Lots of us are looking for ways to earn a second income. From setting up small businesses selling make-up and supplements, to professional selling on eBay, there are a few ways to top up your regular pay packet. But have you ever thought of putting the extra space in your home to work for you?
You don’t have to have a mansion – if you live in a popular visiting place for tourists, or in a city centre location, you could make extra money easily, simply by letting out the spaces that you don’t use. In recent years, with the rise of enabling platforms such as AirBnB, it’s become easier and more popular than ever to do this. Whether you want to rent out a room occasionally and continue with your main job, or you hope to turn property lettings or running a guesthouse into a full-time occupation, there’s never been better time.
Getting started is relatively simple, but follow these top tips to get the great customer ratings rolling in and then you’ll really begin to see a difference.
Research the Market
Your success in the new venture depends upon great preparation, and that means understanding the marketplace and what you can bring to it. Check out what is already available in your local area and what the demand is likely to be for bed and breakfast. Are you located in a nice tourist area, or near conference centres and locations where people are likely to need to stay? Are there any unusual venues, like a concert stadium or a country park nearby? If you don’t think there’s anything out of the ordinary to draw visitors, what are other local guest houses advertising to get people through the doors?
Add Some Features
You need to make sure that your house stands out from the others on the market, so work out what they are not offering. Is there a market for a premium venue providing a boutique hotel getaway for couples? Or is it more realistic that you’ll be welcoming workmen through your doors? Tailor the offer to whoever the likely customers are. Do you need to create more room by extending your house or having a loft conversion put in? Could a few extra pieces of aluminium and stainless steel make a garden room to offer as a feature? Make sure that any features you do add pull in extra money – the point is that even if you’re spending on building works, you quickly gain that money back in extra income. Make sure that you secure all the relevant planning permissions before work commences, otherwise it could be a costly mistake.
Upgrade Your Rooms
Give the rooms that you want to rent a freshen up before photographing and listing them. You will need a fresh coat of paint, comfortable beds so that your guest’s get a great night’s sleep, and top-quality bedding and towels for them. You may also want to add a plasma tv, hair dryers and tea and coffee making facilities, as well as upgrading your wi-Fi to cope with additional traffic. You can always add features gradually, but get the basics right if you are hoping to get bookings rolling in soon.
