Motorhome ownership has skyrocketed over the last year due to the pandemic and there are certainly many perks to ownership. For those that own a motorhome, you might want to think about how you can take advantage of this when it is not in use as it could be a smart way to earn a little extra income.
Staycations Staying Popular
It seems that while the COVID-19 situation is gradually improving, there are still likely to be international travel restrictions in place for some time which means that staycations look to be popular again in the short-term. Additionally, many believe that staycations will continue to be popular after the pandemic as they can be easier and more affordable than an international holiday. According to custardcommunications.com, 83% of British travellers are said to prefer a staycation right now due to the restrictions in place.
Make Money From Your Investment
As the owner of a motorhome, this means that you have a hugely valuable asset which could earn you a tidy sum when you are not using it yourself. Renting out your motorhome to holidaymakers instead of simply keeping it in storage will be a tidy earner with average costs of between £400 and £1,100 in peak season – this means that you could earn a few thousand each year just by making your motorhome available for a few weeks. On top of this, it is also good for the vehicle to be used on a regular basis to keep everything ticking over so it could prevent any issues from occurring.
As such a valuable asset, you will want to be careful when renting out your motorhome even if it is to friends and family. You should choose who you rent to with caution, establish some rules for usage and create a handover document which describes the condition of the vehicle before hire (having photos is also smart).
On top of this, insurance is another aspect that you will need to consider as you will want to protect your investment. You will need your own form of insurance to protect the vehicle and the renters will also want to arrange temporary motorhome and camper van insurance for coverage while they are using the vehicle.
If you own a motorhome then you should seriously consider renting it out for times that you are not using it. With so many people looking to go on staycations for the foreseeable future, you could earn a tidy amount each year by making your vehicle available for hire when not in use which could go towards the cost of ownership or simply extra cash in your pocket. You need to exercise caution when renting it out, but you should find that demand is high particularly while international travel is so restricted.