Renting Out Your Motorhome or Campervan: Is it a Profitable Decision?
Renting out your motorhome or campervan on platforms like Goboony can be a lucrative way to cover costs and even generate additional income. Here's what you need to know about the process.
The Basics
When you list your motorhome on Goboony, the terms and conditions of the sharing platform will apply. The amount you can earn depends on factors such as the number of weeks hired out, the season, and the daily price. On average, owners can earn from around £100 to £150+ per day for a mid-range campervan.
Key Factors Affecting Earnings
Several key factors can influence your earnings. For instance, larger or more luxurious models can command higher daily rates, as can popular tourist regions or countries. Peak holiday seasons and weekends usually bring higher rental prices. Consistent bookings across the year significantly raise earnings.
Goboony offers insurance for owners to cover hires, which can reduce financial risks but may affect profitability depending on insurance costs.
Insurance and Deposits
The insurance policy is taken out by the person hiring your motorhome. The insurance covers the entire UK, breakdown, theft, and an additional named driver. If the deposit doesn't cover the amount, Goboony would contact the traveller to get the remaining balance for you.
You can set the deposit amount for your motorhome rental through a sharing platform. Customers may feel more comfortable using a sharing platform due to protection and secure payment providers.
Costs and Fees
There are no costs for website or advertising when using a sharing platform. The service fee is paid by the people who book your motorhome. You may need to slightly lower your price to accommodate the service fee.
Tax Implications
You must declare your earnings from renting out your motorhome to HMRC. If your earnings are above the tax threshold, you will need to pay tax on that income.
Pros and Cons of Using a Sharing Platform
Using a company or sharing platform to hire out a campervan has pros and cons. On the one hand, it offers ease of use and potential customers. On the other hand, there may be fees involved.
Earnings and Performance
The average advertiser on Goboony earns approximately £4750 per year. While exact average annual earnings are not detailed in the sources, assuming a modest daily rate of £100–£150 and occupancy of 100 days a year, owners could earn approximately £10,000–£15,000 annually from renting out their motorhome through Goboony.
Other Options for Hiring Out Your Motorhome
There are several options for hiring out a motorhome or campervan, including using a sharing platform/dedicated company, doing it independently, using social media, or hiring only to friends/family by word of mouth. Each option has its own advantages and disadvantages, and it's up to you to decide which one suits your needs best.
Kathryn Bird's Motorhome Travel Website
For more tips and advice on motorhome travel, be sure to check out Kathryn Bird's website. Kathryn, the founder of one of the UK's largest motorhome travel websites, shares her journey from air traffic controller to digital nomad. Her website offers essential motorhome accessories, the best sat-nav for motorhomes or campervans, motorhome security tips, internet and wifi solutions for motorhomes, essential gear for travelling to Europe, and gift ideas for motorhome and campervan owners. The website also provides free checklists, eBooks, and additional tips to help motorhome owners.
In summary, renting out your motorhome or campervan on Goboony can be a rewarding way to generate additional income. By understanding the key factors affecting earnings, the insurance and deposit process, and the costs and fees involved, you can make the most of this opportunity.
To maximize earnings from renting out your motorhome or campervan on Goboony, consider offering luxury amenities and choosing popular tourist regions, which often command higher daily rates. For instance, you could stock your home-and-garden essentials to create a cozy living environment, or provide writing equipment for travel bloggers seeking inspiration, thereby enhancing the lifestyle appeal of your vehicle. Additionally, to attract more customers, consider sharing your motorhome travel experiences and tips on a dedicated lifestyle or travel blog, mimicking Kathryn Bird's approach, as her website catalyzes increased bookings from potential renters.
