Has anyone had any experience with letting a room out to a lodger or renting on AirBNB?

PK_London

This a spin off topic to the 'How are people actually coping with mortgage payments increasing?' thread.

I have a 2 bed flat and live alone in a part of London. I could rent out my spare room to a lodger. My flat is also slap bang between two very popular hotels and close to a third so there is an option to rent out as an AirBNB.

I will be working from home for the next three months so I will be there practically all the time. I was hoping to trial this scheme out for three months.

Has anyone had any experience with either scheme. How did it work out and was it a good way to help ease with the mortgage and cost of living?

silvercar

My son had been renting the spare room of friends for a few years, he has just bought and now rents his spare room to a friend of a friend.

make sure you call the renter a lodger not a tenant, as you don’t want to give away any rights. You have a 7,500 rent a room allowance before you have to pay tax on the income.

todayisagreatday

We will be doing Airbnb in future. I like that you can control who stays and when and generally earn more money than long term lodgers without the commitment. We are in a different situation in that we live in a rural canalside location and it's likely over the winter months we would have limited guests and our busy times would be the summer and spring months.We would be operating on a 2 night minimum stay and unlikely to earn more than the £7500 a year though.