Money-Making Tips: Mom Shares a Popular Side Job That Earns Her More Than Her Full-Time Job | Personal finance | Finance

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A quarter of Britons are considering becoming holiday rental owners to earn extra income from the continued popularity of UK holidays, new research has found. Experts from Together, a mortgage lender specializing in holiday rentals, suggest that demand for UK-based holidays is likely to continue for the rest of the year, due to the current economic instability and pressure on household finances.

Kay Warner, owner of The Burrow Escape, spoke exclusively with Express.co.uk about her renovated barn conversion in the village of Branston. By renovating this space, Kay has been able to earn extra income and spend more time with her son, reducing childcare costs.

She explained that she had always dreamed of freeing up her space, but it wasn’t until she became pregnant with her son that she knew she could make her dream come true. Kay realized she couldn’t go back to her full-time job and pay for child care, so The Burrow allowed her to work part-time and earn that much.

She said: “The Terrier helps me earn money without having to go to work and pay ever-increasing childcare costs. It’s a barn conversion – it’s next to my house but it’s part of the same property.”

The Burrow has been open since April, but before that Kay and her husband spent time and energy renovating it, making it perfect for guests.

“It works pretty well, it’s great actually,” she said.

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Asked about the extra income, Kay explained that she “earns as much, if not more” than in her previous full-time job.

She continued: “Obviously it’s a minute stay boom so I think I started it at the right time since people like local holidays. It allows me to work around the baby. I can pick and choose when to do things.

Money from his main job covers childcare costs and bills, so any money The Burrow earns can be used to reinvest in the business and pay for any additional expenses that arise due to the rising cost of living.

Kay said: “The number of guests I get varies by season, but currently every weekend I have guests and gradually get more mid-week bookings. I charge £120 a night, booking direct – so it’s £240 if someone books for the weekend.

In a month, if all her weekends are booked, Kay could earn up to £960. If the whole week has been booked, she can earn up to £1,680.

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Together’s survey of 2,000 UK adults suggests people are looking to take advantage of this continuing trend, with 24% considering becoming a holiday rental owner.

The biggest motivator is potential profits, with almost half (48%) saying they would consider short-term vacation rental as a way to earn extra money. This is even more important for people aged 55 and over, with two in three (65%) motivated by an additional source of income.

The second most important factor was for owners to maximize the use of the property they already own (28%) and as a way to fund their retirement (29%), which is also important for older Britons, 37% saying this would be their main reason for being a host.

Marc Goldberg, Commercial CEO of Together, explained that many investors may see an opportunity in short-term vacation rentals, which can offer higher returns than traditional longer-term purchases, which typically see tenants sign up. at six or 12 months. contracts.

While it can give investors more security, short-term vacation rentals allow landlords to increase the rent they can charge during peak seasons such as half-terms, Christmas, and summer vacation.

Mr Goldberg continued: “The stays have been in huge demand – with bookings hitting all-time highs last summer – and their popularity seems to be there for the foreseeable future. As our research shows, many potential investors are turning to short-term rentals to generate more profit, and this comes at a time when rising mortgage costs are making the traditional buy-to-let market less attractive.

“We are also seeing British families wanting to stay in the UK to control costs, avoid getting caught up in potential airport travel issues, or who just want to experience the beautiful UK countryside there. So has a lot of new vacation rental opportunities popping up as more people recognize the income benefits of becoming a full-time or part-time host.

“While the rewards are plentiful, there are a few considerations for anyone weighing this. Mortgage applications for vacation rental properties aren’t always available from traditional lenders, so it’s worth talking to potential vacation homeowners about specialist lenders, who could help turn their ambitions of becoming a host into a reality.

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