Northern Ireland listing

[Paul9248]

Hi All,

My name is Paul, I have a property in Bangor Northern Ireland which I do not live in as I have been living at my partners house for 10 months. Air b and b sounds a really good was of making use of the property. Im completely new to air b and b so any help and advice would be great. 
Many Thanks

Paul

[Debbie210]

Hi Paul. 
I think you have a good plan to rent out your house on Airbnb. 
I know you are not currently living at your house.  Do you live close by to check on the house in between guests? Or, would you have to hire a property manager to help you out? 
You can look at some comparable listings in your area to see how much they charge as well as, how busy their rentals are. Also, look into any big events in your area so you are charging the going rates. 
Good luck to you! 

[Mike-And-Jane0]

@Paul9248 I don't know the law in NI but be prepared to change from council tax to business rates. Also you will need to pay capital gains tax on the properties increase in value when you come to sell it (proportional to the time it was an Airbnb).

You will also need a mortgage that allows short term rentals and insurance that allows short term rentals.

Finally, if I haven't out you off, research Furnished Holiday Lets on gov.uk . The income is pensionable and you can offset mortgage tax relief which you can't on a normal rental. Again I am not sure if this applies in NI.

[Helen3 · Accepted solution]

Firstly start by doing research on any legislation for STRs in Northern Ireland 

then do some market research to identify set up and ongoing costs for having an STR including utilities, insurance, cleaning etc. 

Look at what competitor hosts are charging for similar places. Estimate how many days a month you are likely to let your place for.

put cost and likely income  into a profit and loss budget. This will give you an idea of whether it will be more profitable to do STR rather than LTR.  @Paul9248z