The benefits of letting your property on an ad hoc basis: Air BnB, Booking.com, Vrbo and holiday.let

Often we think of landlords as people who have secured a property which is additional to
their main residency, or have a portfolio of properties that are rented to tenants over a long
period of time. Whilst this is true in some cases, the property landscape is changing with the
rise of companies like AirBnB, Vrbo, Booking.com and Holiday.let to name a few, and
landlords now encompass a wider definition. We at Reka, have seen homeowners embrace
the concept of short-term renting, and have helped lots of homeowners rent out their
properties to capitalise on their income.
The benefits of doing so are numerous and below we list some of the most popular reasons
why renting your home to guests, on a short term basis, can be a wise financial decision.

Flexibility
Having a property in London is undoubtedly a valuable asset. If you find that you are not in
the UK for a period of time, it means that renting it out in this way can provide you an income
while you’re not here. You can choose the time and dates that suit you, and without a
tenancy agreement you do not have to give notice to them if your plans change and you
need to come back to your home. You can host your house, or a room in your home for a
month, a week or even a few nights – whatever works for you.

Peace of Mind
Unlike long term rental relationships, a short term rental agreement means that you do not
have the worry of unruly tenants. Having an agreed timeframe for when your guests arrive
and leave provides peace of mind. If you also have a property in London, then it is an
attractive option to travellers who wish to enjoy the capital, not only in the summer, but year
round. This means that you could have paying guests throughout the year – and a steady
income stream.

Tax Breaks
If you are renting on an ad hoc basis, you might find that you do not have to pay tax on some
of the income due to a tax-fee allowance. Conversely, if you do find that you earn a
considerable income from renting your property, you may be subject to certain tax
consequences. We advise that you speak to an accountant or Tax advisor for clarification.
Another tax relief worth noting is that if your home is considered a furnished holiday let, you
may be eligible for tax deductions for the cost of furniture and fittings.

What’s involved?
There’s no denying that renting out your property on a platform like Airbnb is time
consuming. Harnessing the income from your home requires thought and preparation, and of
course an ongoing commitment.

How can we help?

Reka are able to help, as we manage many properties for
landlords with a similar tenant appetite. Understanding the obligations of a landlord,
maintaining your property to a high standard and vetting your guests is something that we
are specialists in. And because we also market properties for a variety of landlords we know
how to position your property to attract the right tenant for you. We also handle diaries,
meeting and greeting your guests, and can also provide recommendations to them, as we
too are located in London. Adding that extra hands on ‘insider knowledge’.

As the ‘face’ of your property, we will also handle the administrative tasks that comes with
using your primary residence as additional income. So whether it’s a guest who wants to
know what the nearest transportation links are near you, to providing fresh towels and a
welcome pack, to lost keys – Reka can help. We are open 24/7.

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Reach out to us today by emailing us at   admin@RekaProperty.co.uk or call us on 020 3286 6468 to discuss this further.