If you are planning to take guests into your home or let the whole property out, Airbnb and short-term letting could be worth considering. There are many positives but also a few negatives, We'll take a look at the pros and cons of the options available so you can weigh up what is the best way to go in your particular circumstances.
How Much Can you get?
Take some of the guesswork out of this by using this tool. Just put your postcode or name of your local area in the field provided and it will generate a huge amount of information to help you make the right choice. Of course, you can always add value by increasing the positive and attractive aspects of the property, add a sofa bed, renovate the kitchen and the bathroom is always scrutinised by the guest so if you want good ratings, it's always worth giving it a good scrub at least or a brand new one is a sure-fire way of getting a 5-star review.
For maximum returns, increasing the number of bedrooms will give your rental yield a boost, so if you can add an extra bedroom people will pay more. However, this is not without its drawbacks, large groups are more likely to cause damage, you could be creating cramped conditions and also pricing yourself out of the market. It largely depends on where your property is located and what will attract people to stay there. Big cities like London command a premium and unless you are at the very luxury end of the scale, guests will be happy to squeeze in a bit to get a good price but if you're in a more rural area where people are looking for a relaxing weekend, a one or two bedroom place is ample for most visitors.