Increase Your Rental Income with GuestReady
Sponsored post written in collaboration with GuestReady
Looking to add a new side hustle to your extra income arsenal? Do you have a property or spare room that you would like to rent out to earn some extra money? In 2019 the average rental price in the UK was £959 per calendar month, but in London that average rises to £1665! In many cases, it is possible to rent out your property and make a profit every month while your tenants effectively pay for your mortgage.
It’s clear that renting is a great side hustle whether you have a spare room, property or are planning a long trip away and would like to put your property to good use. But what about all the hassle that can come with managing a rental property? This is where GuestReady can help.
What is GuestReady?
GuestReady is a property management service for Airbnb, Booking.com, Home Away and other short let platforms. They already manage a large portfolio of properties in London, and help owners to get the most of value of their property. As a management company for a whole range of rentals, they have a suite of services designed to provide the best experience for your guests, including:
- listing creation
- price optimisation
- professional photography
- guest communication
- check-in and key exchange
- premium airbnb cleaning
- laundry service
- property maintenance
How Much Can I Earn?
Your income potential really does depend on the type of property you have and your location. Short-term rentals like Airbnb are predicted to be twice as profitable when compared to long-term, as your property is used as more of a holiday home. Looking at Airbnb specifically, earnings can range drastically, with some hosts making more than $10,000 per month. The added bonus with this side hustle is that the time and effort you need to invest is minimal (especially if you let GuestReady take care of everything). In exchange for having the services mentioned above (cleaning, guest communication, property maintenance, etc.) GuestReady will take a commission in the 15-20% range. However, the service you receive is likely to get you more 5* reviews… which equals more bookings and more profit!
GuestReady airbnb management service has arental revenue calculator on their website that gives you an estimation of how much rental income you could earn.
If you rent out a room at your main residence (the property that you live in), you’ll qualify for the Rent-a-room scheme, meaning you will get a tax free allowance of £7,500 per year. You will qualify for the rent-a-room scheme even if you don’t own the house or flat.
If you own a property for the sole purpose of renting it out then the first £1,000 of your income from property rental is tax-free. This is your ‘property allowance’. You will need to contact HMRC if your income from property rental is between £1,000 and £2,500 a year. And you must report your income from rental income on a Self-Assessment tax return if it’s £2,500 to £9,999 after allowable expenses or £10,000 or more before allowable expenses.
I am not a tax professional (the information provided above is straight from the Which and HMRC websites), please consult a professional if you have questions regarding tax.
Get Started with GuestReady
To start your rental property side hustle with GuestReady you can either use their rental revenue calculator and go from there or get in touch with them to discuss your property further. There’s also a live chat option on the GuestReady website if you’d like to speak to their virtual assistant about any questions you may have.
With more and more people considering how they can effortlessly increase their income it’s no surprise that the first place they look is at their own home. Medium-term and short-term letting is a great option for anyone with a spare room or property and GuestReady is a great way to make your property work for you with a completely hands off approach.