn to walk through their house in the ‘shoes’ of their potential guest. If you don’t have children, understanding their ability to find sharp edge furniture, thump glass doors or cartwheel down steps into gardens is easy to under-estimate. So owners must undertake a comprehensive evaluation of their property. It goes beyond merely providing a place to stay; it involves creating an environment that meets the diverse needs of travellers - and more often than not, this means taking furniture out - which requires storage.
The challenges are different if the owner intends to vacate entirely. Some owners are delighted to move out (taking a short holiday perhaps) and others might reserve one room to store valuable or sentimental memorabilia. Owners shouldn’t, however, play safe and remove everything - many Airbnb travellers really appreciate the feeling of a “home from home” - so owners must make sure they don’t strip away the home’s personality - it’ll show up in the reviews and make the place less interesting to future guests!
Clear communication is key. Hosts must leave detailed instructions on how to use valuable electronic equipment, such as TVs and music systems, to prevent accidental damage and ensure the guests can really enjoy the time in the house - TV/music being a highly rated part of a family’s stay. Think about how the guests are going to either log into current streaming services - or better still - allow them to pair up their Spotify or Netflix accounts and reduce the risk of needing to reset everything after a system crash! The owner needs to help strike a delicate balance between hospitality and security, offering warmth and comfort without compromising on safety measures.
One of the primary challenges hosts face is the risk of drink/drug parties and property damage. To address this, stringent vetting processes for potential guests become imperative. “I always check carefully what previous hosts thought” is a key piece of advice one very successful Airbnb host suggested. Another Host said he always entered the property ahead of his wife - just in case there was damage that might trigger a reaction on the Gutenberg-Richter Scale! “Some messes look considerably worse, at first viewing, than they were in reality” - was his experience.
Thoroughly screening individuals before confirming bookings can help identify those who are more likely to respect the property and adhere to house rules. Most online booking systems like Airbnb will give the owner the option to have to accept (rather than take anyone), and using this time to review is a great investment to head off those you would rather not entertain. This step is crucial in safeguarding the integrity of the home and maintaining a positive experience for both hosts and guests.
While the potential for extra income is undoubtedly enticing, it is essential for Airbnb hosts to recognise the dual nature of their role. Their property is not merely a source of revenue but, at its core, a home they will eventually return to. As such, the responsibility to create a safe and enjoyable space for guests is a reciprocal agreement that benefits both parties involved.
A major problem being reported where Airbnb’s are too prevalent is the impact on the neighbours. Think about the late nights, noise, and maybe rowdy behaviour and try to put yourself in the neighbour's shoes - there is nearly always someone else out there.
In conclusion, venturing into the realm of Airbnb hosting should be approached with a mindful understanding of the obligations that it comes with. Striking a harmonious balance between generating extra income and providing a secure haven for holidaymakers requires careful planning, clear communication, and a commitment to maintaining the integrity of one's home. By embracing these responsibilities, hosts can maximise the potential of Airbnb while fostering a positive and respectful environment for all.