MAKING THE BEST OF YOUR EMPTY NEST...
Once the children leave the family home there are options for all that extra space
The kids have moved out and you’ve suddenly got loads of extra space at home. But what should you do with it?
Unlike most countries in Europe where college students go to local universities and stay at home, growing up here often involves leaving the nest.
The majority of young people never return – except for Sunday lunch or leaving washing to sort.
There are many over-55s in threebedroom homes where two rooms are unoccupied.
According to insurer Sun Life, a few can’t wait for empty space, redecorating within a week of their offspring leaving.
But three out of four wait up to a year, and nearly one in three leaves the room untouched.
Sun Life’s Simon Stanney says: “Keeping the home in the family is really important to people. It is common for parents to want grown-up kids to be able to come back, and nearly a third feel so strongly that they even keep their child’s old bedroom for them even though they’ve left!”
The most common use for those who don’t keep the room untouched is to turn it into a guest room for kids coming back from time to time, and – maybe further down the line – when grandchildren stay over.
But Sun Life says a really common fate of the kids’ rooms is to end up as junk storage.
Other uses include a study, hobby room or second television area.
One option when children leave is downsizing – maybe freeing up some cash if the home is owned or perhaps move somewhere better or to a sunnier climate.
Few do this – most in the 55 plus age group stay in the home they have often lived in for 20 years or longer.
A second option is taking a lodger. Government rules state you can now earn nearly £150 a week without bothering about taxes, permissions or form-filling. This “Rent a Room Scheme” allows you to earn up to £7,500 per year tax-free from letting out accommodation in your home.
It is an allowance for each home so you can’t increase it if you share the income with your partner or someone else.
You can let out as much of your home as you want but it must be furnished although standards are not laid down.
You can’t turn it into a selfcontained flat but lodgers can have kettles and microwaves.
The scheme does not allow you to offset expenses.
If you want to do that, or charge more than £7,500 a year, you have to complete a tax form.