Thinking about taking the plunge to rent out a spare
room, here are some of our top tips!
the start of the economic slowdown, more and more
home owners in the UK have opened their doors to lodgers
in the hope that the extra income will help to maintain
their mortgage payments and ultimately keep a roof
over their heads!
the flip side of the coin, taking a first step onto
the property ladder is now almost impossible for thousands
of first-time buyers and so the perfect match has
been formed between the cash strapped homeowner and
the homeless lodger.
Top Ten Tips for renting out your spare room
Do your research
Communities.gov.uk website has a whole host of information
available to first time Live-in landlords. There may
be financial and tax implications and you could save
money. For example, if you’re an owner-occupier,
there are tax benefits as you can earn £4,250
tax-free. However, you will have to do a tax self-assessment
on your rental income. Here is a handy guide.
Check with your lender
they were at the forefront of the economic crises,
most banks have amended their lodger policies to allow
for letting out a room however, we would advise that
you check with them first to make sure that you will
not be in breach of your mortgage terms. Whilst you
are at it, contact your home insurers too!
Time to de-clutter
you have a loft in your house, now is the time to
use it. Make sure the room that you are letting is
clean and tidy and most importantly, clutter free.
Box up all your picture frames, posters, clothes and
bedding and give the room a fresh lick of paint.
is important to establish boundaries with your Lodger.
For example, if you are sharing the kitchen, make
sure they know which cupboard is theirs or what part
of the fridge they can use. Establish what part of
the house is out of bounds and what your expectations
are with regards to visitors.