It's now May in London and it's finally gotten warm like summer. I no longer need to keep the radiators bering all day and night to stop my guests complaining about being cold. Its been steadily busy the last few weeks. I have so many regular airbnb guests now (those that come almost every week to London, usually for work purposes) that I feel the slowdowns in bookings much less than previous years. I read a newspaper article recently that more tourists are visiting London than ever before so I expect most hosts are doing quite well.
Getting a mortgage with AirbnbRecently I applied to re-mortgage my house. I was set to re-mortage with Santander and the deal was almost complete. The final hurdle was the usually quick and easy valuation of the property the bank does to make sure the house is worth what you say it is (in my experience they always value the property at exactly what you say it's worth). I was not expecting any problems as my house is relatively new and in central London. I did not tell Santander that I run an airbnb business from my home. I felt it would not add anything to my application (such as current attitudes are to airbnb it seems earning more money make you a bigger risk, go figure?) so I didn't tell them. The valuation expert who visited my house reported back that I was running a bed and breakfast in my attic. There we no guests staying in the house at that time (some were due to arrive later in the day). So I was first amazed about how he knew this and secondly why he had reported this as it was in my opinion not his job to report on such things - he is supposed to be an independent expert to value the property. Santander refused my mortgage on these grounds. I later heard that the valuation expert had seen the bottles and water and chocolates placed by the beds. Getting a mortgage for an airbnb is still an issue. Airbnb is seen as a commercial business and would therefore require a commercial loan. It does not seem even possible that anyone could use airbnb on a residential application for their own home. The ability to earn extra income to help pay the loan you are taking out to me seems like an excellent safety net. Most people rely on their employment income to pay their mortgage which is nowadays not so secure and reliable. Having a second income should make an application stronger but this seems not the case. How long will it be before banks change their attitude? I think not until they are forced to.
How to Automate your AirbnbFor me the worst thing is when a Airbnb guest arrives at your house early and your not at home. You may have no choice but to drop what you are doing and rush back to let your guest in. This is something that has happened to me on a few occasions. More often I plan to go out but a guest is booked to arrive later so I have to wait until they arrive before I can leave the house. So now I automate my airbnb in two ways.
- Install a Keysafe outside the house
- Install a intercom on the door that can call your phone