What expenses do I need to consider?

What expenses do I need to consider?

As an RV owner hiring out your van, setting aside some money for each booking is a responsible practice that can help you manage your business effectively and mitigate potential risks.

Here are a few reasons for doing this:

1. Maintenance and Repairs: Renting out your RV involves regular usage, which can result in wear and tear. Setting aside money from each booking allows you to accumulate funds for routine maintenance, servicing, and repairs that may be required to keep your RV in good condition. This way, you can ensure that your vehicle remains safe and functional for future bookings.

2. Unexpected Expenses: Emergencies or unexpected incidents such as damages, accidents or breakdowns can happen and these may are not covered by the Breakdown Policy or Damage Protection cover. Set aside some expenses as a result of this e.g. taxi back from a repair centre.

3. Insurance Costs: All vans listed on Camplify must have comprehensive insurance. Allocating a portion of the rental earnings towards insurance premiums ensures that you have the necessary funds for future premium increases which are becoming more and more common.

4. Taxes and Legal Obligations: Renting out your RV can have tax implications, and it's essential to comply with local regulations. You should speak to an accountant to ensure you are properly managing your rental income.

5. Upgrades and Enhancements: Over time, you may want to improve your RV to attract more hirers and enhance the overall experience. Setting aside money allows you to save up for future upgrades.

Overall, we suggest setting aside 10-15% from each booking to cover these expenses.