Are you tempted to become an Airbnb landlord? Between July 2016 and July 2017, over £650 million was earned byprivate householders renting out their properties in the UK. Breaking that down, the typical British host earns £3,000 by renting their home for 36 nights per year. That’s serious money – and you can earn extra cash tax-free up to £7,500.
The FMB has looked into what ‘Airbnb-style’ landlords spend their new-found cash on. The explosion of the sharing economy is helping homeowners fund their refurbishment projects. In fact, home improvement work is the second most popular way in which ‘Airbnb-style’ landlords are choosing to spend their extra cash. See the infographic below for a full breakdown of this research.
Are you already renting on ‘Airbnb-style’ sites and are you after some inspiration for home improvement projects to commission? Or maybe you need some motivation to take the leap and become a host? Either way, take a look at these small-scale renovation projects Master Builders have recently carried out. And just think – renting out your property on a site like Airbnb could well pay for these projects in the future.
A popular option to add living space to an existing home is an extension. Extensions are more popular than ever but, with so many ways to extend your home, the options can be overwhelming. This simple guide from the FMB takes you through the pros and cons of each extension option so you can decide which is right for you.
Take a look at these extensions, all built by our very own Master Builders, to get your creative juices flowing.
Sporn Construction added an impressive rear extension and basement to a home in Oxford. The house is now a great blend of the old and the new, with contemporary fittings meeting restored Victorian features in large, airy rooms.
Northern Ireland-based Nickell & Richmond added this ultra-modern kitchen to a Victorian semi-detached property. It uses clever design and sleek styles to create an impressive space, which is perfect for entertaining. The bi-folding doors offer a unique finish and enable the room to be opened into the garden, making it perfect for summer months. The clean lines with the dark grey cabinets provide simple modern elegance.
This modern extension was sensitively added to a 150-year-old converted barn by builders Tricklebank. A ramshackle workshop was transformed into a kitchen-diner and the two buildings were then joined to become one.
Creating an open plan kitchen-diner
You might think you will need to extend your home to get your dream kitchen-diner but that isn’t your only option. Knocking down an internal wall between a small kitchen and a dining room or garage is another option to explore. The perfect open-plan kitchen-diner is a light-filled, casual space where cooking and socialising can happen simultaneously.
Having separate eating and dining areas is quickly becoming a thing of the past. Indeed, an open plan kitchen-diner is so popular that the FMB’s recent research found that removing an internal wall to create this sort of space can add more than £48,000 in seven days to an averagely-priced home in London. This project will cost less than £3,500 to complete – not far off what the average ‘Airbnb-style’ host in the UK earns each year.
Refurbishing an annex
Refurbishing a fully-contained building, such as a garage or summerhouse in your garden, is a very popular option with homeowners looking to host on ‘Airbnb style’ sites. Renting out a self-contained property that guests have sole access to is an attractive choice and will fetch more rent than a private room. It would soon pay for itself when the guests start to arrive.
London based firm City Lofts London knocked down an adjoining garage and built a self-contained annex with mezzanine floor. On the ground floor, the annex befitted from an open-plan kitchen-lounge and a utility room. The open-plan stairs lead to the mezzanine floor, where a bedroom was located. This would be a perfect space to rent on ‘Airbnb-style’ websites and would appeal to a broad range of guests.
If you’re one of the 40% of ‘Airbnb-style’ landlords looking to spend your extra income on improving your home, and are looking for a building firm to carry out the work, then use the FMB’s ‘Find a Builder’ service to find a quality building firm in your area.