Renting out a room on Airbnb to help with mortgage - has anybody done it?

[sixofspades]

I live in a town that is popular with tourists, and am considering renting out the top floor of my three storey house as an Airbnb to help with the mortgage payments.

Does anyone on MN have a similar set-up and if so, how’s it working out for you and how much money do you make? How easy or stressful is it to do and are there any pitfalls to be aware of? I would love to hear your experiences.

Would be easier and more lucrative to rent the space out to a lodger?

If you're a single woman, I'd go for renting to a lodger rather than Air BnB. That way you can vet who you're getting, you have a bit of stability and longer term guarantee of income.

I used to take lodgers when I went back to university as a mature student, to keep my mortgage ticking over. It worked really well for me. But always remember - these are people who are living in your home. You have to feel comfortable with them.

I agree that a lodger is less hassle & safer... you can charge £680 pm without having to pay tax

I had lodgers for years: I chose those who dressed neatly (they turned out to be very neat/clean), who were much younger (so didn’t try to be my friend/take liberties), & got a deposit of a months rent upfront. Also very clear on house rules (no guests, smoking etc)

Worked well for me

Would they have own bathroom? If so, much easier and also they would pay more. Otherwise - I wouldn't, all the cleaning to do during the stays and having to share/wait.

My friend did it pre-covid, she always had jobs to do with changing and washin bedlinen, negotiating arrival times etc, had cleaner twice a week so kitchen and bathroom up to standard. It was very lucrative as it's in London and a nice area, but she's the type for it - she can be friendly but detached and is older than most tourists so could impse the house rules easily enough.
Overall it was good for her even though a bit tiring, I think she had maybe one or two people who were not very pleasant but most were fine / nice.

They would have two rooms (bedroom plus a lounge?) and their own bathroom.

I think I’d prefer Airbnb because the guests will be tourists and will hopefully be out and about most of the time, whereas with a lodger your home is their home too.

Also with Airbnb I can just stop if I don’t like it or if I make enough money to have a break from it for a while. It seems more flexible!

If you're a single woman, I'd go for renting to a lodger rather than Air BnB

Sorry, should have said - it’s me, DH plus our young son.

No way in hell would I have strangers in my house overnight if I had a young DC. That sounds incredibly dangerous.

@sixofspades

I agree with @CarrotCakeSupprise regarding your DC. You can’t put a price on their safety, security and welfare.

Also I would be mindful of the impact on yours and DH’s relationship too. You need to ensure your relationship is strong enough to cope whether it’s having a lodger or air bnb; having a stranger in your home will inevitably change the dynamics.

Maybe you’re right in terms of the DC. We’re just really struggling with the mortgage payments

Absolutely no way I would have a stranger in the house with a child. Crazy. A lodger is bad enough but a high turn over of tourists? Not w chance. There must be other ways to ease/help the finances though?

My friend has done this. But she has a separate side entrance for the guests to use and sealed off the entry from the main part of the house.

You can vet a little on air B and B / choose regular renters with great ratings. But I’m not sure how well that works if you then start turning people down!

You can get a lodger who goes home at weekends and works during the day. Maybe fewer of those at the moment but you can be choosy.

A separate entrance would be ideal, but unfortunately we don’t have that option!

Could you rent the room (s) out to people who work from home? I mean someone who would come for a few hours, maybe just needs a coffe or tee facility and a desk? Or a wriring retreat to someone finishing a thesis or book - especially if your town is a tourist attraction. I would book that.

Could you rent out your entire place for the odd wknd and stay with family or get a hotel? It's a pain bc you have to put away personal items but I'm sure you would make a lot of ££ by having your whole place available.

@Cheesecake53 It’s an interesting idea, but why would people who work from home want to pay to sit in somebody else’s house to do their work? And if we marketed it as a writing retreat, wouldn’t they need to stay with us (so again we’d have the issue of a stranger in our home)?

@DanceWMe could be tricky as we have a cat and a dog!

Could you rent the room (s) out to people who work from home? I mean someone who would come for a few hours, maybe just needs a coffe or tee facility and a desk?

Isn't the whole point of working from home so that people don't leave their home?

What about language students? If you are a tourist area they often seem to have English language schools, and the students only stay for a few weeks. We live near one and often get flyers through the door asking for host families. Some are teenagers but others are adults wanting to improve English for work. But I guess this is a post COVID thing.

I've not done it, but unlike almost every one else, I'd definitely consider it. In the right location it is possible to make much more money than a longer term renter. Check properties nearby to see how booked up they are and how much they charge.

It sounds like they would just pass through your hall/staircase then have their own space, so not really in your living space. Everyone varies in terms of how comfortable they are with others around, so only you can answer that. Would you provide breakfasts or would they have kitchenette? Or are there cafes nearby? I wouldn't want to be providing breakfasts myself.

I can't say I'd be very bothered by personal safety. We all know that children are far more likely to be abused by someone they know than by a stranger. I don't think this comes with any higher risk than the rest of everyday life.

The only aspect that would worry me is that now is a bit of a tricky time for tourism, but there probably isn't much lost in trying.

I'm in the process of buying a small property partly to use myself (to save my commute) and partly to airbnb in between, but no experience yet! I'm planning to rent longer term first though as everything is so complicated at the moment!

I would, as another said you can pick your guests and set criteria, read previous host reviews on the guests etc. Especially as they have a whole floor, inc bathroom.

It sounds like they would just pass through your hall/staircase then have their own space, so not really in your living space.

Yes, that's how it would be. I could provide a mini fridge and coffee/tea making facilities on their floor too, but they wouldn't have facilities to make dinner. Do Airbnb guests expect that I wonder?

I meant it not as having to work at home during Covid. I assumed this whole threat was meant for a time after the restrictions.

I am working at home often (writing) and it is so distractive - the washing, seeing things to tidy up - all that. So some pubs are letting people book a table and I know that there are "writing retreats" which mean one is away and can fully concentrate on what they need to do. I always work better someplace else.

If you are in London or major city weekdays only lodger works well.
Also when housesharing with a pilot and a doctor I literally never saw them but that may not work with a child if they want to sleep on nightshift.

I've had lodgers and a young child in the house.
As I live in a University city all my lodgers have worked at the university directly with students- so I know they have a DBS check (think it's a different name now).
I asked to see a current payslip to make sure they were actually employed at the Uni.
They have all been female, over 30 and it has worked really well.
I couldn't be doing with Airbnb - seems like such a lot of work. My lodgers (once I'd set up the room) didn't cause me any extra work - but you do have to provide them fridge/kitchen space.

If you can't afford your mortgage I'd say this is the safest easiest way to do it.