Should you rent your property on Airbnb?

Should you rent your property on Airbnb?

Do you have a spare room? If so, Airbnb may be the perfect way for you to make a little extra money each month.

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Not only do Airbnb hosts make an average of £6,000, contactless check-in and check-out are quickly becoming the norm. This means you can have a guest arrive and leave without doing a thing.

Before you start taking pictures and accepting guests, there are some things to be aware of to ensure you are operating legally.

How do you prepare a property for Airbnb?

When preparing to list your home on Airbnb’s website, it is important to understand any liabilities or legal requirements expected of you; for example, if you own your property with another person, you will need all owners to agree to rent out your property on Airbnb. If this causes issues, you may need to consider changing the type of ownership with a severance of joint tenancy.

If an agreement cannot be reached, the parties may decide to change the ownership with a severance of joint tenancy, particularly where this is a holiday property or second home rather than the hosts’ primary residence.

Severance of joint tenancy agreements can be used in cases where the property is subject to a change of use driven by one owner. This approach removes the requirements to share any income from the property equally between all owners. It also limits legal liability and responsibility to the owner renting the property out.

In such a scenario, getting in touch with a solicitor is potentially the best option. Solicitors that specialise in the severance of joint tenancy agreements, such as https://www.parachutelaw.co.uk/severance-of-joint-tenancy, can help you understand your next steps and advise you as to the advantages and any pitfalls.

The benefits of Airbnb

In addition to the earnings from listing your property on Airbnb, there are other benefits to using the short-stay platform.

Airbnb offers hosts flexibility over when they want guests to stay and for how long. As a result, any problematic guests won’t be a long-term problem.

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Given Airbnb’s review system and support for hosts, problematic guests are dealt with by the platform. Not only can you leave a review to warn any other hosts about the guest but also Airbnb’s host guarantee provides protection against guest damage. If anything happens to your property during your guest’s stay, Airbnb will reimburse any costs.

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