A recent study by HomeAway®, a global expert in holiday rentals, reveals that canny home owners across the country can make thousands of pounds by renting out their homes to holidaymakers and are putting the money to good use by using the extra income to improve their quality of life.
According to HomeAway, UK homeowners could earn an average of £15,150 per year by renting out their homes through the marketplace as holiday rentals.
The research shows that during a time of ongoing economic uncertainty, people already on the property ladder are making the most of their assets, turning their homes into holiday homes to increase their profits.
How to spend it
The research also revealed how astute London owners are opting to spend their extra cash. Out of those polled, 41% use the money they get from letting out their home to pay for home improvements, whilst a further third (33%) top up their pension funds with the extra cash.
Other popular spending habits include using the money to pay off mortgage repayments (31%).
Make sure the price is right
So how are London homeowners determining the rate they charge when it comes to listing their property as a holiday home? HomeAway’s research found that nearly three quarters (70%) of London holiday homeowners benchmark their property against others listed in their local area, whilst over half (56%) say they use the prices of local hotels to determine their nightly rate.
The research also revealed that 29% of those renting out their properties have used an online holiday rental calculator to help pinpoint their pricing.
But there are other ways to make even more money when putting a property to work.
Life’s little luxuries
When it comes to amenities, it appears that Netflix really is the new way to chill, even on holiday. Gone are the days of providing mint chocolates on pillows, this new research reveals that London homeowners are opting to offer much loved amenities such as TV subscriptions for their guests. Nearly three quarters (73%) said that they would include free Wi-Fi and over half (62%) provide logins for the likes of Netflix and NowTV.
Catering to pets is another sure way for Londoner’s to make the most of their listings. Half (50%) of those polled said they would allow pets to stay at their property, opening up a much larger pool of possible bookings and particularly appealing for holidaymakers looking to take the whole family, including their four legged friends away on a city break!