Airbnb Rental Advice

rik111

Also worth reading what has happened to rental market in London in recent months, it’s dropped through the floor especially Airbnb bookings. This might only be short term but who knows, the massively high rents on office blocks and employers seeing their business continue with people working from home could set a precedent and the mass exodus may continue totally destroying the overly inflated London rental market.

Ubaka

Thanks for all the insight guys. I think it's well worth doing more research on. I understand the comments regarding a slowing market for renting but our path is pretty much set and we are moving soon(ish) and will be renting the flat out. We don't want to sell and in the future it could be lived in by out kids etc when they are starting out. It's so difficult to own a house that we will not be selling plus it's still an appreciating asset. The question is really private renting Vs Airbnb. 

Slithery

Ubaka said:

It's so difficult to own a house that we will not be selling. 

You're correct, that's why you should seriously think about selling it.

Ubaka said:

plus it's still an appreciating asset. The question is really private renting Vs Airbnb. 

You're asking the wrong question. You should be asking which of the many lower-risk investments that are appreciating more should you be putting the money from the sale into instead.

letsbetfair

Local and national government have aimed to make it harder to own a house you'll neither live in nor sell, and there may well be more policies designed to make this harder in future. That doesn't mean you won't be able to make money out of Airbnb, but it's a big factor to bear in mind. Even if renting the property goes well, how long would it take for this to cover the extra stamp duty you'll pay on the new place you'll buy?
Is there a particular reason to keep *this* property? If you're emotionally attached or it's unique, that may be enough to make you decide to hang onto it (though it will make it feel worse if someone does trash it!) Otherwise, do the sums comparing how renting this place out would work compared to investments other than a rental property and compared to buying a property/properties that are selected for their appropriateness for Airbnb/rental. Also consider how much of a time commitment running a small Airbnb business would be for you.
It sounds like you can afford to live with some risk and with what may be a suboptimal return - so best of luck if you do rent the place (though make sure you've got things sorted with your lease and with planning requirements). I find Airbnb really useful for visiting UK cities - partly because plenty of people are renting really nice homes, decorated to a far higher standard than a typical rental or hotel room, at prices that competition has pushed really low

jon81uk

Your biggest concern should be that if you want to do short-term letting (ie Airbnb) for more than 90 days you will need planning permission.

letsbetfair

By the way, I've been booking some city breaks for later this year. Prices are fantastically low at the moment (including in London), for understandable reasons. Tough time to come into the market as an Airbnb landlord!