A new startup is helping new home owners by contributing towards the expensive deposit needed in the purchase of their homes. The catch? The money is paid back by listing the new property on AirBnb. The homeowners are expected to rent the property for 90 days. The company, called Uppie handles the arrangements involved in renting the properties while homeowners reap the benefits of tax breaks they receive by renting their homes. Those involved in this program are advised to purchase AirBnb friendly properties.
Key Takeaways:
- Renting out your flat or home is an excellent way to build value in your house over the year
- The owner of the company rents his out frequently and pulls in 8000 GBP just from that.
- This works well with the current tax credit system, which caps at 7500 GBP making his income almost tax free.
“Being millennials ourselves, we had an idea to help get first time buyers on the ladder. We saw that the main problem is that damn deposit, so to help people get a foot on the ladder we wanted to try and solve that problem”