Are you a home owner? If so, you could already have a potential business to hand. Your house is an asset, but it could also be providing you with an income. This post is about How To Make An Income With Your Accommodation.
There are many different ways in which to let rooms: short term, bed and breakfast, long term or lodging (ie providing meals).
And, of course, there are different markets to tap into: travellers, students, holiday makers, foreign students, people on business, as well as those people simply looking for somewhere to put down roots.
But before making a final decision, think carefully about your location. It will be useless targeting the business market if you live in a small backwater. Are you close to a tourist area, business complex, college/university, or are you on a through route for travellers? Contact organisations and businesses which may need temporary or long-term accommodation for visitors, students or relocated employees.
All this research will help you make the best decision about how to rent. It will also help you to work out how best to advertise: by word of mouth, in newsagents’ windows, college notice-boards, in local papers, through your Chamber of Commerce, in foreign newspapers or through your local tourist board. Match your advertising to your market and start to make your asset work for you.
This will appeal if
– You enjoy meeting people.
– You like housework.
– You’re organised.
Advantages (depending on the type of letting)
– A regular income for relatively little work.
– Free time to follow other pursuits (even start another business).
– You can choose your customers.
Disadvantages (again, depending on the type of letting)
– Loss of privacy.
– Intermittent business with bed and breakfast accommodation.
– You may be affected by peak and off-peak seasons.
– Build extensions to accommodate more guests.
– Move out of the property and rent it out as a whole or convert it into flats.
– Buy other properties or ongoing businesses.