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Renting out part of your house to tourists

Discussion in 'Personal' started by MathSci, Oct 10, 2015.

  1. MathSci

    MathSci New commenter

    Renting out part of your house to tourists
    Have you done it?
    I have an annexe attached to my house in the suburbs of London,UK.
    It has one bedroom, lounge, kitchen and bathroom.
    It's suitable for a couple or a small family.
    What are the pros and cons of renting it out to visitors?
    Is it more profitable than renting it to regular locals on short contracts?
    What are the legal hassles?
    How can I collect the rent?
    Any advice welcome!
  2. monicabilongame

    monicabilongame Star commenter

  3. Duke of York

    Duke of York Star commenter

    Ain't you got a granny that would enjoy living nearby?

    A small family in an annexe with one bedroom? London ain't in China, you know. It isn't uncommon for parents to do what nature intended after they've had one kid and preferably with privacy.
  4. monicabilongame

    monicabilongame Star commenter

    Would be ok though for a bunch of young tourists - sure they could cope with airbeds on the floor
  5. asnac

    asnac Lead commenter

    Airbnb is more for cost-conscious people who are happy to stay in spare rooms within others' homes whereas you're offering what is effectively a one-bed apartment. But you only pay the Airbnb fee when it's booked, so it must be worth giving it a a go.

    You might make more from putting it on a website promoting self-catering holiday apartments. Depends how far out from central London you are.
  6. MathSci

    MathSci New commenter

    Thank you, all for your comments and advice. Airbnb seems to be a good option.
  7. midnight_angel

    midnight_angel Senior commenter

    Why will you only consider people on short term lets? Personally, I'd rather a trusted tenant/lodger, and by the sounds of it, your annexe would be ideal for a single young professional/couple. For example, many NQTs, especially in the Greater London area are forced to flat share, after finishing uni (as are many other professionals). If I were in that situation again, something like this would have been a fantastic alternative, especially within easy commuting distance to London (fortunately, my four year flat share, with just one other teacher, worked out really well).

    It would be someone conscious of their own living space, and thus keeping it tidy, than a couple just interested in a short break in London. Would also save you having to clean/change the bed sheets after each new visit, and not knowing who is in y our home (at least a tenant, you would get to know them).

    It might be worth asking a local estate agent to value the monthly rental value? My understanding is that even with things like Airbnb, you have to pay tax on any extra earned income (you would have to on monthly rental income)? Initially, you have have your tenant in on a six month contract, and see how things go after that?
  8. missmuon

    missmuon New commenter

    Dear DoY, Don't you know London'as as bad as or as good as China when it comes to accommodation? Many young families with a babies live in bedsits.
  9. asnac

    asnac Lead commenter

    @midnight_angel , that makes a lot of sense and that's what I would do if I didn't need the annexe for visiting relatives etc. @MathSci , if you were going to consider longer lets, look at spareroom.co.uk. It's free for all parties. That will give an indication of the rates that can be asked.

    Landlords taking in lodgers in furnished rooms have no tax to pay for the first £4250 of rent per annum, and this allowance rises to £7500 next year.
  10. Duke of York

    Duke of York Star commenter

    What prompted the increase?
    Vladimir likes this.
  11. monicabilongame

    monicabilongame Star commenter

    Probably because it's so hard to find anywhere to live that the govt want to encourage more private landlordy stuff so they don't have to build more houses?
  12. maurice-r

    maurice-r Established commenter

    I'm saving my spare rooms for asylum seekers.;)
    Vladimir likes this.
  13. Vladimir

    Vladimir Senior commenter

    You might consider renting your space out to emergency housing associations. You'll get paid plenty more and it's all funded by the British tax payer.

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