Homeowners face fines and tax investigations over rent-a-room sites, say experts
Homeowners looking to make money letting out their properties online may be hit with massive fines, an investigation by HMRC and a revocation of their mortgages.
Tens of thousands of property owners are raking in cash renting out rooms through sites such as Airbnb and HouseTrip – with the amount of properties put up on the former booming by 66 percent in just a year.
The sites act as middlemen between property owners and travellers looking to stay for short and long periods in people’s houses. It’s been estimated there are some 60,000 spare bedrooms, granny flats and holiday homes available across the country – as well as more overseas.
Short-term rents are frequently against the terms and conditions of mortgages and insurance contracts, so it’s important you read the small print! If you’re interested in renting out your property on a short or long-term basis you need to be aware of all the potential pitfalls.
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