December is getting very close now in London and the weather has turned cold and very wet. I always keep a few old umbrellas near my front door in case one of my guests needs one. This is one way you can really help your guests out and this can make up for other deficiencies in your listing. Recently I spoke to a relative who was interested in becoming an Airbnb host. He seemed to think he could make much more money from being a host rather than being a traditional landlord. I think he is being very naive.
How much can you make being an Airbnb Host?
To get the official Airbnb figure of ‘how much money you can make being an airbnb host’ then use the below link.
My results came up as £499 for each private room. This is actually almost right. The tool can give you a good idea of how much money you can make being a host. The big problem here is that I know if I rented the same room out, to a local person who is working in London, I would get a minimum of £600 a month (and possibly much more). So in my case being an Airbnb host is not financially the best decision.
The Advantages of being a Airbnb host
I earn approximately £500 a month for each Airbnb private room. The same room rented to a lodger on a more permanent basis I would earn about £100 more a month. So why am I an Airbnb host?
- I can block off the listings whenever I want. If I want a break from guests or for example a relative comes to stay I can make the room free.
- I can limit the use of the space. For example I don’t let my guests use my kitchen or living room. This would be unacceptable to a lodger.
- There is some possibility of meeting people of different cultures etc.
- You can set stringent rules for your place. For example no extra guests, no music, no parties, no smoking.
The Disadvantages of being a Airbnb HosT
When my relative asked me about becoming an Airbnb host he was only really interested in the how much money he is going to make. I really can’t stress how much trouble it is being a Airbnb host. Especially if you have a full time job like I do. There are many reasons not to be a Airbnb host.
- Guests arrive and leave at very unusual times. Many guests arrive from abroad and arrive at strange times. Some super early like 6am some well past midnight. If you have a normal working life this can be a real problem.
- Waiting around a lot. When a guest says they will arrive at 2pm and they actually arrive at 3:30pm because they got lost or stopped to eat etc. It can be really frustrating waiting for people and cost you your precious time.
- If your a live-in airbnb host you have to get used to people arriving back late into the night. After your guest finished his west end show and had a drink it’s now nearly midnight and he’s jingling his keys in your front door and it’s woken you up. And you need to be up at 6am for work.
- The constant changing of sheets and cleaning. Also the additional wear and tear that comes from people throwing suitcases around your house.
- Neighbours not happy seeing strangers constantly coming and going. Possibly arriving at unusual times or coming home drunk. Making noise. Etc.
I like being an Airbnb host because it suits me. I like my house to be mine and I set the rules. I don’t like to share my kitchen and living room as this is my private space. I don’t mind sharing a bathroom so much. It is a lot of hassle being a host but it does pay the mortgage. There is always the possibility that Airbnb prices will rise enough for it to make more financial sense also.