Knowing what each home really costs to run is the only way to know what it really earns. The good news: a simple, consistent system beats a complicated one you don't keep up with.
Use the same categories every month
Pick a short list of categories and stick with them. For example:
- Cleaning and laundry
- Supplies and consumables
- Repairs and maintenance
- Utilities and internet
- Platform and software fees
- Insurance, licenses and permits
- Furnishings and equipment
Consistent categories make it easy to compare months and spot when something creeps up.
Record expenses weekly
Set a recurring 15-minute slot each week to log receipts. Note the date, property, category, vendor and amount, and keep a photo of the receipt in a folder for that month.
Track each property separately
If you host more than one home, tag every expense with its property. It shows you which homes are performing and where costs are higher than expected.
Review monthly
At the end of each month, check totals by category and by property. Look for surprises, and make a note of anything one-off (like a new sofa) so it doesn't confuse your comparisons later.
This guide is general information, not tax or accounting advice. Talk to a qualified accountant about what applies to your situation.
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